| Gulftex Operating |
| Gulftex Operating, Inc. Grossly Oversold |
| 27th of Aug, 2011 by User224908 |
I would like to relate my experience with GULFTEX Operating, Inc., 3030 LBJ Freeway, Suite 1320, LB 47, Dallas, TX 75234. In late summer of 2008 I received a call by a representative of Gulftex. They had this “great investment opportunityâ€. I don’t know where they obtained my personal information, but they had it. I was mailed a big, glossy package with all the information. I called them and decided to visit them personally. I drove up to Dallas and met with the principals representing the company. Yes, the address does exist. I met Tim Burroughs (the president), Steve Kaiser, and some others whose names I've forgotten. Here are the facts: From 22 August 2008 thru 17 April 2009, Gulftex Operating received a total of $288,000 from my wife and I. $160,000 for interest in their Frenchtown 1H project, and the remainder in the second Frenchtown 2H. Both wells eventually were drilled. Both are now producing gas. The numbers are as follows: Frenchtown 1-H ($160,000 invested), total payout to date=$5359.36 for a $160,000 investment from late 2008 to date. Ah, but there is more! The last money received was late April 2010. Since then, I have received invoices! Yes, right now they say I owe them $1,776.23! How is that for an investment? Oh yes, the original investment is gone. It is spent. Now we can move onto Frenchtown 2-H. My money was accepted in April 2009. In late July 2011 I received my first royalty! It was a total of $86.77 on a $160,000 investment after 2.5 years! Welcome to Gulftex. I can honestly say after many conversations with Tim Burroughs, nothing he has ever said has materialized. He is a guy who believes his job is to “tell them what they want to hearâ€. There is always an excuse why things do not come out as promoted. The main excuse now is the price of gas. They never thought it would be so low. However, if you recalculate the returns if the price of gas were double, it is still a small fraction of the stated returns in their glossy promotion packet. They have expenses upon expense. These were never mentioned in their literature. They have a number of wells prior to these so it is not believable that
they did not know the real costs of operating these wells. An additional event occurred. Roughly about the time when the invoices began to arrive, I (and others I know) began receiving calls from other oil and gas ventures (and a few other shyster type ventures outside of oil and gas). I asked from where they received my information. I was told it was from a list they had purchased. I asked from whom? They would not say. I then called Tim Burroughs and asked him if he sold his list of investors. He answered me rhetorically. When I receive a rhetorical answer to a straight question—that tells me his is lying. I am sure they sold the list for the money. It is that simple. My analysis is they knew none of us will consider a Gulftex venture again, so why not wring a little more money out of the deal. The only question is did Gulftex receive the payment or did Tim Burroughs do it personally. It really does not make any difference other than it tells you the people you are dealing with. It is my opinion that Gulftex has gone through the laws and promoted their ventures with the idea of keeping out of jail. I’ve been unable to find anyone who has invested in a Gulftex venture that has ever recovered the original investment. It is my opinion that the main business of Gulftex is selling investor “positionsâ€. That is the source of their money. I have had a very expensive lesson. Gulftex is not the only “legal†crook in this industry. There are many of them. However, I have also found there are actually honest people too. One such venture I’ve entered required less than $18,000 for a 2% interest. It is coming on line now and looks to produce at least $800 per month net. That is a whole lot better than any Gulftex venture. My advice to anyone who should have the misfortune of coming into contact with Gulftex Operating, Inc., of Dallas, TX is to run, not walk, as far from them as you can. Do not listen to a thing they say because it is all choreographed fiction. If you should be contacted by anyone who was ever associated with Gulftex, avoid them like the plague. I am posting this as a public service. Buyer beware. |
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