Oil and gas crowdfunding platform Crudefunders announced on Friday that the Aquinas TL Smith #25 Well, which was successfully funded last fall, went into production on March 30th. The funding portal now boasts the project as being America’s first Reg CF oil well.
As previously reported, the Aquinas-TL Smith #25 project is for the participation in the drilling, testing, and completion of a single well in Texas. The estimated ROI has been pegged at 29.9% with a payback in under 24 months. In a recent update, Crudefunders revealed:
“The Aquinas-TL Smith #25 project, which is Crudefunders’ first Regulation Crowdfunding (Reg CF) offering, still has a long way to go before we can declare it a total success. But oil is pumping and investors will begin to receive their first returns shortly. If the well produces as expected, and there are no material adverse changes, we believe that we will meet or exceed the objectives that we set forth when the project was funded.”
Crudefunders has been operating in Texas under the state’s intrastate crowdfunding exemption until last fall. Bill Wimberley, Chief Operating Officer of Crudefunders, recently shared with Crowdfund Insider:
“We initially began operating under the Texas Intrastate with a request for proposal to all licensed Texas operators in good standing with the governing body for Oil & Gas in Texas, The Texas Railroad Commission. As a byproduct of this, and of some initial goodwill, we received prospects from all over the world. All of our projects so far have been within Texas but moving forward, we will consider any project that makes good economic sense to our investors. This does preclude us from participating in areas and formations where higher operating costs prohibit a viable offering.”
Wimberley has reportedly been working in the oil and gas industry for about 13 years including clients like Mobil Oil, American Petrofina, Exxon, Atlantic Richfield, ConocoPhillips, Shell Oil and more.
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