ES Xplore, LLC, a Dallas, TX-based developer of a proprietary method for direct hydrocarbon indication at seismic resolution, raised $12m in funding.
The round was led by Sovereign Resources LLC and Unity Hunt.
The company intends to use the funds to spin out of Hunt Energy Enterprises and independently grow its commercialization efforts.
Formed within the Hunt Energy Enterprises LLC, a venture startup incubator within Hunt Consolidated, Inc., and led by Don Robillard, chairman, president and chief executive officer, ES Xplore directly detects hydrocarbon resources subsurface providing a further enhancement of the geoscientist’s repertoire of tools needed to execute a successful exploration program.
The company has been issued 11 current patents with several more still pending.