|By PR Newswire||
|August 19, 2014 03:00 PM EDT||
DALLAS, Aug. 19, 2014 /PRNewswire/ -- Jack Nichols, President of Progressive Equities, LLC announced completion of the funding of a new oil and energy partnership on behalf of Redhawk Resources-Fund I. Progressive Equities LLC, Redhawk Resources LLC and Culbreath Oil and Gas Company are the companies creating the partnership. The $33,000,000 oil and gas offering consists of two primary assets; an approximate 22,000 acre 20 well drilling and leasing aggregation in NW Kansas and a 1,200 plus acre production property in Okfuskee County Oklahoma.
Setting what is believed to be a new funding benchmark, the subscription process for the $33,000,000 fund was completed in a mere 17 days. Unfortunately, a significant number of investors were unable to participate because of high volume and the very fast sell-out. The companies attribute the success greatly to razor-sharp retail pricing of a lower-risk energy project, a beneficial balance of properties along with ownership of a hard asset in light of what has been perceived to be a difficult and choppy stock market.
The project will be managed by Redhawk Resources Management, LP. The partnership members are Jack Nichols, President of Progressive Equities, LLC, Jarrod Rogers, President of Redhawk Resources, LLC, and Charles and Chance Culbreath, principals of Culbreath Oil and Gas Company. Culbreath Oil and Gas Company, a substantial force in the Kansas and Oklahoma oil and gas arena, is the Operating partner.
The offering is another of the 506(c) platform models that has been developed by Progressive Equities, LLC. This business model is specifically designed to integrate successful oil and gas companies and their projects with active, qualified, accredited investors. Earlier in the year, Progressive Equities, LLC facilitated a $45,000,000 lease acquisition and drilling partnership using a similar platform. This is the second venture Progressive Equities has sponsored under the new 506(c) rules for direct participation in private placements. Jack Nichols, President of Progressive Equities, LLC acted as the Consultant to the Managing Partner on the $45,000,000 project.
The response to these offerings has been unprecedented. The business structure of the partnerships has been highly complimented by participants as one of the most 'client favorable' offerings they have seen. That combined with a conservative approach to asset selection and the direct solicitation feature of the 506(c) platform puts this type of investment in front of active investors who had formerly been limited to energy stock investments. Although the offerings are not without risk, which are prominently identified, the participants are allowed to get direct tax advantaged deductions along with potentially attractive returns.
Progressive Equities employs a strict set of qualifying standards for each energy property under consideration. Those which do not meet the standards are displaced by others meeting the criteria. The company is looking at other combinations of oil and energy properties that will fit this new and unique platform. Progressive Equities is aggressively reviewing other properties to use in their business model. The primary market seems to be wanting to see more of this unique style offering. "A new project is to be announced very soon", states Jack Nichols of Progressive Equities.
SOURCE Progressive Equities, LLC
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