I doubt it. Benchmark Standard LOL paid WOGI who paid a subcontractor to drill the wells. According to their filings, WOGI also gets a share of revenue from the oil obtained from the wells.
Sounds good, except WOGI hasn't disclosed what that share is nor when WOGI collects it. Up front? Or after Benchmark has recouped their expenses drilling THEIR wells. The oil is essentially THEIRS, not WOGI's.
If I were Benchmark Standard, besides naming my LLC something not quite so stupid, I would have insisted that my costs were paid first with profit before I stated sharing revenue. Otherwise, what is the point of investing $1,250,000? Might as well put it in a bank and at least earn a little interest.
Unless, of course, these 10 (or is it 12???) wells can't be drilled, fracked and maintained for what Benchmark Standard LOL paid WOGI, which raises a whole other set of questions.
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