No AFE, they sell partnership interests.
Remember, I was foolish. I received a nicely printed glossy including details of the prospect. Only reference to cost was unit cost of $80k for 1%. Later received a "tax letter" stating intangible costs for current deduction was 84% of total investment. A picture of the cover and some details can be found here: www . patriotenergy . com / media / blue-wolf-1 /
Press release pasted below. Notice they say the well will be completed of 1/30/15. Actually the well was not completed until late March. It STILL HAS NOT BEEN COMPLETED. They send message after message about delays...never any real details.
In April 2015, well would be completed in early May and first production checks in 60 days.
In mid-July 2015, announced White Wolf was online and would be completing Blue Wolf soon. No explanation for delay.
In Jan 2016, announced they are negotiating with purchasers for the highest price (what a BS stmt!).
In late Jan 2016, a broadcast email that former employees are spreading rumors about the company. Reassured all is well with interest but offered no specifics except to say they are in final stages of completing. No explanation for the delay.
Thru today, no further updates, no revenue, nothing.
Here is link to RRC for Blue Wolf: tinyurl . com / jelk35b
Another link: tinyurl . com / zlrmuzl
DALLAS--(BUSINESS WIRE)--Crude Energy LLC, a Dallas-based exploration and production company offering oil and gas investment opportunities through oil and gas direct participation working interests, has made available the Blue Wolf #1 in the Permian Basin. The primary objective of the Blue Wolf #1 is the Lower WolfCamp with other potential zones including Cisco, Canyon, Cline, Strawn, Mississippian, Fusselman, Montoya and Ellenburger.
Crude Energy is now accepting advanced investments from accredited investors for this prospect, which is projected to begin drilling on 12/15/2014 and has an estimated completion date of 1/30/2015.
The Blue Wolf #1, an 8,600’ test well targeting the Lower Wolfcamp at 5600 feet, includes the Cisco, Canyon, Cline, Strawn, Mississippian, Fusselman, Montoya and Ellenburger formations as secondary objectives.
Crude Energy President Parker Hallam stated, “We have a proven track record of success in the Permian and we have no doubt that the Blue Wolf will add production and value to our portfolio.” Hallam added, “The prospect shows promising geological potential, with good porosity and permeability, and we are optimistic about our chances for success.”
Crude Energy currently holds several oil & gas exploration projects across the United States, with primary focus in the Permian Basin, the Eagle Ford Shale, and the Bakken Shale. To learn more about the company, including investment opportunities, visit Crude Energy at http://www.crude.com.
About Crude Energy, LLC
Based in Dallas, Texas, Crude Energy, LLC is an independent (non-integrated) oil and natural gas company founded on the fundamental principles of applying state-of-the-art petroleum and natural gas exploration and extraction technology to the development of onshore oil and natural gas projects. Focus areas include Texas, Oklahoma, and Louisiana. Crude Energy offers oil and gas investment opportunities through direct participation programs and direct participation working interest, which enable investors to participate in the potential cash flow and unique tax benefits associated with oil and gas investments. Especially important in a downturned economy, oil and gas investments allow savvy investors to diversify and reinforce their investment portfolios with a stable commodity that is in steady demand.