Martin Lee @ Sg
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Oilpods Update

Last week, investors with OilPods would have received a letter from the CEO of OilPods, Mr Mark Chang.

Oilpods markets (oil and gas) working interest in the US, with the oil and gas lease operated by Powder River Petroleum International, formerly known as Powder River Basin Gas Corp and traded on the OTC Bulletin Board.

Investors of those working interest receive monthly payouts based on their share of the revenue generated from the sale of the oil and gas produced.

This month, no payout was received.

A check on filings by Powder River to SEC shows that the company is having cash flow difficulties.

OilPods has instructed their legal representatives in the United States to take the necessary actions to protect the interest of investors.

All seems well on the website of Powder River Gas Corporation. They even appointed a new operations manager a few days ago.

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21 comments
Mark says 9 years ago

Hi all,

my uncle was one of those promoters who kept sending me cheques of his commissions and tried roping me. so after i ORD, i went for the 3 days learning seminar at their office in Suntec City.

It was like a 3 days crash course, and personally i didnt believe in that system, because its like too good to be true. i was pretty young back then, and i was working for S.I.A at their engineering division, so i got the name cards and started talking to my colleagues about this new investment. i couldnt bring myself to sell it out because, it was pretty flawed. breakeven could take a year, and its not guaranteed. i know a couple of pretty cash rich colleagues but i sold none. bad salesman eh?

so i decided to leave that thing behind, and proceeded on with my undergraduate studies in australia. I recently heard that my uncle has been sort of like conned, and trust me he lost ten over thousands, but not only him, my late grandfather, and a few of my relatives and those unsuspected friends of his had their money gone down the drain.

i remembered it was selling like 5000SGD a unit, and you have to buy a minimum of 2 units at during my time (2007).

I was glad i didnt sell any of units of oilpods, because i didnt believe the system in the first place and i could have lost a couple of good friends because of this.

i hope these people are able to get back their money, and please do like what others said, trust the system and know what exactly you’re investing.

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INVEST Fair 2009 Review says 10 years ago

[…] seen the recent “explosion” of some alternative investment providers like UAG and Oilpods, I am more cautious of such investments now. Yes, there might be some gems out there but I am going […]

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Jonah says 10 years ago

Hi LionInvestor,

To my research and understanding only Canadian Registered Companies that have proven Track records:

1……….www.redevasia.com
2……….www.waltoninternational.com
3……….www.sdintlgroup.com

UK landbanks are all selling GREENBELT and no Track Record that I know……….any feedback ?
What is EX -Oilpods doing in Vietnam Properties?
heard about OilEstates also under Landwealth Centre?…..what has Oil got to do with Landbank?……maybe some synergy as oil can found under Land perhaps? ……but both should be separate issues so as not to confuse the confused….Stay FOCUS.

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Tonto says 10 years ago

Found this interesting extracts of blogger @

http://richardcrenianblogs.blogspot.com/2009/04/new-asian-thinking-by-richard-crenian.html

“The New Asian Thinking?” by Richard Crenian
Richard Crenian Blogs
April 2-09
“The New Asian Thinking”
“- Tree farming the buzz this quarter.
-Former “oil pods” manager (it collapsed as was a ponzi scheme) is now selling Vietnam property that appears to be cheap to S.E. Asians who seem to forget it is still communist there.
– Salespeople helping “friends” sell houses located in another country
I attended the SMART property expo today; of course Land Banking companies selling, but mostly resort property around Asia, also now Cayman Island land banking. And several motivational speakers, self help etc and several running around selling weight loss programs.”
It is amazing for me to see, when the S.E. Asians, one of the smartest and most intellectual people in the world, with such a keen sense of business acumen, can fall prey to greedy and unscrupulous promoters and hucksters. Their aggressive thinking and “the chase for big returns” may skew their thinking.
Yet, Asian Government Pensions Plans invest with a long view in mind.
Howard my Canadian partner lives right. He says to enjoy the investment he plays by these rules…….1. Does it provide cash flow? 2. Is it safe and stable? And 3. Is it operated by knowledgeable people? If the answer is yes he does it.
In his younger days did he go for riskier deals? Yes! Has he been burned?

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lioninvestor says 11 years ago

Hi alamaaaa,

Thanks for the insight. Yes, it would be good if MAS has more regulations in place for such “unregulated” products.

Hi Dorai,

I think until the court investigates and find out more details, we should refrain from passing any judgement about which company is really at fault.

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Dorai says 11 years ago

Hi alamaaaa,

when I attended the Oilpods seminar 2 yrs. ago my friends said jokingly better invest in Shitpods……now I know the meaning!
will MAS , CAD probe further?…if Oilpods is a Singapore Registered company or any comments?

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alamaaaa says 11 years ago

Hi Lion Investor

thanks for the research –

the problem in most alternative investment product issuers is that due diligence is really really weak or non existant. If cash flow problems started after they stopped selling interests we are not talking of the same cash flows: I look at operating cash flows.

Coming from a PE background and being in oil&gas when i saw what OilPods were trying to do, I clearly asked all management agreements … and 3D seismic reports .. much to my chagrin nothing was provided. Investors have a right to ask such information and be properly advised on that and those advising should be liable. These are marketing material which should have been provided by OilPods.

The promoters of OilPods had no background in oil & gas, even less in structuring financial products – but in times when financial institutions rode on the momentum and actually had little clue on fundamentals ( bankers who talk about P/E ratios should be lined up and hung in public for being frauds) it was frightening that industry professionals (not fin advisers or bankers) are not properly consulted – they are an upfront cost but at the end of the day these costs can save … well millions.

Clearly the MAS needs to look into this –
sad fact is the same sales guys will be scott free and just change their hat and be selling other products…

alamaaaa

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Dorai says 11 years ago

Hi lioninvestor,

Good Show!
Fantastic Educational piece of information !

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Gretchen Schira says 11 years ago

Be sure to read Brian Fox’s affidavit where he gives an account of what has happened from his point of view. Mark Chang is just as guilty in the “ponzi scheme” and in fact is its creator.

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Dorai says 11 years ago

Tim,

So Oilpods & Oilestates = 0ilbubbles??? ……….Laurence is right in that sense about Twice Bitten, can Die.
Dumb Oil and go for Alternative Energy is the best investment to my thinking.

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Tim says 11 years ago

Investors beware the money from Land International Far East which has now been closed down by the UK FSA has been moved from http://www.oilestates.com into http://www.landwealthcentre.com which is selling the same land as Land International far east through a different company.

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lioninvestor says 11 years ago

Hi Dorai,

I just posted the latest update on this saga:

http://www.martinlee.sg/oilpods-receiver-updates/

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Laurence says 11 years ago

Hi Russel,

Thanks for sharing!
Investors beware “CAVEAT EMPTOR” applies!!!

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Toni says 11 years ago

Hi lioninvestor,

Your point of view is great!and relevant
yes! better invest with SPC then Oilpods….I believe some investors are still waiting their for their so called dividents…..and to make matters worst OIL PRICE seem to decline so what do we have ……………..CRACK-POTS!!!

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Jack Russell says 11 years ago

If oil prices have been rising sky high for the past months, why isn’t investors making money from oilpod? Or why power river not making money from the wells they are digging?!!

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dorai says 11 years ago

Hi,

What is the latest on Oilpods?

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Laurence Ng says 11 years ago

Hi lioninvestor,

2 Basic Things that I know about oil investment of such nature as follows:

No.1……Oil Well/s is a depreciating asset.
No.2……Tax Royalty increases with production increases!
More Research needs to be done as there are many hidden factors to consider!

So 2 Fear factors at the back of my mind!!!

Twice Bitten…..Can Die!!!

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lioninvestor says 11 years ago

Hi Laurence,

Oilpods has actually been around for quite a number of years. On the other hand, oil estates is pretty new to the scene.

Personally, if I’m bullish on oil, I would invest in oil-related equities or crude directly.

Once bitten, twice shy. 🙂

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Laurence Ng says 11 years ago

singainvestor

Could anyone enlighten me on another Oilpods type investment
called Oilestates or so?…..
No idea of what all these so called OILY business about when oil seems reaching for the sky???

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lioninvestor says 11 years ago

Hi alamaaaa,

The position of OilPods is that they are only the marketing partners of PWDR for their gas and oil working interests.

It might not be economically or operationally feasible for OilPods to take on the role of managing the operators since they are not based in that region.

It appears that the cashflow problems of PWDR only started after they stopped selling their working interests.

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alamaaaa says 11 years ago

hhmmmm
rather PDWR could not pay the operators of oil wells and if they pledged the oil wells to the operators in the operating agreements then investors here in sgp are ……….s****** … oil pods would have been better off making all agreements between all parties available …

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