Euro American Capital Corporation, shares the same office space as Gulftex Operating, and TBX resources both founded and run by Tim Burroughs. Euro is the solicitor of investors in oil and gass projects offered by Gulftex and their associated other partners.
I bought the BS line hook line and sinker, investing over $550,000 of my personal and Company money in numerous gass well projects in the Barnett shale, Looking back on it they are: Blantant Liars, cheats, thieves, scamers.
The small investor, you and me, fund everything, their upfront profit (mark up), drilling, roads, connections to the pipe line, gass lift equipment to buck the pipeline pressure, ongoing maint. Costs, monthly adm costs, othe BS costs, ultimately they eat you alive and you are left with a mear pitance for your investment return.
For my cumulative investment of around $550,000 over a two year period, my yearly return is between 2-3%, no where near the 30-40% they claimed during their marketing phase of our dealings. I was supposed to get my money back in 3 years and then the stock deal was going to be the icing with another 1.5-3 X my innitial investment. Never happened.
They also discussed an exit strategy of rolling everything into a public company and making huge returns on the stock. Well that never happened for the investors but Gulftex did sell all their holdings in the Barnett shale projects to another Corp. It was all pure profit for them from start to finish because the small investors funded everything. We were on the expense end and they were solely on the profit end. We never had a chance dispite all the promises and claims of returns that never materialized.
Projects I was involved in are Beard Joint Venture#1-H Joint Venture, Scruggs #1-H joint Venture, Valwood Green Joint Venture, Nelson #1-H Joint Venture.
Do not send your money to these BS artists, there is no way you will ever see anything close to getting your money back.By the way over the 2 yr timeframe I sent them money based on their claims (the first project took that long to complete) I had 5 different sales reps, definitely boiler room BS. One was even a convicted felon for drugs. A quality bunch they aren't.
Once is was aparent I would no longer send them any more money all my calls were returned by Dick Odonnel to passify my requests for information regarding the projects status and the meager returns associated with the investments they sold. Do not send these jokers your money under any circumstances, the deck is stacked against you without a doubt.
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