Happened to see this article from The New Paper dated 9-Nov-08.
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I’ve received a cheque from Oilpods and recovered every single cent that I’ve invested. Have also received emails from a few investors telling me that they’ve also recovered their capital. Looks like only those who’ve recently invested were able to get the full refund. Really hope all those who have invested earlier too can recover at least their capital. Oilpods has filed a Motion for Appointment of Receiver over PWDR to administer and manage the business affairs, funds, assets and any other properties for the proptection of the investors. From what I understand after reading the appointment letter, the job of the receiver is to ensure all the assets of PWDR and the Fox (Brian Fox) are frozen and accounted for, and properly managed to maximize its value. The receiver is supposed to file a preliminary report of the assets and liabilities to the court within 45 days from 14-Jul. That’s 28-Aug, so watch out for it. I can’t find any where in this document how the receiver is going to return the monies to the investors though. The receiver has filed an initial report to shareholders and working interest investors on 7-Aug. Nothing new in this report, except that the receiver wrote he’ll use every effort to preserve the remaining value of our investment, and the number of investors is between 600 and several thousand individuals. Looks like we won’t be getting our monies back so soon. Last month was a very disturbing month. We received a letter and the “Notice of Foreclosure Sale” documents from Magnus Oil & Gas Corporation addressed to Oilpods. Here’s the content of the letter: “This letter is sent to you as a Non-Operator in the above referenced Operating Agreement. As you are aware, notice has been given of the impending Nonjudicial Foreclosure Sale of the property described in the Operating Agreement scheduled for Jul 1, 2008. Please be advised that Magnus has instructed the undersigned to send you a Corrected Notice of Foreclosure sale to correct certain erroneous statements contained in the original notice. Enclosed is a copy of the Corrected Notice of Foreclosure Sale for the sale of the property subject to the security interest granted in the Operating Agreement. If the amounts owing under the terms of the Operating Agreement are not paid before that time, the security interest will be foreclosed on the time and date and at the place provided in the Corrected Notice of Foreclosure Sale.” After checking with the consultant that served us, we were informed that PWDR owed Magnus some money before they sold their Working Interest to Oilpods. I’m very surprised that Mark Chang, being one of the ex-BOD was not aware of it. Yesterday, we received a letter from Oilpods stating that their PWDR has filed an application for Temporary restraining order, Temporary and Permanent Injunction against Magnus. The foreclosure is hence temporary on hold, pending a hearing on July 10th 2008. Looks like there’s nothing much we can do now but to wait for the result. Meanwhile, if you happened to be an investor of Oilpods, please drop me an email. Perhaps we can all get connected and discuss what other alternatives we may have as a group. Just received a letter from OilPods stating that the application is successful, and the Sales & Purchase Agreement and Assignment of Lease Ownership will be registered at the local county office. Found this blog that found my blog. According to the blog, this person has bought:
… and is consistently receiving payouts since Sep-07. Have signed the Sales and Purchase Agreement with OilPods to purchase 0.018095% of the Working Interest in the Biamante project in Texas for US$10k last Saturday, 5th April 2008. According to the agreement, we will begin to receive US$75 per month of “Pre-Production Payment” starting from Sep-08, till Jan-09. Beginning in Feb-09, we’ll be receiving a fixed “Monthly Capital Recovery Payment” of US$100 and another variable “Quarterly Capital Recovery Payment” from US$132 to US$472 progressively. When the US$10k capital is recovered, we’ll be receiving a monthly cash flow of US$94 till the gas field is no longer economical for production, i.e. approximately another 10 years. In summary: Pre-production: US$75 x 5 = US$375 Here are some earlier forum discussions that clearly shows a lack of understanding of this company:
Found some more discussions in VR-Zone forum. Here’s my observations so far: After googling for several days, this is by far the only site that presents an objective view of OilPods. |
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