Elliott, Lynn

Name: 
Elliott, Lynn
Title: 
Founder of Lometa Petroleum Corporation
Texas A&M Class: 
1973
Inducted: 
2014

Biography:

Lynn Elliott grew up near Goldthwaite, Texas. Following his high school graduation, he served in the United States Army and returned to Texas to attend Texas A&M University, where he received a BS degree in Agricultural Economics in 1973. Upon graduation, Mr. Elliott was employed by the Department of Agriculture at Commodity Credit Corporation for five years where he became Executive Director. He attended the Ohio State Management Institute at Ohio State University in 1974.

In 1978, Lynn began his Oil and Gas Industry ventures. He served as a title analyst and an oil and gas lease negotiator for various companies, primarily in Texas. Beginning with Raymond Oil and Gas as a title analyst and lease negotiator, Lynn worked in title examination and lease acquisition. He next worked with Reata Oil and Gas Corporation, assuming expanded responsibilities and financial participation opportunities in drilling, production, operations, and investor relations. From 1983 to 1987, Lynn was the Vice President of Operations and Land Management for Reata. He formed Lometa Petroleum Corporation in late 1986. Lometa has since been active in developing geological prospects and participating in developmental drilling.

Lynn, through Lometa, has been an active participant in prospect generation and drilling operations in numerous fields across Texas. He has worked in identifying and leasing acreage on geological drilling prospects and in assembling partners for drilling and production operations. While participating in several discoveries, Lynn has positioned the company to take advantage of technological developments in the industry as they occur. Since 1985, he has participated in several Texas oil and gas plays, including the Alabama Ferry-Glen Rose field in Leon County and in the Serbin-Taylor sands field in Lee and Bastrop Counties. He was active in the Austin Chalk wells in Burleson, Brazos, and Grimes counties, the Cotton Valley Pinnacle Reef in Robertson County, the Red Oak Field at Buffalo in Leon County, and the Eagle Ford drilling activity in Brazos, Burleson, and Grimes Counties. Over the years through Lometa, Lynn has been responsible for the drilling and operation of numerous successful wells, many of which are still in production today.

Lynn was appointed Successor Trustee for Millican Land & Royalty Trust (MLRT) in 1990. He is a major shareholder of the trust. MLRT owns approximately 12,000 acres of minerals in five Texas counties. Lynn served on the Board of Directors of Wellborn Water Supply Corporation (now Wellborn Special Utility District) for 17 years, with 12 of those years as Board President. During his tenure, he guided the expansion of the service area, water supply, and customer base significantly. He currently serves as Chairman of the Board of Commissioners of the South Brazos County Emergency Service District.

In 1988, Governor Clements appointed Lynn to serve a term on the Texas Real Estate Commission. Governor George Bush appointed Lynn to the Brazos River Authority in 1995 and in 2002 Governor Rick Perry appointed Lynn to an additional term on the Brazos River Authority. He also spends significant time in consulting with others regarding oil, gas, and mineral lease purchase offers, all of these efforts are done on a pro-bono basis. Lynn is also an active mentor in the Rural Entrepreneurship program in Agricultural Economics, annually mentoring several current students and interacting with former students sharing his experience and advice.

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