The easiest way to see if it’s crap is to see how much they are charging. A recompletion doesn’t typically require a drill rig, just a workover rig to bust through the plugs then complete. So the costs usually are a lot lower than drilling a new well. For a conventional, anything over 65 dollars a foot should be a red flag. Horizontal drilling is different and varies depending on the completion design as well as the cost per acre. A lot of these so-called oil companies make 1 million plus before a well is ever drilled, then when drilling will find any and every reason to plug and abandon it because there isn’t anything to look forward to as far as production for them. From time to time I have partners on projects with me but it is industry style and funds are held in escrow and released as vendor invoices come in. If it isn’t structured that way you could be in for an expensive heartbreak. Oil drilling is as risky as it gets; if you are messing with a bad company you are all but guaranteed to lose every time.
Also let me add, I despise the so-called oil companies that are more brokers than operators. I have no problem looking over the projects for you guys to expose them. If you felt you got ripped off send me a message and I will look at it for you; you may be entitled to sue if there was gross negligence and it was never structured properly to ensure you had the best opportunity. I would love to put these punks out of business who give the rest of us honest guys a bad name.