I have to go by memory, but I was reading the terms of a drilling fund in the eighties. The terms were something like 100% to casing point for 90% of a well and if the well paid out the fund manager backed in for a 40% WI for free. There were management fees, of course. I assumed it was legal since it was all spelled out, but it would take a layman to think an investor could make money. I assume it was legal since it was all spelled out, but basically an investor paid for the well and the manager got any profit. According to OPC, Breitling didn't spell out anything, which I have always suspected, but do not know first hand.
The sheriff has been ordered to seize $92,000 in BECC assets. I wonder how that is going? However, my theory is that BECC cannot raise more money without a phone bank and office space so that is part of my end-game model. As far as their operated wells, as soon as a rod parts and there is no money to fix it, that will be the end of the well.
I guess someone in Dallas could walk by their office and see if there is any furniture. At the very least, I would think they would keep the door locked and dive under any remaining desk every time the elevator bell dings.
