Securities Commissioner Announces Settlement of Claims Against Oil and Gas Exploration Company

Jun 12

On November 22, 2019, the Texas Securities Commissioner entered an Emergency Cease and Desist Order to stop Texas and Canadian businesses from illegally offering investments in an oil exploration program in Wagoner County, Oklahoma.  Today, the agency announces the settlement of its case against the issuer of the investments, its principal and a sales agent. 

The Agreed Order sets aside and replaces the Emergency Order as it relates to Travco Oil and Gas, LLC, Travis Jordan, its principal, and Tom Darcy, a sales agent.  The Agreed Order orders the parties to cease and desist from acting as unregistered and unexempt securities dealers and agents and incorporates an Undertaking.  The Undertaking recognizes the parties have cooperated in the agency’s investigation of the securities offering and requires Travco Oil and Gas to adopt an internal program to ensure compliance with the Securities Act and Board Rules.   

Travco Oil and Gas also paid a $1,000 fine in connection with the settlement. 

The Emergency Order remains in force and effect against Timeless Protect, LLC, Duane Lee, Sunil Joseph and Paul James, the other parties named in the original action.