Kona, Inc. was formed in 1991, as a partner in various oil and gas acquisition partnerships under the umbrella of Diverse Energy Investments, a company with offices in Houston and San Antonio. From 1991 to 1999, Diverse closed over 20 deals–the acquired assets consisting of non-operated working interests, Royalty and overriding royalty interests.
In 1999, Kona dissolved its partnership interest in Diverse and set out to acquired non-operated properties under the name Kona, LTD., which was based in Houston. Also at this time, in order to facilitate the acquisition of operated properties, Spur Operating Co. was formed to operate in Texas and Oklahoma. Today Spur operates roughly 50 wells in South Texas (Dist. 1-4) and 15 wells in southern Oklahoma.
From 1999 t0 2005, Kona closed over 25 deals–increasing the company’s reserves to 4 million barrels of oil equivalent towards year end 2005. On December 2005, Kona sold its interest in over 1600 producing oil and gas properties to a third party representing roughly 30% of the company’s reserves. Kona retained and interest in over 600 producing oil and gas wells in 12 states resulting in reserves in excess of 2.8 million barrels of oil equivalent as of December 31, 2005.
On August 1, 2006, Kona moved its headquarters to Austin, Texas, where it continues to evaluate producing property and development drilling opportunities under the name Kona Oil & Gas Properties.