A company in Dallas, Texas has opened a crowdfunding platform that allows investors to get in on up-and-coming oil wells for as little as $1,000 to $2,000.
“Are you ready to become an Oilman?” Crudefunders asks potential investors who visit the site.
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“We provide an opportunity for the ‘crowd’ (potentially over 300 million people in the USA) to invest directly in oil and gas production wells in amounts as small as $2,000 per investment,” the site states. “We believe Crudefunders will soon be recognized as an industry game-changer, since nearly 90% of our investor database are non-accredited individuals who now can invest in oil for the first time ever.”
The current project listed on the site had raised 63% of its $251,000 goal as of October 27, in increments of $1,000 to $50,000.
“Previously, only a small group of extremely wealthy individuals had the ability to invest in projects like these,” Crudefunders co-founder David Taylor told industry news outlet JWN Energy earlier this month. “Today, anyone can invest in an E&P [exploration and production] project.” And “with oil prices where they are, if the well hits, the opportunity for our investors to make significant return on investment is probable.”
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