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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Big Dog who started this subject8/8/2004 5:34:13 PM
From: Ed Ajootian  Read Replies (2) of 206305
 
This has been an amazing year for me in the equities markets so far, but one consequence is that I have generated a very significant tax liability as a result of generating short-term gains. For most investments I make the buy with the goal of holding the stock for more than a year, but as we have all seen these E&P's can be so volatile that it compels you to sell before the year is out in many cases.

So I would like to explore the idea of making some direct investments in oil & gas wells, and would be interested in getting any info about this and in particular, recommendations of trustworthy operators. Also, I am interested in forming a loose "team" of folks that are petroleum engineers (and/or other folks in the business of oil & gas consulting) that would potentially be available to review deals that are presented to me, for a fee.

I am looking to invest in wells that will be drilled by 3/31/05 so I get the write-off this year. The write-offs from deducting the intangible drilling costs would offset my STCG's, thus generating a tax benefit at about a 40% combined fed & state tax rate for me. Looking mostly for development wells, and will pay the industry-standard promote (a third for a quarter through casing point, then heads up). The most I would put into any one well would probably be no more than $25K.

I would also welcome contact from anyone who might be interested in joining me on any of these investments. Your cost would be agreeing to fund half of the fees charged by the PE I get to review the investment.

If anyone would like to contact me regarding any of the above please email me at edajootian@yahoo.com.
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