Legal Question in Business Law in Texas

I invested in some Gas wells about 3 years ago. There were supposed to be 3 wells drilled.

They should of been complete and producing in 08. They never finished the first well and did not drill the other 2. Their weekly reports have turned into every 3 or 4 months. They keep saying they should be back on track soon but nothing ever happens. Do you think I am entitled to get my investment back?


Asked on 8/27/10, 9:04 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say the answer is not likely, and good luck trying. Investments go south all the time. Announced plans that seem like they will happen on schedule go off the board. Unless there was deliberate fraud or misrepresentation, the only good thing is you should have a tax write-off for the investment, if it is worthless. Next time, get good investment advice and try to invest in a business (or franchise) that you will directly or indirectly operate. Passive investments, like the one you made, are fraught with risk. Consult with a good CPA and business attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 9/01/10, 10:23 am


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