Matt Hainline, prinicpal, Well Rock Holdings, said that when Lockhart Oil & Gas began seeking opportunities in the oil and gas space two years ago, many options were considered, but the star opportunity was the "virtually unexplored" Raton Basin in New Mexico, which holds coalbed methane. When Lockhart pulled up wellbores from wells drilled in the last 100 years, two shale oil formations were found that had previously been unaccessible. The land has "only changed hands three times in 200 years."