Building a Legacy of Excellence

Founded on discipline and vision, Five States has spent four decades building trusted partnerships and delivering long-term energy investment performance. Our legacy is rooted in technical expertise, responsible growth, and enduring relationships.

A Visionary Leader: Jim Gibbs

Jim Gibbs didn’t just build a company—he built a legacy. With a deep-rooted passion for geology and an entrepreneurial spirit,  he laid the foundation for Five States Energy in 1985, a time of great uncertainty in the oil and gas industry. Having spent decades as a geologist, consultant, and independent producer, Jim recognized an opportunity amid the turmoil. As banks tightened lending due to widespread defaults on oil and gas loans, he saw value where others saw risk—acquiring producing energy assets with long-term potential.

From the very beginning, Jim brought a disciplined, hands-on approach to investment and operations. His experience in drilling, lease acquisition, and exploration gave him a unique ability to assess opportunities with both technical expertise and business acumen. Under his leadership, Five States grew into a respected investment firm, known for its strategic foresight, reliability, and commitment to long-term value creation.

More than just a founder, Jim has been a mentor and guiding force behind the company’s philosophy. His decades of experience, resilience through industry cycles, and unwavering commitment to integrity continue to shape Five States today. His vision set the standard for how the company approaches investing—focused on discipline, adaptability, a deep respect for the energy industry, and an unwavering commitment to investors.

A Tradition of Trust and Growth

Since its founding, Five States has grown through strategic investments, disciplined  decision-making, and an ability to navigate the evolving energy landscape. The timeline below highlights key milestones in our history alongside major industry events that shaped the oil and gas sector.

Decades of Energy Expertise

Five States Energy Milestones

Energy Industry & Economic Milestones

1984

Five States Energy is founded by Jim Gibbs.

Bank failures rise due to widespread defaults on oil and gas loans following a sharp decline in crude prices.

1985

The company begins operations by acquiring distressed producing oil and gas properties from banks.

1980s / 1990s

Five States becomes attractive to fee-only financial advisors and is a frequent offering to their high net worth clients. The company ultimately works with over 190 financial advisors.

1990s

The company expands its portfolio, investing in conventional oil and gas assets across multiple basins.

3D seismic imaging becomes widely adopted, improving exploration accuracy and reducing drilling risks.

1991

The Gulf War disrupts global oil supply, causing price volatility.

1994

Five States sponsors its 10th real asset fund.

2000

Directional drilling and horizontal well technology become mainstream, enabling access to previously unreachable reserves.

2001

Five States sponsors its 20th real asset fund.

2003

U.S. invades Iraq, creating long-term uncertainty in Middle East oil supplies and influencing global energy security policy.

2005

Hydraulic fracturing (“fracking”) scales rapidly, unlocking vast new supplies of oil and gas from shale formations.

2006 – 2007

Five States sees opportunity in high oil prices and monetizes the majority of existing funds’ assets. All open funds are consolidated.

2008

Oil prices peak at $147 per barrel before the financial crisis leads to a sharp decline. The collapse of interest rates drives capital into alternative investments, including energy.

2007 – 2017

Five States Energy Capital, LLC is formed in response to market forces that drive property values to unrealistic levels. Five States pivots to a diversified strategy combining upstream assets with midstream, energy service, and mezzanine lending-related investments.

2010

Major shale play discoveries – including the Bakken, Eagle Ford, and Permian Basin – reshape the U.S. energy landscape.

2014

The shale revolution transforms U.S. energy production, leading to an oil price downturn.

2015

The U.S. lifts its 40-year ban on crude oil exports, boosting domestic production and global market influence.

2016

The first U.S. LNG export terminal opens, marking the country’s entry as a major player in global natural gas markets.

2019

The Permian Basin becomes the most productive oil region in the world, solidifying U.S. leadership in oil output.

2019 – 2020

Industry-wide capital discipline brings producing property values to appropriate levels. Five States pivots back to the upstream asset strategy that can best leverage its expertise.

2020

The COVID-19 pandemic causes a historic oil price crash, followed by a rapid recovery.

The U.S. becomes energy independent. Oil & gas production growth in prior years mean the U.S. is producing more than it consumes for the first time in recent history.

2020s

Five States continues to focus on responsible energy investment, optimizing operations for efficiency and growth.

2020

John Kiser joins Five States as its President, becoming President and CEO the following spring.

2022

Five States launches Project Reggie, a drilling program and the first co-investment opportunity to be offered to individual, institutional and industry investors alike.

2022

Russia invades Ukraine, disrupting global energy markets and triggering a renewed focus on energy independence and security.

2025

Five States celebrates its 40th anniversary.

2025

FSEI 2023 (the company’s 30th real asset fund) closes the same day as the closing of its first asset acquisition.

2025

Five States engage a third-party administrator for its fund management starting with FSEI 2023.

2025

U.S. Tariff actions lead to uncertainty in global economies and reduce oil prices significantly.