A new wave of wildcatter, dressed in Chinos rather than overalls, is aggravating the talent shortage faced by large oil companies. Experienced executives, enticed by the record price of oil, are forming start-ups to tap oil and gas fields that are too small or mature for their former employers.

“The wildcatter is alive and well,” says Trevor Wallace, president of PetroMark Energy, a year-old exploration and production company. “The funding spigot for exploratory projects is open and, at current prices, a decent oil or gas discovery can become a company maker. This may be the best time in the history of the industry for transforming a small company into a very large one.’’