In July 2015 I was contacted by Will Wallace, sales representative of Swan Energy, Inc with a sales pitch of fantastic returns through Oil & Gas drilling Joint Ventures. He exaggerated the success of prior drilling operations and minimized the risk by stateing that they have drilled over 1000 wells with only two dry holes. The pitch was to invest $67,000 for a single "Unit" in the JV project called TEXHOMA that would drill two wells, one in Oklahoma and one in Texas. He also mislead me on the timing of the drilling saying that they would begin drilling in "a couple of weeks" and if I didn't jump in now, I would miss the opportunity once they start drilling. So, I spent the $67,000 and joined the JV. After that I experienced a series of miscommunications and headfakes as to the status of the project. They sat on my investment and of all the other JV Partners and did not begin to drill until January 2016 all the while holding our money for their own use.
The results of the first well were, surprise, surprise... a DRY HOLE. Then they promised that the second well would be a better result. We waiting another 8 months for that well to be drilled and surprise, surprise... another DRY HOLE! Each JV Partner lost 100% of their capital investment which supposedly was only their third and fourth dry hole in their history.
I have subsequently done some research and discovered that of all the wells they have drilled, only one has made enough money to return the capital investment plus a return to the JV Partners. And they have many more dry holes than they advertise.
For all you potential JV Partners out there, when you get a call from Swan Energy, run as fast as you can in the opposite direction. DO NOT invest in this fly-by-night operation.
In fact, just today I received a call from their CEO, Brandon Davis unapologetic asking me why I am upset. When I explained that I'm upset because of the failure of the TEXHOMA JV Partnership to return even one single dollar to the venture, he said "I don't know why you're upset, that's the nature of the business and these things happen". When I tried to explain my dissatisfaction with the overall timing and miscommunications and their holding our money this whole time, he actually told me to "shut up".
Swan Energy Inc Reviews
In July 2015 I was contacted by Will Wallace, sales representative of Swan Energy, Inc with a sales pitch of fantastic returns through Oil & Gas drilling Joint Ventures. He exaggerated the success of prior drilling operations and minimized the risk by stateing that they have drilled over 1000 wells with only two dry holes. The pitch was to invest $67,000 for a single "Unit" in the JV project called TEXHOMA that would drill two wells, one in Oklahoma and one in Texas. He also mislead me on the timing of the drilling saying that they would begin drilling in "a couple of weeks" and if I didn't jump in now, I would miss the opportunity once they start drilling. So, I spent the $67,000 and joined the JV. After that I experienced a series of miscommunications and headfakes as to the status of the project. They sat on my investment and of all the other JV Partners and did not begin to drill until January 2016 all the while holding our money for their own use.
The results of the first well were, surprise, surprise... a DRY HOLE. Then they promised that the second well would be a better result. We waiting another 8 months for that well to be drilled and surprise, surprise... another DRY HOLE! Each JV Partner lost 100% of their capital investment which supposedly was only their third and fourth dry hole in their history.
I have subsequently done some research and discovered that of all the wells they have drilled, only one has made enough money to return the capital investment plus a return to the JV Partners. And they have many more dry holes than they advertise.
For all you potential JV Partners out there, when you get a call from Swan Energy, run as fast as you can in the opposite direction. DO NOT invest in this fly-by-night operation.
In fact, just today I received a call from their CEO, Brandon Davis unapologetic asking me why I am upset. When I explained that I'm upset because of the failure of the TEXHOMA JV Partnership to return even one single dollar to the venture, he said "I don't know why you're upset, that's the nature of the business and these things happen". When I tried to explain my dissatisfaction with the overall timing and miscommunications and their holding our money this whole time, he actually told me to "shut up".