Arbusto Energy was organized in 1977, but did not begin operations until after Bush's unsuccessful 1978 run for Representative from Texas's 19th congressional district.[1] In March 1979, the company began raising funds for oil exploration through private offerings. In April 1982, Bush decided to begin offering public drilling partnerships, but had difficulty raising subscriptions.[1] A change in the company name to Bush Exploration brought no improvement.[1] With little success in its drilling program, the company merged with Spectrum 7 Energy Corp. in February 1984, with Bush holding the positions of Chairman and CEO.[1] In 1986, a rapid fall in oil prices made investment in oil exploration unattractive, and put the company in financial difficulties. Spectrum 7 began looking for partners or purchasers, and in September of that year it was acquired by Harken Energy through a stock swap, with Bush joining the Harken board of directors.[1]
One of the early investors in Arbusto was Houston businessman James R. Bath. Bath and Bush became acquainted when both men were serving as reserve pilots in the Texas Air Guard in the early 1970s,[2] and according to journalist Craig Unger, Bath invested $50,000 in Arbusto.[3]
At the time of the investment, Bath was a representative for Saudi businessman Salem bin Laden, the oldest son of Mohammed bin Laden and the older brother of Osama Bin Laden, founder of the Saudi Binladin Group, the largest old construction company in Saudi Arabia.[4] Bath's business partner Charles White later became involved in a legal dispute with Bath, during which he claimed that Bath had actually invested in the company on behalf of bin Laden and other Saudi businessmen.[4] Both Bath and Bush have denied this, and according to journalist Craig Unger, who examined the relationship between the Bushes and Saudi financiers in his 2004 book House of Bush, House of Saud, and journalist Steve Coll, whose book The Bin Ladens: An Arabian Family in the American Century examines the family's history, there is no evidence to support the claim.[4][5]
arbusto, energy, exploration, firm, started, 1977, former, president, george, bush, 1984, company, merged, with, spectrum, energy, corp, typeoil, exploration, firmfounded1977, 1977, foundersgeorge, bushdefunct1984, 1984, fatemerged, with, spectrum, energy, cor. Arbusto Energy was an oil and gas exploration firm started in 1977 by former U S president George W Bush In 1984 the company merged with Spectrum 7 Energy Corp Arbusto EnergyTypeOil and gas exploration firmFounded1977 1977 FoundersGeorge W BushDefunct1984 1984 FateMerged with Spectrum 7 Energy CorpHeadquartersUnited StatesArea servedTexas Contents 1 Company history 2 Arbusto and James Bath 3 See also 4 ReferencesCompany history EditArbusto Energy was organized in 1977 but did not begin operations until after Bush s unsuccessful 1978 run for Representative from Texas s 19th congressional district 1 In March 1979 the company began raising funds for oil exploration through private offerings In April 1982 Bush decided to begin offering public drilling partnerships but had difficulty raising subscriptions 1 A change in the company name to Bush Exploration brought no improvement 1 With little success in its drilling program the company merged with Spectrum 7 Energy Corp in February 1984 with Bush holding the positions of Chairman and CEO 1 In 1986 a rapid fall in oil prices made investment in oil exploration unattractive and put the company in financial difficulties Spectrum 7 began looking for partners or purchasers and in September of that year it was acquired by Harken Energy through a stock swap with Bush joining the Harken board of directors 1 From 1981 1986 the chief financial officer of Arbusto Energy was Mike Conaway Conaway served as the U S representative for Texas s 11th congressional district from 2005 2021 Arbusto and James Bath EditOne of the early investors in Arbusto was Houston businessman James R Bath Bath and Bush became acquainted when both men were serving as reserve pilots in the Texas Air Guard in the early 1970s 2 and according to journalist Craig Unger Bath invested 50 000 in Arbusto 3 At the time of the investment Bath was a representative for Saudi businessman Salem bin Laden the oldest son of Mohammed bin Laden and the older brother of Osama Bin Laden founder of the Saudi Binladin Group the largest old construction company in Saudi Arabia 4 Bath s business partner Charles White later became involved in a legal dispute with Bath during which he claimed that Bath had actually invested in the company on behalf of bin Laden and other Saudi businessmen 4 Both Bath and Bush have denied this and according to journalist Craig Unger who examined the relationship between the Bushes and Saudi financiers in his 2004 book House of Bush House of Saud and journalist Steve Coll whose book The Bin Ladens An Arabian Family in the American Century examines the family s history there is no evidence to support the claim 4 5 See also EditProfessional life of George W BushReferences Edit a b c d e Lardner George Jr Romano Lois 1999 07 30 Bush Name Helps Fuel Oil Dealings Washington Post Retrieved 2015 10 22 a href Template Cite news html title Template Cite news cite news a CS1 maint multiple names authors list link Unger Craig House of Bush House of Saud Scribner 2004 p 33 ISBN 978 0 7432 5339 0 Unger Craig House of Bush House of Saud Scribner 2004 p 116 ISBN 978 0 7432 5339 0 a b c Coll Steve 2009 The Bin Ladens An Arabian Family in the American Century Reprint ed New York Penguin Books ISBN 978 0 14 311481 9 Unger 101 Retrieved from https en wikipedia org w index php title Arbusto Energy amp oldid 1156432230, wikipedia, wiki, book, books, library,
