Jack and his son, Allan, used the family's oil industry connections to obtain Pennzoil sponsorship to race in the 1996 Indianapolis 500 with Guerrero.
The team also participated in the other two IRL races of the season and Guerrero finished tied for fourth in the short 1996 championship.
By virtue of being one of only a handful of drivers to compete in all the races, Guerrero and the Pagan team finished 7th in the 1996-1997 championship.
The team's sponsorship from Pennzoil had left for the new Panther Racing founded by former Pagan crew chief John Barnes.
Reeves finished 10th, but prize money did not allow for the team to continue and it ceased operations for the rest of the season.