TULSA, Oklahoma – 2P News co-founders Dr. Darcy Flowman and Mr. Antoine McGuilicuddy announced that they are making an offer to purchase the venerable Oil & Gas Journal (OGJ) from its current owners, Endeavor Business Media. OGJ was founded in 1902 as Oil Investor’s Journal in Beaumont, Texas to cover the Spindletop discovery. It is now located in Tulsa, Oklahoma and surveys the entire world of oil and gas. It publishes both print and electronic versions. Offshore Magazine is a related publication.
When contacted by your humble correspondent, publisher Paul Westervelt had no idea that such an offer was in the works. Indeed, he said, “Who the hell is 2P News? Is this some kind of a joke?” I replied that it may seem like a joke but remember that in 2015 Trump’s candidacy for U. S. president was thought to be a joke. I further explained that 2P News was able to purchase the Edmonton Herald-Fabricator for $32 and a bag of poutine. [See 2P News July 24, 2020.]
Mr. Westervelt was not amused by this information. I sensed a bit of unease in his voice when he said that he would investigate and get back to me. The following week he called me back and said that he had spoken to the management of Endeavor Business Media and confirmed that they had in fact been in contact with 2P News. This time Flowman and McGuilicuddy offered $50 and a sack of Tim Horton hamburgers. The offer was declined.
The difference, as Westervelt explained, was that the Edmonton Herald-Fabricator was a failing business with enormous debt whereas OGJ is still a viable operation. It would take a far more generous offer to get the attention of the owners. At last report, Flowman and McGuilicuddy were taking up a collection among the office staff to see if they could up the offer to $300 and an ice chest full of Alberta beef.