Black turd, I mean, Gold!

A colleague was sent a “prospectus” for Black Gold, which immediately smelled wrong to me (the mobile number on the website isn’t a good sign for a start). A quick google shows a lot of people insinuating it’s not straight up, but nothing concrete.

Anyone know more? I’m not about to invest, but my friend is tempted by commodities and is tempted, against my advice…

Edit: gem from the risks brochure:

This black gold?

belfasttelegraph.co.uk/news/local-national/northern-ireland/man-who-tried-to-turn-his-faeces-into-gold-is-jailed-16066385.html#ixzz1bJ2MVNKu

It is starting to become clear how the scam works here:

Works like a rental income garuntee scheme…

I still don’t get it… use small words and pictures :smiley:

These seem appropriate ;

8-

:open_mouth:
:cry:

Now :-GC

heh :slight_smile:

But seriously…

I would steer clear,
They have recently set up shop and claim to be unregulated with no garuntee of returns, not even a single testimonial on the website.
The site is registered to:
linkedin.com/pub/robert-forman/12/194/935
The LinkedIn profile is light on achievements for someone wanting a minimum of €40,000 to invest on your behalf

This is interesting reading:
boards.ie/vbulletin/showthread.php?p=74353467

These guys have an opinion too.
fraudwatchers.net/forums/showthread.php?s=769652881fe77e91c839ce4dd4e2e08b&t=37473

It is all a bit to simple really . The oil is hard to extract because of ’ outdated technology ’ and the poor farmers are sitting on a fortune which they can’t get to because of the ’ outdated technology '.
There seems to be a lot of ’ outdated technology ’ in Oaklahoma as the farmers also have outdated farming technology ’

Paddy fresh from bankrupting their own country comes in and gives the nice farmers some cash in return for the oil reserves and applies ’ new technology ’ to extract the oil quicker . So its win win all around . Paddy Oil gets rich , the farmer gets cash to update that outdated ’ farming technology ’ and Paddy investor also gets rich . What could go wrong really ?

If it is so wonderful , why are major oil companies not all over it ? The answer is , it is not worth their time or money as the oil is difficult to extract or the reserves may be small or non existant .

The brochure is laid out in a way that even a child could understand . Opening a account in a Credit union would even be more complicated .

Run away .

Member of the LinkedIn group “Napoleon Hill Readers” – probably for people who read books by Napoleon Hill, author of the motivational classic, Think and Grow Rich.

Looks like some form of fractional oil lease scam. Not exactly illegal but the money is made from setting up the deal rather than participating in the deal. If the leases were really worth anything serious they would be picked up by one of the consortiums who specialize in consolidating / upgrading low volume wells.

A friend inherited a huge block of these leases years ago. Most wells producing a 1 or 2 digit income per month royalties. Turned out the trustee management company started doing dodgy stuff several years before claiming that production had fallen in lots of the wells. But when we started looking through the production figures there was a discrepancy, often quite large. Not enough to be worth a court case but they were scamming. Basically when prices started going up the royalties reflected the older, lower price of several years before, not the actual West Texas delivery price. There were a few other things going on as well which we could not work out. They seemed to be creaming off income at several points. So the management of the leases was handed over to another company and the royalties soon returned to their historical numbers. Seems these kind of scams are fairly common. Lots of hucksters and bottom feeders in the oil lease / mineral rights business.

So basically should be treated like the penny stocks business. If this is such a great deal why are you trying to sell it to me? Why dont you just raise the money and keep the whole deal for yourself. That’s what real business men would do with such a sure fire investment.

The answer is:
A. sphere
B. cube
C. PYRAMID

Dup post

Sounds more Dutch Gold than Black Gold.
:-GC

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There is a massive shale oil boom underway currently in Oklahoma, as the technology (hydrolic fracturing/ fracking) to extract the oil (and gas) from the shale has come down in price sufficiently to make it worthwhile at current oil prices. My cousin is currently working there on the gas side of things. There are hundreds of small scale oil companies and venture capitalists all over the place, hoping to make a killing and have been for at least 18 months. If the leases had any worth at all, they would have been snapped up by now.