home Headline News, Highlighted E&P Companies, Oil Prices How a risky move paid off for this N.Y.C. investor and oil boss

How a risky move paid off for this N.Y.C. investor and oil boss

When other major players in the oil-and-gas industry zigged, Scot Cohen zagged.

Unconventional drilling, such as fracking across shale plays, has become the popular route for most energy explorers in recent years. Cohen, however, did the opposite: the New York-based investor has put his money into straight conventional drilling using 3D-seismic geology.

The decision was a wise one. Unconventional drillers have been plagued by price plummeting and mass bankruptcies. In 2015, 42 oil companies filed for bankruptcy and this year is shaping up to be even worse. For example, 11 percent of exploration companies defaulted on debts coming due versus just 0.5 percent in the same period a year earlier.

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