Oil and gas scams are on the rise. As the opportunities in oil projects increase, so do the charlatans and the opportunists. It's a caveat emptor environment and KRANDEE stands ready to arm the wary with facts.
First, research the operators and their drilling practices. Oil projects are either packaged to raise funds or they are developed in house. Operator developed oil and gas projects are typically majority owned by the operator and opened only to industry deals. Money raisers market to the public and those deals are usually sub par. Boiler room type phone contacts offering deals should always be avoided. They are a favorite of oil and gas scammers.
Do your due diligence and examine the operator's track record. If they move from one location to the next, that's a red flag. Check to see if there was a second geologist's opinion on the site. If the deal comes from a non-operator, that's another red flag. Verify who owns the majority of the well. Check the payout records of previous wells in the area. Make sure you know the ratio of drilling stats and the number of testing vs completed wells.
This is a small sample of the insights insiders need to know to avoid the traps and pitfalls in oil and gas scams. Remember, scammers only skim off what they know works. KRANDEE offers the Insider to make a good industry even better. The best way to get the knowledge you need is, to get the KRANDEE Insider!
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