Julie 1-14 Well
One of Gates’ income producing assets is the Julie 1-14 Well. Gates purports to own working interest in this well. The Receiver is currently in the process of determining actual ownership of the Julie Well. Investors in the Julie Well will, after title work is completed and division orders are executed, and all liens and lienable claims against the well resolved, receive their monthly proportionate share of revenue from the well. The Receiver has control of approximately $60,000.00 in suspended production revenue. The Receiver has transferred operations from Jasmine and Gates to Magnum Energy, Inc. Magnum will disburse suspended revenues, net operating expenses within 30 to 60 days to Julie 1-14 investors.
All future revenue checks and joint-interest-billings will come from Magnum. Magnum is a more than capable and reputable operator of dozens of wells in the area. No production revenue from the Julie Well will be commingled with any other funds in the Receivership. The Receiver plans to utilize revenue attributable to Gates’ interest in the Julie Well to satisfy creditor claims against Gates.
The Julie 1-14 well produces approximately 5 barrels of oil per day, and about 10 Mcf of gas per day. To date, investors have received a return of about 50% of their investment. While it will take several years, production revenue should be sufficient from the Julie 1-14 to pay out.
PLEASE TAKE NOTICE THAT IF YOU BELIEVE YOU HAVE A RIGHT TO A WORKING INTEREST IN THE JULIE 1-14 WELL, YOU MUST SUBMIT DOCUMENTATION OF THE SAME TO THE RECEIVER’S ATTORNEY NO LATER THAN AUGUST 5, 2014.