Overbey was a landman[clarification needed] skilled in scouting oil fields and obtaining drilling rights cheaply.

Devine would later accompany Bush to Vietnam in late 1967 as a "cleared and witting commercial asset" of the agency, acted as his informal foreign affairs advisor, and had a close relationship with him through 1975.

He raised some startup money from Eugene Meyer, publisher of the Washington Post, and his son-in-law, Philip Graham.

The U.S. government began to auction off mineral rights to the Caribbean, the Gulf of Mexico, and islands off the Central American coast in 1954, and in the late 1950s and early 1960, Zapata Off-Shore concentrated its business in these areas.

[12] In 1958, drilling contracts with the seven largest U.S. oil producers included wells 40 miles (64 km) north of Isabela, Cuba, near the island Cay Sal.

[15][better source needed] In 1960, Jorge Díaz Serrano of Mexico was put in touch with Bush by Dresser Industries.

[16][better source needed] Serrano and Bush created a new company, Perforaciones Marinas del Golfo, aka Permargo, in conjunction with Edwin Pauley of Pan American Petroleum, with whom Zapata had a previous offshore contract.

[17] During the Bay of Pigs invasion and the Cuban Missile Crisis, Zapata allowed its oil rigs to be used as listening posts.

By the late 1970s, saddled with weak operations, high debt and low return on investment, the company again began undergoing changes in management and direction.

Led by John Mackin, who succeeded William Flynn, the company began selling off some of those businesses and refocused on offshore oil and gas exploration and production.

In 1982, chief operating officer Ronald Lassiter assumed the role of CEO, and presided over a decade of loss-making brought on by the collapse of oil prices.

The company announced several restructurings during those years and managed to stave off bankruptcy, but continued to incur major losses.

Still struggling with debt by 1993, Zapata signed a deal with Norex America to raise more than $100 million through a loan and stock sale.

[27] During this period, Zapata also built up a controlling stake in Safety Components International, a manufacturer of air bag fabrics and cushions.

On December 2, 2005, Zapata Corporation Chairman, Avram ("Avi") Glazer, announced the sale of 4,162,394 shares, 77.3%, of Safety Components International to Wilbur L. Ross Jr. for $51.2 million.

[39][40][41] Fidelity & Guaranty Life, the insurer backed by Harbinger Group, also has a $50 million stake in the RadioShack bankruptcy.