Walter is founded by Joe Walter following the $2.1 billion merger of Houston Oil & Minerals and Tenneco, Inc. The company drills exploratory prospects along the Texas and Louisiana coasts, N. Central Texas, Kansas and Colorado, and is soon joined by Rusty Walter, Joe’s son, on the geologic team.
Walter acquires prospects in the shallow-water Gulf of Mexico, 
resulting in major offshore discoveries at Eugene Island Block 45 and 46, and Mustang Island Block 831.
Expanding  globally, Walter International is founded and, with Walter Oil & Gas, develops the Alba Field off the western coast of Africa-establishing the first hydrocarbon production in the country 
of Equatorial Guinea.
Rusty Walter becomes President and CEO of Walter Oil & Gas and re-builds the exploration and engineering teams to capitalize on the emergence of large non-proprietary 3D seismic shoots and advancements in subsea completion technology. The company makes a significant discovery at South Marsh Island 36/37, and completes its first subsea development at East Cameron 341.
Diversifying its growing offshore-asset base, Walter Oil & Gas pursues onshore Texas, Louisiana and Mid-Continent drilling opportunities, becoming an early operator and leader in horizontal drilling and development of Oklahoma’s Woodford Shale.
Walter Oil & Gas creates its tenth and final institutional investor program with pension funds managed by Energy Trust, funding over $1.3 billion for exploration, development and acquisition projects managed by the company.
Walter Oil & Gas begins development of the “Coelacanth” discovery in approximately 1,200’ of water at Ewing Bank 834, constructing the third-tallest fixed-leg platform in the Gulf of Mexico.

Walter Oil & Gas Corporation is a family-owned oil and gas exploration and production company with operations concentrated offshore in the Gulf of Mexico and onshore along the Texas and Louisiana coasts. With four generations of enterprise creation in the industry, the company benefits from a wealth of past experience, while continually maintaining its passion and renewing its approach to the business. Highly regarded as an oil finder and operator, value is created through the full exploration and production cycle, with growth primarily driven through the drill bit.