Have you suffered losses in the Reef Oil and Gas Income and Development Fund III? If so, The White Law Group may be able to help you recover those losses through a FINRA arbitration claim against the broker-dealer that recommended that you purchase the investment.
It appears that the Reef Oil and Gas Income and Development Fund III is comprised of assets in two projects, the Slaughter Dean water flood project in West Texas and the Azalea Properties, which are interests in approximately 1,000 wells that are primarily natural gas producing wells.
Investors in the Reef Oil and Gas Income and Development Fund III were recently notified that the Slaughter Dean project has greatly underperformed and has not met expectations.
Investors were further advised that it has become apparent the water flooding that was done on that project has not yet worked as designed, and that if the results do not improve the fund may have to liquidate the wells and leases on the project.
Obviously this is not good news for Reef Oil and Gas Income and Development Fund III investors.
The White Law Group continues to investigate potential FINRA arbitration claims involving Reef Oil and Gas Investments. Financial advisors and broker-dealers have a duty to their clients to perform the necessary due diligence on an investment before offering it for sale to their clients and to ensure that any investment recommendation that is made is suitable in light of the client’s age, investment experience, net worth, and investment objectives.
Given what is now known about Reef Oil and Gas Income and Development Fund III, it appears that the brokerage firms that sold this product failed to assess the risk of this investment and in many cases sold these investments to investors unsuitably.
If you invested in the Reef Oil and Gas Income and Development Fund III and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.