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Bayou City Exploration, Inc.

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Bayou City Exploration, Inc. Reviews (1)

Mr. [redacted] purchased one fifth of a unit in the 2014 Bayou City Illinois Basin Development, L.P.  The private offering was conducted in compliance with Rule 506 of Regulation D under the Securities Act of 1933 (aka: Reg. D. Offering).  Bayou City Exploration, Inc. was the issuer of the...

security and the dealer-manager was Source Capital Group, Inc. Mr. [redacted] purchased his interest on November 17, 2014 through a Source Capital registered representative with CRD #[redacted].  On November 20, 2014, Bayou City Exploration, Inc. filed the necessary documents with the Arkansas Security Department to register the security (aka: [redacted]).  The offering was limited to accredited investors only and Mr. [redacted] confirmed that he was accredited in the Subscription Agreement that he completed.  Per the offering documents, two oil wells were drilled in Wayne County, Illinois following a lengthy permitting process.  The Webster #3-2H was drilled in early to mid-November of 2015 and is currently producing about 15 barrels of oil per day. The Malone #1-34H was drilled in mid to late November and is producing about 8 barrels of oil per day.  Revenue distribution from both wells began in April of 2016 followed by another distribution in July of 2016.  The wells are currently on a quarterly distribution schedule due to the low [redacted] of oil and the level of production. The fact is that Mr. [redacted]’s letter is incorrect in stating “I have not received a return whatsoever and have not been provided an explanation as to why this is the case.” Mr. [redacted] erroneously claims that he invested $36,000.00 in the limited partnership.  His records and our’s show a total investment of $25,650.00 comprised of an initial wire of $11,000.00 and two completion checks totaling $14,650.00.  “Completion” is not called for until the well is drilled and tested and hydrocarbons are found to be present. Wells that do not show evidence of hydrocarbons are deemed “dry holes” and no completion is requested or paid. In addition to misrepresenting the amount he invested, Mr. [redacted] also makes the outrageous claim that he was told he would “eventually receive $500,000.00.” His allegations of verbal representations are in complete conflict with the written documents he was provided and claimed to have read. His misrepresentation of the facts and dependence on unsubstantiated verbal representations prove only that he has fallen victim to a consumer advocate scam. This particular group has been targeting investors for at least three years under various names. They troll the internet and accredited investor lists for people who are dissatisfied with their returns understanding that virtually every person they reach will have lost money in an investment. Once the person reveals that he/she has lost money or is dissatisfied with an investment, the scammers go to work. They spin slanderous tales of fraud, imprisoned employees, wells not being drilled and whatever else might stoke resentment. Having hooked the investor, they then come to the rescue with stories of money returned and promises to “fight for right”. The investor is duped into paying a “retainer” and signing a contract stating that the retainer is earned in full upon payment. What follows are form letters and half hearted attempts to extort payment based on threats of litigation. We sued C.A.S.E. in federal court in Kentucky for libel, slander, etc., but were unable to establish jurisdiction. They change locations and names frequently to stay ahead of the authorities in California. I recommend a Google search for Consumer Advocate Services Enterprises, Inc.; National Advisory Network; C.A.S.E.; American Advocate Services I received a form letter from Mr. [redacted] dated June 28, 2016.  The envelope containing the letter had a Los Angeles, CA postmark and the form of the letter was like many we have received from the same group in Long Beach, CA posing as consumer advocates.  I immediately called Mr. [redacted] to discuss the letter and his association with Consumer Advocate Services Enterprises (aka: [redacted] Network).  He confirmed that he had been in contact with a company in California that claimed they would get his money back. He further confirmed that he had paid them “three or four thousand dollars” as a retainer fee.  I informed him that he had been victimized by Consumer Advocate Services Enterprises (C.A.S.E.).  He explained to me that he had fallen on hard times in his farming operations and was desperate for money. I went over his investment with him and he confirmed that he had received his first distribution check, but it was not enough to help.  I volunteered to write him a letter that he could use to demand the return of his money from C.A.S.E., and advised him of the dispute resolution procedures contained in our offering documents.  I even recommended that, if he truly felt that Ms. [redacted] or anyone else associated with his investment acted inappropriately, he should hire a licensed attorney and pursue his grievance through FINRA arbitration per the dispute resolution procedures. We ended our conversation on good terms and I provided him the letter as promised. The bottom line is that Mr. [redacted] made an investment then later decided that he needed money from anywhere he could get it.  In his desperation, he made matters worse by sending money to people who are not what they claim to be.  They move around and change the name of the company, but the scam remains the same.  They offer legal services, but they are not attorneys.  They have one person who claims to be a L.D.A. (legal document assistant) named [redacted]. Ms. [redacted] (aka:  [redacted], [redacted], [redacted], etc.) has a lengthy criminal history including at least one felony. Please review the offering documents along with the Subscription Agreement executed by Mr. [redacted]. The documents clearly inform the investor that their capital is at risk and that the investment is illiquid. There is no language in the documents supporting Mr. [redacted]’s claim that he should eventually receive $500,000.00, and he represented that he relied on the written documents. Understanding that financial circumstances can change, Bayou City also provides each investor with a 15 day rescission period wherein they can request and receive a complete refund of their money. Mr. [redacted]’s claim against Bayou City Exploration, Inc. is without merit in part because it is directed at the wrong party. He has been defrauded by C.A.S.E. or whatever their name is today and should demand the return of his money from them. Please advise if I can provide any further information to assist you in resolving this matter. Sincerely,   _______________________ [redacted] Bayou City Exploration, Inc. 1151 Old Porter Pike Bowling Green, KY 42103 ###-###-####

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Address: 923 College St Ste 200, Bowling Green, Kentucky, United States, 42101-2120

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