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Old October 1, 2002, 07:05 PM
Fred
 
Posts: n/a
Default Oil Well Revenue Sharing Program Being Sold on Ebay?!?

I frequently search ebay for interesting auctions. Today I came across an auction selling a spot in an "oil well revenue sharing" program. It's one of those type "deals" that can get you quite excited. [At least it got me excited, but maybe I'm just naive...I hope not.] The chap running the auction also has it described at www.newsgas.com and has links from there to the ebay auctions. Before "jumping" into this I would humbly like to ask your opinions of this offer. Do you find it credible/realistic? And are there any red signs I'm missing? Basically I would appreciate your sincere opinion. Thanks in advance.

Best regards,

Fred
  #2  
Old October 2, 2002, 12:43 AM
Bill
 
Posts: n/a
Default Re: Oil Well Revenue Sharing Program Being Sold on Ebay?!?

What seems strange to me is that it looks like it is an Australian company with a controlling interest in a Texas oil well, but on the Q&A page, it implies that Americans aren't allowed "to join the opportunity."

I don't know if you are in the US or not, but this is from the newgas.com website Q&A page:

Why won't you let Americans or Canadians join your opportunity ?

This is a revenue sharing opportunity. We are not selling shares, parts, fractions or percentages. We want nothing to do with selling securities that is why we are revenue sharing our opportunity. (We do not actually own the well it is owned by the mineral rights owners of the land the well is on. We have it locked up with a contract that gives us the right to rework the well in return we pay the mineral right owners the contracted 25% of production before cost.) We are marketing this offer to non US citizens because of local laws concerning the US Security Exchange Commission and another set of laws referred to in the US as "Blue Sky Laws" which restrict the sale of securities or anything resembling them in America.
-----

Also, they say that "After a work over of this well we could raise the production to 500 or more barrels per day, as the other wells in the area have. That would mean your Revenue Sharing unit could produce 6 or 7 times the above projections!!!"

But who is to know what the production really is? Who holds them accountable? What is to keep them from not reporting any increase in production?

Just some things to think and ask about...

> I frequently search ebay for interesting
> auctions. Today I came across an auction
> selling a spot in an "oil well revenue
> sharing" program. It's one of those
> type "deals" that can get you
> quite excited. [At least it got me excited,
> but maybe I'm just naive...I hope not.] The
> chap running the auction also has it
> described at www.newsgas.com and has links
> from there to the ebay auctions. Before
> "jumping" into this I would humbly
> like to ask your opinions of this offer. Do
> you find it credible/realistic? And are
> there any red signs I'm missing? Basically I
> would appreciate your sincere opinion.
> Thanks in advance.

> Best regards,

> Fred
 


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