Complaint Review: PNP Petroleum - San Antonio Texas
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- Author Not Confirmed
- PNP Petroleum 21260 Gathering Oaks #106 San Antonio, Texas United States of America
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- Category: Multi Level Marketing
PNP Petroleum Phil Zaccaria Took the money and didn't perform per agreement San Antonio, Texas
*REBUTTAL Owner of company: Many Facts missing from your report
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PNP Petroleum and Phil Zaccaria pitched a group of investors to invest over $1million dollars in a deal where he was to manage a drilling operation for oil in Texas. Five wells were to be drilled in leased land and we were to share in the resulting oil. Two dry holes were drilled. No further drilling was attempted. Phil pointed fingers at others that were supposed to do the drilling.
He showed no interest in completing his obligations and rarely even returned our calls. He provided no help with his investors when tax returns needed to be filed. He provided very little accounting data. I would not invest a dime with this guy. He ripped off a lot of people and has accepted no accountability for his inaction. There is probably a criminal charge in order but so far none. He still advertises on his website, as if this site (Brookshire)is one of his success stories. What a joke.
This report was posted on Ripoff Report on 09/19/2012 02:38 PM and is a permanent record located here: https://www.ripoffreport.com/reports/pnp-petroleum/san-antonio-texas-78258/pnp-petroleum-phil-zaccaria-took-the-money-and-didnt-perform-per-agreement-san-antonio-t-943636. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 REBUTTAL Owner of company
Many Facts missing from your report
AUTHOR: Phil - (United States of America)
SUBMITTED: Friday, March 08, 2013
Original Project was owned by Seahorse and PNP and its partners were going to participate with Seahorse.
The undisputed facts:
The description was a wildcat drilling project in which the plan was to purchase over 3000 acres of leases (many of the acres were inside city limits), perform 3-D sesimic (inside city limits), process and evaluate information and drill wells on the prospects generated. Over a combined $4 MM was spent on the project. Over 3000 acres was leased, 3-D sesimic survey performed, sesimic processed (three times) and evaluated by very qualified geophysists. Two initial wells were drilled on the best prospects generated but came up dry holes. Sesimic was then reprocessed and re-evaluated and one additional well was drilled with another operator and this well was also a dry hole. After trying for 2+years to find additional oil and gas operators to drill additional wells, 90% of the partners decided not to go forward due to the complexity of the field and not wanting to waste anymore money.
The geologists and engineers are still today confused by the dryholes as we all held high hopes for this Project.
A complete audited accounting of the funds, copies of checks, maps of prospects generated has been given to the partners along with many other requested summaries.
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