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Gulf Coast Western Complaints & Reviews - Total fraud and scam

Gulf Coast Western Contacts & Informations

Gulf Coast Western

Posted: 2011-02-27 by    jbbbj

Total fraud and scam

Complaint Rating:  41 % with 17 votes
Contact information:
Gulf Coast Western
United States
Gulf Coast Western is committed to stringent environmental standards through the use of advanced drilling techniques, tools and procedures to efficiently and safely develop our oil and natural gas resources. This commitment has been an emphasis of the company since its establishment in 1970, and we are justifiably proud of our record in public safety and environmental quality.
Gulf Coast Western relies on contractors and operators that are equally invested in innovative drilling programs and initiatives that use advanced technologies and equipment that work together to produce fewer emissions, create a minimal impact on the environment and lead to enhanced conservation of valuable energy resources. In addition, Gulf Coast Western ensures that their contractors provide frequent training and education to assure that the safest and most advanced environmentally-sensitive techniques in exploration, production, waste management, transportation and storage are strictly followed.
The company focuses its operations in the Gulf Coast region of the United States as well as the Texas Permian Basin, under the direction of President and CEO Matthew Fleeger. Named to this leadership position in 2007, Mr. Fleeger is highly experienced in multiple areas of oil and gas operations and has been recognized as one of the top executives in the United States. He has personally placed environmental safeguards as one of the top mandates on his management agenda, to complement the efficient and profitable operations of Gulf Coast Western.
Comments United States Business & Finances
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 6th of Feb, 2012 by   Bill81 0 Votes
I entered into a partnership program with Gulf Coast Western in June 2011, this partnership include two wells, the first turned out to be a dry hole despite the geological studies indicating it had high potential. But my real complaint is when entering into the program, the expectation the company set was that cash would begin flowing back to me in third quarter last year, worst case, fourth quarter last year. As of this date, 2/5/2012, they have not even started drilling the second well, and won't for weeks to come, having heard that before, I am sceptical. I do not view GCW as a fraud at this time, I just view them providing optimistic projections, and dates which they have failed to meet. They need to clean up their act. Depending upon the outcome of the second well, I may change my mind, and consider them both dishonest, and a fraud.
 17th of Aug, 2012 by   Bill81 +1 Votes
An Update:

The second one is producing Oil but at a very slow rate. The original literature suggested a flow rate at max ~9 x what the flow rate is actually running in Barrels of Oil per day. I felt it would be a good investment at the midpoint of their literature on the second well. In August, we are barely at 12 % of the top of their projection. I do not believe there is any case for fraud, but their estimates are not to be trusted, and their timing is not to be trusted. It took about a year before the second well started to produce. At this rate, it will take 9 years to get my original investment back and another 9 years to double my money, a total of 18 years IF the well keeps producing. I could do much better in other invetments. Knowing what I know now, I would not participate ever again with Gulf Coast Western, nor can I recommend them. They always have a story, but the results at this time are just not acceptable to me.

Bill
 25th of Jun, 2013 by   dialdave 0 Votes
what is the name of the project that they have not oil or has not been drilled? are you making money with Gulf Coast Western?

Dave
 2nd of Aug, 2013 by   Francocst 0 Votes
I agree with Bil. Their projections are overly optimistic and once they get an oil producing well they always seem to have problems and the production diminishes. I do have an oil producing well with them but at the rate it is producing I will never get my investment back. I will never invest with them again.
 21st of Mar, 2014 by   d. michael +1 Votes
Avoid investing with Gulf Coast Western. They are nice until they get your money and provide poor communication after they have what they want.
 24th of Apr, 2014 by   benny63 0 Votes
Worst investment decision I have made...ever! I invested in 3 projects, been involved over 2 years or so and one of them, in spite of being "completed" right away, is yet to produce a dime. Always something "pending". On one of the others, it involved several "producing" wells, two of which we plugged and abandoned shortly after the money was exchanged. The other two new wells that were part of the deal have been a total flop. I will never even recover my investment on that project. The 3rd one, again it was "completed" right away but measly production started almost a year later at a fraction of the rate advertised and after 2-3 months, it ran into dwindling production rates and is not shut in for some reason ... like stated above, I don't use the word scam lightly but it certainly has to be considered in the context of this investment. I take personal blame for not doing adequate diligence but at some point someone is going to not take the sitting down. There out on all of this is the statement "drilling investments involve significant risk". Their performance goes beyond this and some.
 17th of Jun, 2014 by   benny63 0 Votes
I think this company needs to be investigated. Something doesn't smell good here.
 26th of Jul, 2014 by   Thinkin 0 Votes
Thank you for your posts. They just sent me one of there investment proposals. ... I immediately felt it to be way too optimistic ! ... After further research can not find a single well of theirs with any real consistent production that pays to invest in ! I think there proposals have trouble when they use another companies wells that are producing to project there wells future production that are very far apart ... clue theirs generally a reason they don't at this point have anything they can point to in there well proposals that is theirs, that is producing at there projections or even close !... This is a giant red flag folks! ... After two years sitting back, and them throwing proposals at me, I would say this is a definite scam !!! It meets the definition well ! No pun intended . They will never see my money ! You who have lost your money should file a complaint with the Attorney general of your state and the State of Texas . You need to file complaint with FBI as well ! Good luck getting these guy put in prison ! Look forward to seeing the story on CNBC crimes of crooks, scams, and criminals !


Fred
 28th of Jul, 2014 by   benny63 0 Votes
I don't know all I probably should know about the business and personally am responsible for a lack of DD. But, I must say, I am much smarter than I was a couple of years ago. With that said, I have several investments with these guys. The process seems to be as follows. The project will be finished though the completion phase, which insures the maximum investment. Once it is completed, there seems to be one thing or another to get it into "production". You might realize a few bucks for awhile but at a level much lower than advertised. After a couple of months, "issues" start showing up that have to be addressed and typically require more investment or just walk away from what you have in the project. This process may drag out for months, or maybe even over a year. This gradually becomes the MO. You finally realize you have gotten so much invested in a non-producing or very marginally producing well that you are trapped. At some point, you realize that you will never "make" any money and probably will not even get your original investment back but unless you want to walk away from all you have invested, you have to keep playing the game. What a gig! Invest with caution here and make sure you have plenty of $$ in reserve to stay in the game.
 30th of Jul, 2014 by   B.A. Day +1 Votes
As I am reading through the above comments I to have invested well into six digits with GCW. Shame on me! I do agree, there is always a smoking mirror with every project I'm involved in. Jack Nelson was our first "salesman". Barabay project was completed and we were told we had a nice producing well to build your confidence to reinvest with other projects. With a check coming every three months or so for maybe $80 or a statement saying we "owe". The math doesn't add up, does it!?? So I've got three words of advice...one is do your homework on GCW. Two is if you do invest do one project at a time and see it through. It doesn't hurt quite so much if you lose. Three, for those who are all ready invested don't give GCW let's pool our money and work towards putting an end to these crooks! We've had lawyers look at their wording and they are well protected as all good scam artist should be!
 31st of Jul, 2014 by   benny63 0 Votes
Just my opinion here but from listening in on various conference calls, it seems GCW preys on the first time investors, those with little experience, or those that are widows or widowers that have a little money for speculation. I once asked if I could have contact information for the other investors in a particular project and, instead of getting a logical yes or no, i got a very hostile response like "why do you want that?" I explained that i just wanted to improve my exposure to such investment by interacting with other investors. to say the least I did not get the list and was told that this information was confidential, in spite of the fact that investors give their names during the verbal vote tally during the CC. In fact, I suspect that if there were some verbal continuity between the various investors on a particular, and apparently typical project, the likelihood of a class action suit would be much more likely. From reading the various posts about other GCW projects, it seems eerily like the MO is the same on all, or most...get the investor hooked, then milk them with minimal encouraging information or positive prognosis.

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