Team Resources Inc
Fossil Energy Corp. Beware!

Read below for my experience with Team Resources, Kevin Boyles, and John Olivia. Worth noting, this cast of characters now does business as Fossil Energy Corp.

My primary contact with Team Resources has been John Olivia. He is a smooth talker and tells you what you want to hear. Before I participated in the School Creek Partnership, John made significant promises that I have since found out to be untrue. He sold me on the claim that the oil and gas reserves targeted in the School Creek partnership were proven. Not only did he guarantee the reserves verbally, letters from Kevin Boyles and Team Resources marketing materials call the reserves proven. So what are the results? Five years after being promised significant natural gas reserves (their words), I have received 1% of my initial investment back in distributions. How do you miss so badly on 19 wells when you are drilling on proven reserves???

Whats disturbing is the tactics that Team Resources used along the way. For the first couple of years, communication was timely and positive. The well logs looked good etc. For example, in a 2008 email to partners, John Olivia wrote "We're now 3 for 3 on the new drills for School Creek and things look great!!!" At the same time of the positive updates, solicitations came trying to convince us (partners) to participate in Team Resources next project which was the Walker Pipeline fund. When the deadline to participate in the Walker Pipeline fund passed, the updates were less positive and we continued to hear excuses to why we werent receiving distributions. After a while, communication stopped altogether and I do not have an account of where the partners money is. Kevin Boyles said he would send a transparent report in a June letter to the partners but we havent seen a transparent report yet. These guys are masters of delay. They do a great job of putting time between you and the loss of your investment so you come to accept that it is gone after a while. How could these guys be 3 for 3 on new drills; what a lie! They just wanted more of my money!

A disturbing conflict of interest exists between Kevin Boyles, Team Resources, and BC Steel LLC too. Kevin Boyles solicits investor money for Team Resources projects and then uses BC Steel as a vendor (production work). Kevin Boyles has an ownership interest in BC Steel LLC. Since I dont have the transparent report that Kevin promised, I cant tell where the partners money is. However, I do know that BC Steel did a lot of the production work for the School Creek project. With that said, one could deduce that since BC Steel wrote invoices to the School Creek partnership for so called production activities, my money is now sitting in Kevin Boyles bank account. Is that considered money laundering? Anyway, in this scenario, there is no risk and no incentive for Kevin Boyles to make the School Creek partnership successful because our money ends up in his bank account either way.

Beware of anything to do with Kevin Boyles and/or John Olivia

Company: Team Resources Inc
Country: USA
State: California
City: Thousand Oaks
Address: 350 Via Las Brisas, Suite 230, Thousand Oaks, CA
Phone: 8004800128
Site: teamresources-inc.com

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