Ritchie#1 Well Lease
News about Ritchie#1 Well Lease - Last updated August 29, 2019
|Payment of returns from projects offered by Texas Shallow Oil.
In this message we will inform those who have projects with this operator about how the payment of dividends will go from the projects.
1. Dividends will run separately from other oil companies where we have the administration, this is because this operator has some subcontractors who require payment by a certain deadline as a result before 10th of each new month.
2. This means that when we have vouchers and deposit in our dividend account at the end of each month, we make the final vouchers like all investors to see through the project news pages of the individual projects.
3. A complete PDF file is created containing a summary of all the projects that are with this operator, so it is easy to find the project (s) with the participant and see if there is positive or negative operating result for the current production month, this will also appear in the upper-right corner of each settlement document we have made.
4. When the settlement documents are ready, these will be posted under project news on all the projects, then an email will be sent out to everyone that these are now ready, and so you have to log in and look through them, as soon as our mail is received. If there is an operating deficit for one month, you must follow the instructions on the individual settlement document, all positive dividends will be paid through us at the end of the current month, as these are paid simultaneously with the other oil companies, so everything made in a working process when paid
Aarhus-Denmark, 29-8-2019 at 20.36
Important update about our Texas Shallow Oil operator, owned by Wayne Woldrige
We write this message to anyone who owns this operator, some of our major co-owners have expressed some skepticism about Wayne's ability to achieve the best results on our projects.
There have been several episodes with extra payments in addition to normal operations, this at several of the plants that Wayne manages for us, and has found for us over time.
Today, together with the investors who have expressed skepticism about Wayne's way of running the projects, we asked him to choose whether to go along or we had to come up with a solution around the job as operator.
We are awaiting his response on these matters, and he has been made aware that he will be reported to the relevant agnecies if he does not take action.
Our projects should not suffer from his incompetence, because we believe that the projects are healthy and viable but that it requires the right man for the task, which unfortunately leaves us waiting for Wayne and his team.
We await Wayne's response to these demands we have made, and based on that, we will respond appropriately.
There will be more news as soon as we have this, everything will be posted under project news.
We regret the development of things, but we must take care of your projects and provide the best possible operator to take care of them.
TEX OIL COMPANY
Revenue statements from the month of August, will be combined with september statements, as we are waiting for at detailed report on costs and planned re-work of the well to increase production.
Project is fully committed at this time.
TEXAS SHALLOW OIL & GAS LLC
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