When the WPTE (World Poker Tour Enterprises) sold its popular poker tour and all of its poker assets to PartyGaming, the dissolved organization was left with nothing but $28 million in cash and a goal to begin a new project.
But Steve Lipscomb said on May 14th, 2010 that it has become clearer for them what direction that they would take in less than a year.
The former owner of the WPT (World Poker Tour) has pursued opportunities that are not related to poker and so far, so good. The Voyager Oil and Gas Company, an energy group based in Montana has become the new project for Steve Lipscomb and the other founders of the WPTE, Brad and Lyle Berman.
After the Bermans and Lipscomb sold the World Poker Tour, they could have divided that $28 million to its shareholders at approximately $1.40. Instead, the group decided to rename the organization Ante4Inc (ANTF) and look for another business venture. The end result-a decision to expand in the gas and oil industry.
The decision has been described industry insiders as "odd" but acknowledges that it has been a successful transition. After doing some research, the group has combined with an oil leasing group in Montana to create brand new Voyager Oil and Gas Company. Since the merger, the company market shares have more than doubled. ANTF's shares are currently trading at $3.44 per share.
Lyle Berman said that he does not think that they have a lot of unsatisfied shareholders. He said that they thought that if they could find a company with an excellent business model that needed capital, the market share would trade more than $1.40. He believes that they have fulfilled their goal with ANTF.
Lipscomb and the Bermans possessed no day-to-day responsible with the new organization, having never worked in the energy market before. But it has become clear that they have a good eye for excellent investments. That good eye is what helped them succeed in the poker market in the first place.
The three partners have launched the WPT in 2002, before stepping away from the circuit altogether after finalizing the PartyGaming agreement in 2009. Lipscomb said that they are thankful for the support that they have received from the poker community with their decision to venture into other markets.