Formed by U.E. Patrick, the first 18 wells drilled in eastern Michigan were dry holes. However, the following 11 wells were highly successful when the focus shifted to Trenton Black River wells located in the Albion-Scipio trend.
Patrick moved into Ohio where 13 out of 19 wells drilled were productive oil wells.
Success average of 50% completing 42 out of 83 wells as producers.
In 1970 company stock begins trading on the New York Stock Exchange.
During 1978 - 1984 revenues averaged $57,175,000, reaching a high of $96 million in 1982. In 1984 the company sold majority of acreage and production to Ladd Petroleum, a division of GE for approximately $197 million.
From 1986-1991 Patrick Petroleum continued its exploration success and formed Benton Petroleum (later Benton Oil & Gas Company). Patrick Petroleum formed Marcum Natural Gas (now Metretek Technologies). Both companies were publicly traded.
In June of 1995 the company merged with Goodrich Petroleum. Following that merger, Patrick Petroleum LLC was formed in 1998.