Comments on: How can you get screwed by a oil company?

By: Count Deville

Count Deville — Tue, 27 Apr 2010 08:01:59 +0000

get an attorney or talk to an registered stock accountant.
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By: yankee doodle

yankee doodle — Tue, 27 Apr 2010 07:11:59 +0000

ask Ken Lay or Jeff Skiling from ENNRON I bet they have good advise ! ! ! !
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By: tsra1983

tsra1983 — Tue, 27 Apr 2010 06:40:59 +0000

He probably had royalties or working interests. If the money was from a well, and not from actual stock in the company. In which case the well may have closed or gone dry, thus ending the payment checks. Depending on his ownership, he either invested in the well or held some title to the mineral rights surrounding the well.

If he invested, a working interest would be useless to you as you would incur joint interest billing to maintain the well. If he owned the mineral rights and recieved royalty checks, then it may still be valuable. If you know where the well was, you can research the mineral ownership, and as his next of kin you would be entitled to existing or future production royalties.

If he owned shares in the company itself, you need only to find the stock certificates, or research the companies records. Surely an attorney could help you there. I would check with both oil and gas, and estate and probate attorneys.

FYI some companies that sell investments in oil/gas wells sell working interests that either have a capped return, or expire in some amount of time.

Also, some production companies will take on investors and then "close the well". Essentially telling their investors to take off, the will then reopen the well, and reap its benefits. It may be comforting to you to know that most people can only perform this scam a few times before the word gets out and no one will work with them again. it also may be comforting to you to know that investing in oil/gas is 100% deductible, so instead of giving his money to the gov’t your dad simply gave an oil investment a shot at virtually no cost to him.
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By: drampor

drampor — Tue, 27 Apr 2010 05:54:59 +0000

You don't even have to buy the oil company dinner for them to screw you, that is just part of their value added service. Lawyers can be expensive, if you are going to pursue this go the class action route, it divides your expenses among other wronged parties but shouldn't effect anything you'd get from them.
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By: dragonlady

dragonlady — Tue, 27 Apr 2010 05:37:59 +0000

Look through all his papers, safe deposit boxes, any old books he had(some older peole hid things in books) old cans around his home place, to find a stock certificate or partnership in the oil well, you may be able to go on-line and find the company and a list of it's share holders.Good Luck***
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By: CyberCentralScrutinizer

CyberCentralScrutinizer — Tue, 27 Apr 2010 05:00:59 +0000

Contact an attorney who specializes in oil and gas law. Email me for a referral.
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By: Rich

Rich — Tue, 27 Apr 2010 04:53:59 +0000

Call George.
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By: honky_tonk_amnesia

honky_tonk_amnesia — Tue, 27 Apr 2010 04:44:59 +0000

We all get screwed by the Oil companies every time we go to a gas station. In your case, you need to hire a lawyer. Also, let us never again elect an oil man to the office of the president.
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By: Always Right

Always Right — Tue, 27 Apr 2010 04:00:59 +0000

Those were dividend checks. Your dad probably only owned like 1 share. That's the way it works.
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