Western Oil and Gas Development Corp.
How we got $38.4M
Based on its 9 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Likely to sell
- In business 41 years (since 1985)
- 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
Western Oil and Gas Development Corp. is an independent energy company, established in 1985, that develops, acquires and produces natural gas and crude oil.
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.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| WESTERN OIL AND GAS DEVELOPMENT CORP. this business | $30.7M | — |
| CAMBRIA ENERGY, LLC Oklahoma City · 2 employees | $7.7M | 0.1 mi |
| NORTH BY NORTHWEST LLC Oklahoma City · 2 employees | $6.5M | 0.1 mi |
| PERIMETER EXPLORATION, LLC Oklahoma City · 1 employees | $5.8M | 0.4 mi |
| SPARTACUS, LLC Oklahoma City · 1 employees | $5.2M | 0.7 mi |
| PARK ENERGY SERVICES, LLC Oklahoma City · 83 employees | $387.9M | 0.8 mi |
| CARDINAL RIVER ENERGY I LLC Oklahoma City · 6 employees | $30.3M | 0.9 mi |
The full calculation
| Employees reported to the SBA | 9 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $35.2M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $20.6M |
| Estimate: the two combined (geometric mean) | $30.7M |
| EBITDA margin (industry, adjusted for size) | 23% |
| EBITDA = revenue × margin | $7.0M |
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 | $38.4M |
| Multiple for this size and industry | 5.5× |
| Value range | $20.2M – $52.5M |
| Revenue range | $20.2M – $35.0M |
| EBITDA range | $4.6M – $8.0M |
| 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
People & advisors
“Western Oil and Gas Development Corp. established in 1985, is an independent energy company which develops, acquires and produces natural gas and crude oil.”
Leadership
- PSPAUL SELFLAND · Company website · source
- CMCHARLES MCFARLANDFINANCE · Company website · source
- BHBILL HODGESENGINEERING · Company website · source
- GBGENE BEHRENSGEOLOGY · Company website · source
- WCWILLIAM C. MANTHEY IIIGEOPHYSICS · Company website · source
Advisors
- BankingBancFirstPPP / 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, PPP 2021 | All 7,048 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/9/2020 | first | $108K | 9 |
| 3/18/2021 | second | $98K | 9 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Western Oil and Gas Development Corp.
Western Oil and Gas Development Corp. is a crude petroleum extraction company in Oklahoma City, Oklahoma, in business since 1985. It is owned by FRANK BANNISTER (President). Its estimated annual revenue is about $30.7M, with roughly $7.0M of EBITDA. It has about 9 employees. Its estimated business value is $38.4M (likely range $20.2M–$52.5M).
Common questions
- Who owns Western Oil and Gas Development Corp.?
- Western Oil and Gas Development Corp. is owned by FRANK BANNISTER (President), according to public sources such as the company's website or filings.
- How much revenue does Western Oil and Gas Development Corp. make?
- SeeBITDA estimates Western Oil and Gas Development Corp.'s annual revenue at about $30.7M (likely between $20.2M and $35.0M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Western Oil and Gas Development Corp. worth?
- About $38.4M, roughly 5.5× its estimated EBITDA of $7.0M, typical for a crude petroleum extraction company its size. Likely range: $20.2M–$52.5M.
- How many employees does Western Oil and Gas Development Corp. have?
- About 9, as reported on its PPP loan.
- When was Western Oil and Gas Development Corp. founded?
- Western Oil and Gas Development Corp. has been in business since 1985.
- Is Western Oil and Gas Development Corp. for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 41 years (since 1985); no family successor named on its website.