Chief Oil & Gas was founded in 1994 to focus primarily on developing reserves in the Bend Conglomerate area of North Texas.
As the Barnett Shale became more intriguing, Chief changed its direction in 1997 to focus its attention there and becoming one of the early producers in the field. Chief drilled its first Barnett well in 1997. New technologies in fracture stimulation and rising gas prices made the Barnett Shale, an unconventional resource for natural gas, more economical. Chief rapidly expanded its leasehold position.
By early 2005 Chief was the second largest producer in the Barnett Shale with over 250 wells, 200,000 leasehold acres, primarily in the core producing area, and producing over 100 million cubic feet of natural gas per day. Many independents were now moving in and establishing positions in the nation's fastest growing natural gas field.
In 2006, Chief Oil & Gas sold its midstream assets and the majority of its leasehold and production for 2.63 billion. Chief retained a small position in the Barnett Shale and in 2007 expanded into other prospective fields in the Rocky Mountains and Appalachia.
