Lance Ruffel Oil & Gas, LLC
- James TrepagnierVice-President and Land Manager · Company website
- Jim TrepagnierLandman · Web search
How we got $141.9M
Based on its 27 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale High sell likelihood
- In business 43 years (since 1983)
- Founder still runs it after 43 years
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Lance Ruffel Oil & Gas, LLC is an independent oil and natural gas exploration and production company headquartered in Oklahoma City, OK. Its operations are primarily focused in eastern and southern Oklahoma.
From the company's website. Industry: Crude Petroleum Extraction.
Estimated value over time
▲ 29% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 7% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 27 | $89.5M |
| 2020 | Form 5500 | 27 | $89.5M |
| 2021 | Form 5500 | 25 | $82.9M |
| 2022 | Form 5500 | 28 | $92.9M |
| 2023 | Form 5500 | 27 | $89.5M |
| 2024 | Form 5500 | 26 | $86.2M |
| 2025 | Form 5500 | 25 | $82.9M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| LANCE RUFFEL OIL & GAS, LLC this business | $111.6M | — |
| SANDSTONE ENERGY ACQUISITIONS CORP Oklahoma City · 6 employees | $36.1M | 0.0 mi |
| SANDSTONE ENERGY ACQUISTIONS CORP Oklahoma City · 6 employees | $36.4M | 0.0 mi |
| CARDINAL RIVER ENERGY I LLC Oklahoma City · 6 employees | $30.3M | 0.1 mi |
| BINGER OPERATIONS LLC Oklahoma City · 11 employees | $40.0M | 0.1 mi |
| OGP ENERGY LTD PARTNERSHIP 1 Oklahoma City · 3 employees | $12.6M | 0.1 mi |
| DERBY ENERGY, LLC Oklahoma City · 17 employees | $71.8M | 0.1 mi |
The full calculation
| Employees reported to the SBA | 27 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $105.8M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $90.5M |
| Estimate: the two combined (geometric mean) | $111.6M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $22.2M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $141.9M |
| Multiple for this size and industry | 6.4× |
| Value range | $74.7M – $194.2M |
| Revenue range | $73.4M – $127.2M |
| EBITDA range | $14.6M – $25.3M |
| Industry (NAICS) | Crude Petroleum Extraction (211120) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
“Lance and his colleague Jim Trepagnier established Lance Ruffel Oil & Gas, LLC in December 1983.”
Advisors
- BankingBancFirst, First National Bank of OklahomaPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| BancFirst PPP 2020 | All 7,048 borrowers → |
| First National Bank of Oklahoma PPP 2021 | All 405 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/8/2020 | first | $476K | 27 |
| 1/19/2021 | second | $418K | 26 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Lance Ruffel Oil & Gas, LLC
Lance Ruffel Oil & Gas, LLC is a crude petroleum extraction company in Oklahoma City, Oklahoma, in business since 1983. It is owned by Lance Ruffel (Founder (established company with Jim Trepagnier); serves on). Its estimated annual revenue is about $111.6M, with roughly $22.2M of EBITDA. It has about 25 employees. Its estimated business value is $141.9M (likely range $74.7M–$194.2M).
Common questions
- Who owns Lance Ruffel Oil & Gas, LLC?
- Lance Ruffel Oil & Gas, LLC is owned by Lance Ruffel (Founder (established company with Jim Trepagnier); serves on), according to public sources such as the company's website or filings.
- How much revenue does Lance Ruffel Oil & Gas, LLC make?
- SeeBITDA estimates Lance Ruffel Oil & Gas, LLC's annual revenue at about $111.6M (likely between $73.4M and $127.2M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Lance Ruffel Oil & Gas, LLC worth?
- About $141.9M, roughly 6.4× its estimated EBITDA of $22.2M, typical for a crude petroleum extraction company its size. Likely range: $74.7M–$194.2M.
- How many employees does Lance Ruffel Oil & Gas, LLC have?
- About 25, from its 2025 retirement-plan filing.
- When was Lance Ruffel Oil & Gas, LLC founded?
- Lance Ruffel Oil & Gas, LLC has been in business since 1983.
- Is Lance Ruffel Oil & Gas, LLC for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 43 years (since 1983); founder still runs it after 43 years; no family successor named on its website.