Company Principals

Clay Landry

Managing Director

Harry Seely

Principal

Matt Payne

Principal

George Dorsey

Principal

Clay Landry

Managing Director

Main Office
805 W. Idaho Street, Suite 310
Boise, ID 83702
Tel: (208) 433-0255
landry@waterexchange.com

Statement of Qualifications:

Clay Landry is the Managing Director and a Principal of WWR. Mr. Landry has provided valuation and appraisal services on major water acquisition and development projects throughout the United States. He is currently assisting the Central Arizona Groundwater Replenishment District implement the largest water rights acquisition program in the United States. In 2007 he advised an Arizona small municipality on valuing and structuring an auction of municipal effluent water rights which closed at $67 million in proceeds. This project was nominated as Water Deal of the Year. 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.

Mr. Landry serves as an Associate Editor for Water Resource Impact, a monthly publication of the American Water Resources Association. 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. 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.

AREAS OF EXPERTISE:

Agricultural and Resource Economics
Water Resource Economics
Water Transaction Advisory
Water Rights Valuation
Water and Natural Resource Policy

EDUCATION:

M.S. Agricultural and Resource Economics
Oregon State University, 1995

B.S. Economics
University of Wyoming, 1992

EXPERIENCE:

Managing Director, WestWater Research 2001-present

Montana Water Trust Board President
2002-present

Research Associate, PERC, 1998-2001

Economist, Oregon Water Resources Department, 1996-1998

Research Assistant, Department of Agriculture & Natural Resource Economics, Oregon State University, 1993-1996

Harry Seely, M.S.

Water Resource Economist

West Coast Office
11504 NE 207th Avenue
Brush Prairie, WA 98606
Tel: (360) 695-5233
seely@waterexchange.com

Statement of Qualifications:

Mr. Seely has fifteen years of experience in agricultural and water resource economic analysis. 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. 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.

AREAS OF EXPERTISE:

Agricultural Economics
Natural Resource Economics
Water Market Analysis
Mathematical Programming
Econometrics

EDUCATION:

M.S., Agricultural and Natural Resource Economics, Oregon State University, 1997
B.S., Economics, Pacific Lutheran University, 1993

EXPERIENCE:

Principal, WestWater Research, 2004- present
Senior Economist, Northwest Economic Associates/Entrix, 2003-2004
Economist, Northwest Economic Associates, 1999-2003
Research Associate, Columbia Economics Research Associates, 1998-99
Research Assistant, Department of Agricultural & Natural Resource Economics, Oregon State University, 1995-97
Staff Economist, Economics and Social Analysis Group, Pacific Northwest Laboratories (Battelle), 1993-95

George Dorsey

George Dorsey, a principal with WestWater Research, 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

Principal

Southwest Office
4747 N 7th Street,  Suite 412
Phoenix, AZ 85014
Tel: (602) 595-7009
payne@waterexchange.com

Statement of Qualifications:

Matt Payne is a Principal with WestWater Research and leads the firm’s Southwest office in Phoenix.  He is dedicated to helping public, private, and non-profit sector clients address economic, financial, and strategic challenges relating to water resources and infrastructure.  His areas of expertise are water resource economics, water asset valuation, water supply planning and implementation, and mergers and acquisitions.  In recent years, Matt has been engaged by Arizona’s largest water provider to lead planning and implementation of the most extensive renewable water acquisition program in the United States.  Under WestWater’s management, the program has executed nearly $100 million in water transactions.  These investments range from rotational fallowing agreements to acquisition and development of reclaimed water.

For private equity and industrial clients, Matt has originated water and wastewater investments, and led due diligence in support of transactions.  He frequently works as a part of multidisciplinary teams, contributing economic and financial analytical capabilities to water resource and integrated utility planning projects.  Recent analyses have included cost-benefit assessments of proposed infrastructure projects and water management strategies, as well as valuation of water rights and infrastructure assets.

Matt holds an M.B.A. from the W.P. Carey School of Business at Arizona State University.  He also earned a degree in economics from Colorado College, where he focused on environmental and natural resource economics, and conducted research in the water resources field.  He specializes in estimating the value of water using econometric techniques.  Matt has published extensively in peer-reviewed and industry journals, and is developing the first-ever price index for water rights in the American West.

AREAS OF EXPERTISE:

Water Resource Economics
Water Valuation
Financial Analysis
Water Asset Transactions
Project Management

EDUCATION:

M.B.A., Finance, Arizona State University, 2014
B.A., Economics, Colorado College, 2009

EXPERIENCE:

Principal, WestWater Research, 2015 – present
Senior Associate, WestWater Research, 2014-2015
Associate, WestWater Research, 2011- 2014
Research Associate, WestWater Research, 2009-2011
Intern, WestWater Research, 2008-2009