I hear a lot of buzz about the Bakken in North Dakota. Does Reef Oil and Gas participate in the Bakken?
Yes. Reef’s strategy when evaluating properties in the Bakken is to buy existing production with upside developmental drilling opportunities. Within the last few years, Reef has taken advantage of several opportunities to make successful acquisitions in the Bakken. Choosing Reef as your partner means choosing a company that has a solid history and deep understanding of one of the most active unconventional plays in the U.S. Reef’s expertise in the Bakken is backed by our current activity, which includes:
- • Interest in approximately 10% of the wells drilled in the Bakken
- • Interest in more than 500,000 acres
- • Interest in more than 500 producing wells
- • Participation in the drilling of more than 180 wells since 2011
- • Interest in more than 600 wells projected to be drilled within the next five years.
We always partner with some of the best operators in the industry. We make sure each program has multiple wells. We buy existing production and we make sure that the program has the potential for upside developmental drilling opportunities.
Yes. Reef Oil and Gas carries an $80,000,000 liability umbrella insurance policy for many of its partnerships to protect the partnership and investors from unforeseen liability.
Reef Oil and Gas stands behind each partnership we develop, which is why we contribute to the cost of each venture and participate as an investor in each program.
As amended on July 21, 2010, an "accredited investor" as defined in Section 501(A) of Regulation D under the Securities Act of 1933, as amended ("The Act") means any natural person whose individual net worth, or joint net worth with that person's spouse, excluding the value of the individual's or couple's primary residence, at the time of his purchase exceeds $1,000,000; or any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those two years and has a reasonable expectation of reaching the same income level in the current year.
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