People
The WestWater Research team is an accomplished and respected group of professionals with broad
industry experience in water marketing, regulatory policy, water valuation techniques, financial
investments, commodity trading, resource economics and planning, and GIS technology. Composed of economists,
MBAs, and Geospatial Information Systems (GIS) analysts, the WestWater team has over fifty years combined
experience in the water industry. The WestWater team conducted some of the first, in-depth analyses of water
trading, and have become market leaders throughout the United States. The skills and knowledge acquired in
these competitive trading venues have allowed us to develop a portfolio of innovative and adaptive approaches
to water transactions.
Clay Landry, Managing Director
Clay Landry is the managing director and a principal of WWR. Mr. Landry has negotiated and advised on major water transactions throughout the United States. In 2007 he managed an auction of municipal effluent water rights which closed at $67 million in proceeds for a small city in Arizona. This deal was nominated as Water Deal of the Year by GWI. Under Landry's management, WestWater has advised on more than $600 million in water transactions. In addition, Landry works regularly with private equity and hedge funds in structuring deals and sourcing funds for water development and acquisition projects. Prior to founding WestWater Research, Landry was an associate at the Political Economy Research Center (PERC), a public policy research institute that specializes in market approaches to natural resource management.
Landry is recognized as a leading authority on water pricing and is routinely called upon as an expert witness by clients such as the IRS, U.S. Department of Interior, Indian tribes, municipal governments, and private companies. He has also worked internationally on water-marketing issues in Australia, Brazil, and the United Kingdom. Landry serves as an associate editor for Water Resource Impact, a monthly publication of the American Water Resources Association, and was previously the finance and regulation editor for Global Water Intelligence, an international water industry news magazine published in London, U.K. With a strong commitment to market-based stewardship, Landry helped establish the Montana Water Trust, a private nonprofit that buys and leases water rights for stream flow protection. Landry holds a master's degree in agriculture and resource economics from Oregon State University and a bachelor's degree in economics from the University of Wyoming.
Harry Seely, Principal
Mr. Seely has fifteen years of experience in agricultural and water resource economic analysis. Over the last decade, Mr. Seely has applied mathematical programming and econometric analysis techniques to estimate the value of water. In addition, he has developed a variety of economic models as part of interdisciplinary teams to assess the regional economic costs and benefits of water quality, development and reallocation projects throughout the West.
In recent analyses, Mr. Seely has developed and utilized market information, simulation models, and econometric techniques to estimate the market value of water for federal and state agencies, nonprofits, and private industry in support of water project development and reallocation activities. Currently, Mr. Seely is developing and utilizing market information, simulation models, and econometric techniques to estimate the economic value of water for federal surface water storage feasibility studies in California. He has conducted market and financial analyses of proposed private water development projects in the southwest as well as numerous water right appraisals in support of water acquisitions for urban and instream flow purposes. In earlier analyses, he developed an economic optimization model to assess the potential benefits to agricultural production in the Yakima Basin from proposed new surface storage facilities and the economic effects associated with restrictions on irrigation drain water discharge from 100,000 irrigated acres in California’s Central Valley. He holds a M.S. in natural resource and agricultural economics from Oregon State University and a B.S. in economics from Pacific Lutheran University.
George Dorsey, Principal
George Dorsey, a principal with WWR, has more than 25 years of experience in the energy and commodity industries. Mr. Dorsey is the Chief Executive Officer of Edgewood Holdings, LLC. Mr. Dorsey has served in varied senior management roles at Coffeyville Resources, Aquila Energy, Duke Energy, Euro Brokers Incorporated, Associated Metals and Minerals Corporation, Pechiney Ugine Kuhlmann, and Merrill Lynch. Prior to joining WestWater Research, Dorsey was a senior vice president with Duke Energy as well as a group vice president of Aquila where he directed several international trading programs for energy related products. Mr. Dorsey's industrial experience covers natural gas, oil, petrochemicals, air emission allowances, agricultural chemicals, metals, coal, petroleum coke, and other bulk raw materials.Mr. Dorsey currently serves on the board of directors of WestWater, the board of directors of Traxys, and as an operating advisor to the board of Pegasus Capital partners.
Matt Payne, Associate
Matt Payne is an Associate with WestWater Research, and leads our Southwest office in Phoenix.
Payne’s broad experience includes valuation analyses of water rights and infrastructure for municipalities,
investors and law firms. He also frequently performs due diligence support of water asset transactions, and
has sourced water investment opportunities. Matt’s knowledge of water markets is highlighted in water investment
publication
American Water Intelligence, in which he contributes a monthly column as a water rights analyst.
Matt holds a degree in economics from Colorado College. At Colorado College he focused on environmental and natural
resource economics, and conducted research in the water resources field. Mr. Payne specializes in estimating the value of
water assets using econometric analysis techniques. His current projects include publishing two water valuation studies
in peer-reviewed journals, and developing the first-ever price index for water rights in the American West. As a
service to the industry, Matt frequently presents on water markets at water resources conferences and seminars.
Skye Root, Research Associate
As a Research Associate at WestWater, Mr. Root assists in the preparation of
water right valuation studies and water asset appraisals across the western
US. Skye also manages and compiles comparable sales information for
specific states by researching and confirming transaction details with
administrative agencies and obtaining necessary supporting documentation.
Mr. Root has worked with various law firms, municipalities, developers and
environmental groups on water supply planning and legal support. Recently,
Skye conducted beneficial use analyses in support of potential real estate
and water transfers in Washington and Utah. Mr. Root also serves as
business correspondent for the water resources publication AWRA Impact.
Prior to WestWater, Mr. Root has played a key role in an international
aquatic invasive species project as an Oregon Sea Grant Fellow, and was
Research Assistant on a water-energy nexus project for an Oregon consortium.
Mr. Root has gained further public perspective while working for the Oregon
Department of Water Resources as a policy analyst, and gained private
industry perspective as a venture capital analyst for the University Venture
Fund. Skye holds a Masters of Public Policy from Oregon State University,
with an emphasis in rural and agricultural water policy. He also received a
Master's of Business Administration from Oregon State University, graduating
with honors and earning a graduate certificate in water conflict and
management. Skye holds a BA in Economics from Brigham Young University.
Natalya Kojevnikova, Research Analyst
As a Research Analyst at WestWater, Natalya is responsible for researching transaction details and compiling comparable sales information. She conducts primary and secondary research for consulting projects, including developing relationships and conducting interviews with industry participants. Natalya plays a key role in maintaining WestWater’s extensive market transaction databases, ensuring data accuracy and reliability by obtaining all the necessary documentation to confirm a sale.
Prior to WestWater, Natalya was a Research Assistant for the Economics Department of Boise State University where she conducted academic research on the structure of contracts for natural resource development, economic valuation of environmental amenities, and the effects of recreational and open space preservation on economic development. Natalya is a graduate of Boise State University where she earned a B.A in Economics with a minor in Mathematics. She is bilingual in Russian and English.
Jackson Reed, Research Analyst
An analyst for WestWater Research, Reed assists in the preparation of water right valuation studies and water market analysis throughout the Western United States. As part of this analysis, he compiles comparable sales transaction information by researching and verifying transaction details with administrative agencies and private parties. Reed has also coauthored columns for the American Water Resources Impact journal.
Jackson graduated from Bucknell University with a degree in Environmental Studies where he was an original participant in the “Bucknell on the Susquehanna River” program. During this domestic study abroad program, Jackson toured throughout the Chesapeake Bay watershed and the Western U.S. studying and comparing water issues. Additionally, he conducted a policy and risk analysis of Pennsylvania’s recently adopted Nutrient Trading Program. Jackson also spent a semester studying media at the University of Cape Town in South Africa where he produced a short-length documentary highlighting water issues facing the Western Cape. Outside of the office, Jackson maintains an unbridled enthusiasm for the Oakland Athletics.
Cory Bolen, GIS Manager
Mr. Bolen has over 6 years of experience working with geographic information systems (GIS). Mr. Bolen has applied his GIS skills to the monitoring and inventorying of natural resources, environmental capital permitting and compliance, environmental risk assessment, and industrial environmental remediation. At WestWater, Mr. Bolen manages the GIS program requiring the management of large spatial datasets, production of various cartographic products and conducting spatial analyses to aid associates in the research process.
Prior to working at WWR, Mr. Bolen served as a GIS Analyst for an environmental consulting firm for three years in Colorado. Mr. Bolen began his career in the geospatial industry working for the Bureau of Reclamation’s Remote Sensing and Geographic Information Group where he inventoried, mapped and described vegetation communities for National Park Service units across the western United States. Mr. Bolen holds a M.S. in Forest Sciences from Colorado State University, as well as a B.S. in Forest Resources from the University of Idaho.
Monique Hardy, Office Manager
Monique Hardy is WestWater Research’s office manager. Monique comes to us with twenty years experience in accounting and finance. She started her career as a financial analyst for Smith Barney, Haagen Dazs Corporation and Merck Medco. Monique also co-owned and operated an international music industry consulting firm in London, England, representing clients in the US, Europe, Asia and Australia. Monique earned a degree in Business Finance from California State University, Fresno. She is responsible for the smooth operation of WestWater’s multiple offices, including human resources, bookkeeping, client correspondence and other administrative functions.