There are basically 3 types of offerings "non-contingent", "all or none", "min-max"...
most IMO are "non-contingent" where the issuer states an amount to be raised, with no minimum, and the proceeds are directed to a general use--this type is inappropriate for raises where a specified objective (drilling) is put forth along with a specified minimum amount of capital $150K)...
in an "all or nothing" offering, monies must be escrowed and then returned if the offering objective is not reached...
in a "min-max" offering, monies are escrowed until the minimum amount is reached and returned if that doesn't happen...
on addition, there are provisions to extend the offering beyond the initial time frame---any investor not agreeing is entitled to getting their money back...
no idea what was communicated to each individual investor, but if drilling doesn't happen, I'd demand my dough back :-)
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