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February 24 - 2021 - Updates from TXEP
Crude storage - Synergy:
As you most know Texas was hit was a big freeze last week. We were without power and water for about a week as we stayed freezing through the week. As you may know it’s rare for Texas let alone South Texas to get snow or freeze for up to a week. Our electrical grid wasn’t prepared for the electrical demand in the state. Many died and some had major pipes bust costing them thousands in damages because of pipes freezing over and causing many leaks. This week we’ve been finally somewhat back to normal but many still don’t have water if not they have to boil their water due to water not being able to be filtered out. You can see it all in the news how bad it was for us for the week with not power let along freezing temperatures in low 20s. Our local back did open up finally today but was only the window and not the lobby which they will be opening the lobby tomorrow morning from what they told my wife today when she went to the bank this morning. On the other hand I did speak to Synergy today which I own a stake in as of last month and account manager was not in as she had major damages to her home and has been dealing with that past few days trying to get water for her family. She will be in office sometime tomorrow and will find out on payment for crude sold from the storage facility which should be this month. As soon as I know I will let yall know like I told mads and Kim oil is picked up one month and paid the following month so naturally this month is the month of payment but process wire on the 25th so I can tell you this much it will be any day now as it’s around the corner. It doesn’t change for anyone payments are processed the following month. As for synergy TXEP is the account holder not the investor so keep that in mind. As of this month Txep will now be AMCO COMPANY, LLC and royalties will be paid through AMCO account from here on. Project updates:
1. Wire status from you new bank ?
Will be done in morning as only window was open no lobby till tomorrow morning
2. Project update (ALL PROJECTs)
Surveys are almost done and plan to submit all permits this Friday to drill. (R.Drill Deal#1)
Nitrogen said they are about week and half out with freeze last week put them behind. They are filling for bankruptcy so may be buying a nitrogen unit from them. (Charco Redondo)
More updates to come this week!Kim went this morning but only the window was open but the lobby will be open tomorrow morning so we will get all payments out tomorrow when we meet with the account specialist. This is our new email account with our power off the hackers were able to get ahold of my email account and even tried getting into our Wells Fargo bank account which has no money. Luckily I have g signed into my Navy Army account on my laptop so no username credentials are on there. As for synergy nonpayment yet talked to them yesterday but the one who does the wires hasn't been in the office due to weather we had last week. Hoping she will be in tomorrow and I'll stop by their office to get a idea on the oil payments for investors with the crude in storage.
Fra: Anthony Martinez <moc.leufpext%40zenitrama> Sendt: 28. januar 2021 05:58All investors and interest owners,
As of January 19, 2021 payments have all been wired. According to our banking institution of Wells Fargo wires take typically 5-7 business days internationally rather 1-2 days domestic U.S. wires. As of January 27th wires should of of been cleared to your banking institution but for some reason most if not all have not received them. According to our business account and banking specialists it’s been cleared and drawn out of our account as of today. Why it hasn’t been received by your institution is out our hands you may need do a request for the payment. There was a issue with Energyne one time where they sent payment but was never received by till 13 days later. Has nothing to do with them or us but the banking institution that made the wire. That being said we processed another wire for the same amounts if for some reason the first wire never gets returned I’m assuming you got it along with second wire we process today. Being we did another wire it will be reflected on your next payment on oil sold. So you will more than likely receive two payments from TXEP so keep that in mind when we deduct from next run. We’ve had issues with Wells Fargo in the past and have decided to use a more smaller bank we’ve been with for years now and will start processing wires from that bank on next runs.
Also as most of you noticed not one person has been charged a monthly LOE, well starting next oil runs you will start seeing LOE charges in accordance to your percentage in lease you invested in. All have enjoyed the luxury of not paying anything towards the LOE well times have changed and we all need to start paying our part in accordance to share of interest we own rather than just TXEP paying and taking on the lease expense on their own.
When it comes to payment issues you need to email TXEP not Energyn as we process the wire not them. If there’s a issue or if your not happy with a certain situation you need to deal with us as we are the operator and source of the payment not Energyne they are just introduction between TXEP and Investors. Starting on next run we will send a investor list with all investors and their percent in accordance with the lease they are associated with along with what their payment is for that run of oil sales. We will also issue on payment to Energyn for all investors to save on wire fees as almost if not all investors are not from the U.S. and have international bank accounts. They will distribute the fund to all according to their lease percentage from here on. If there’s a issue with payment then you can still message TXEP and we will work them to resolve the issue.
If there’s a question about investment opportunities we have feel free to contact us as well as we have teamed up with our gathering company Synergy to drill 20 wells in 2021. They took a interest in the Rodriguez Shallow Field and the leases associated with it to drill and develop the field entirely along with the Charco Redondo. They are our new 15% interest owners and will also be funding the drilling of 10 wells who have also negotiated a great oil price for our heavy crude we will be selling through them to a refinery in Louisiana for 8-10 dollars over WTI posting price. That being said TXEP will also be switching to a more Marketable name to AMCO Company, LLC in the next few weeks so keep a look out for the change on your statements. We will be working on getting into the stock market by end of year as well so keep a look out for that. With the two heavy reserves and over 5million bbl of oil still recoverable we expect to be a major oil player in the shallow oil industry and one of the few still producing heavy crude in Texas if not the entire U.S.
As far as for those who participated in the new drill on the two wells on the Rodriguez we will begin drilling those wells in two weeks if weather cooperates with us. We will drill till we hit two good producing wells and will schedule a time to do a live video chat while we drill those wells with those who participated with us on the drill deal.
If any investor is unhappy and wants out of their interest TXEP will gladly by it back in accordance to what you paid minus what you’ve been paid YTD in oil sales.
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