Blau & Malmfeldt is investigating the potential liability of broker-dealer firms in connection with their sale of promissory notes and partnership interests in several Reef Oil and Gas entities including Reef SWD 2007-A LP (“Reef SWD”), Reef Oil & Gas Income and Development Fund, LP (“Reef Development Fund”), and Reef 2010 Drilling Fund LP (“Reef 2010 Drilling Fund”), among others.
In 2010, Reef SWD filed a petition for bankruptcy protection in the United States District Court for the Northern District of Texas, and in May 2013, the bankruptcy proceeding was concluded. Documents filed with the court indicate that promissory note holders received pennies on the dollar on their claims.
Reef Development Fund’s limited partners have received correspondence indicating that the partnership will be dissolved. The entities’ financial statements indicate that investors will likely receive substantially less than their principal investment.
There were always substantial risks associated with Reef Oil and Gas securities and these products were unsuitable for many investors. If you believe that your broker misled you about the risks of a Reef Oil and Gas investment, or recommended that you concentrate your savings in risky oil and gas investments, please contact Blau & Malmfeldt at 312-443-1600 or email Paul Malmfeldt at firstname.lastname@example.org for a free consultation.