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may
14

WPTE Transitions from Poker to Energy

Tags: Lyle Berman, PartyGaming, WPT.
Posted on 14 May 2010 by "K".

Lyle Berman tells about the success of his new business.

The World Poker Tour Enterprise sold its famous poker tour along with it poker-related resources to PartyGaming.  They were left with $28 million in cash with a desire to make a new project.

During that time, there were no public statements on the direction they are taking.  However, Steve Lipscomb told Carol Player what the dissolved company plans to pursue and it involved something that is not in any way related to the poker industry.

The look of the new project has become much clearer in less than a year and everything has been “so far, so good” for the World Poker Tour’s former owners.

A special feature was published on the Los Angeles Business Journal this week and it featured Voyager and Gas which is an energy company based in Montana.  This has become Lipscomb’s new project along with the other founders, Lyle and Brad Berman of World Poker Tour Enterprise.

When Lipscomb and the Bermans sold the WPT, the $28 million could have been distributed to its shareholder for approximately $1.40.  However, they decided on renaming the company instead to Ante4Inc (NASDAQ : ANTF) and searched for another company.  They ended up entering the oil and gas business.

The Business Journal had described their move as an “odd turn.”   They have however acknowledged its successful although unlikely transition.  The company has merged after subsequent research with an oil-leasing firm from Montana and created the new Voyager Oil and Gas Company.

Stock shares have more than doubled since the merger.  The trading for ANTF is currently at $3.44 per share.

Lyle Berman told the publication, “I do not think we have many unhappy shareholders.”  He also said, “We thought if we could find a company with a great business model that needed cash, the stock would trade significantly above $1.40 and we have fulfilled that mission.”

Having never worked in the energy industry before, there are no day-to-day responsibilities for the Bermans and Lipscomb with the new company.  It has however become apparent that they have an eye towards good investments.

This is the same eye that landed them in the poker industry.  Back in 2002, they launched the World Poker Tour and stepped away from it when PartyGaming finalized their deal last year.

Lipscomb told Carol Player last December, “As I go into a different phase of my life, it is time for me to thank everyone in the poker community.”  He also added, “I know we have made decisions that were contentious and hard, but through all of that, I think there has been a tremendous amount of grace shown by the people in the poker community.”


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11 comments for "WPTE Transitions from Poker to Energy"

 Davoodoo14/05/2010 15:23:32 GMT

“As I go into a different phase of my life, it is time for me to thank everyone in the poker community.”

I wonder if the players he busted feel happy for the thank you Big Smile

 mazas15/05/2010 07:33:59 GMT
good prise for good tour party poker site owners now try to buy some prestige tourneys and also want become one off the best site in the world and also the most known one Big Smile

good luck all
 aicii15/05/2010 11:48:29 GMT
Very nice post. Will see what happens.
 leroi2115/05/2010 18:43:44 GMT
yeah i think that the world poker tour is just the beginning because they are pretty new and in 5-6 years they gonna reach the prestige of the wsop
 $k16/05/2010 08:04:04 GMT
lol so they have $28 million for engery lol why not just buy some anti phil hellmouth device and put it in casino all over the world
 xxxbchxxx18/05/2010 13:47:04 GMT
Odd but true to the factif you have money...its easier to earn money.
but the result cant do ignored to turn the shares around and doubkle them up is a great result for him and the company.
 DAGOR18/05/2010 17:37:32 GMT
Hello everybody!
Party Gaming shows the moment a true intention to grow and to address the whole market of online gaming.
See you soon for new posts lol!
 Synthetikos18/05/2010 19:21:10 GMT
virtual industry is out of control!
i am a pokerr player also,but i vote in the favour of shutting down the freedom of international uncontrolled transfers!
every country can make his own sites and tournaments,that'll be the correct version Tongue
 leolook19/05/2010 02:28:55 GMT
Hello guys...
I think that the virtual industry is out of control too... but i think that it isn't too bad... If every country have his own sites, or tournments... Poker would not be so cool ... I really like playing against opponents from around the world ... this makes the game more exciting
 EimsbushKing19/05/2010 20:08:05 GMT
the party network keeps on growing..lol,if they do not restyle their pokerclient they will never be a competition for stars or one of the other big networks
 SuperNoob06/06/2010 18:55:23 GMT
posted by $k
lol so they have $28 million for engery lol why not just buy some anti phil hellmouth device and put it in casino all over the world

we would be missing out on his funny antics then Blink

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