I invested $43,500 with Blackrock Energy Group in February. On March 23 I received a letter from Boyles, indicating that Blackrock had completed its obligations to Fossil and that I would now be involved with Fossil. This came as a total surprise to me.
All reports on the drilling and fracing were very positive until May 4. Then weather problems, electrical problems, pumping fracing fluids delayed any distributions. At some point during this interval Fossil decided that 3 wells instead of the 4 (originally projected) would drain the area. At the time I wondered what would become of the funds allocated for the drilling of the 4th well.
Finally, in August I receive a distribution report for May and June. But lo and behold, Fossil could not pay the distribution amount because of a technically in the agreement between Blackrock and Fossil. Supposedly, these funds are being held in an escrow account with Chase Bank. I continued to receive distribution reports for July and August in September and October, respectively. Supposedly the distributions continue to be held in an escrow account. These distributions are a very small fraction of the amounts originally projected and now total about $, 1200.
I did not receive a distribution report for September in November. So I E-mailed Fossil asking why and was assured by a Laura Figuerola, Senior Office Assistant of Fossil, in her return E-mail, that they would be mailed out during the week of December 4th. They were not. I sent additional E-mails on December 16th and 18th. There have been no replys to my inquiries. Sometime during the time between December 4th and December 14th, I talked with Mr. Jim Wison about resoulution of the problem of paying the distribution. All can say is a great scam artist, basically saying they could not get in touch with Collins to resolve the problem and that Blackrock has disbanded.
So I started looking for other complaints which brought me to" Ripoff" and I see there are at least 2 others that have similar experiences with other Boyles' entities, none of which I have previously heard of.
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