x
Breaking News
More () »

Man found guilty after investors, workers lose $3M in oil and gas scam

The man created a fake Master Land Services Agreement and enticed investors.
Credit: Pixabay

MIDLAND, Texas — A man was found guilty by a Midland jury on October 24 for scamming investors and workers through fake documents.

Gary Dean Campbell, 49, has been convicted of forgery of a contract as well as two counts of securing the execution of a document by deception.

Campbell created a fake Master Land Services Agreement in late 2015/early 2016. He then used the document to entice investors in a mineral right lease acquisition and drilling project.

The proposed project would have involved Midland, Martin, Ector, Howard, Glasscock, Upton and Pecos Counties.

Based on the agreement as well as Campbell's statements, an investor lent Campbell and his venture $100,000. Over 150 landmen were then contracted for research and acquisition services on the project.

However, there was never a client for the venture and no funds were available to pay the investor or landmen. The total lost through the scam amounted to over $3 million.

Campbell was found guilty in the 385th District Court, presided over by Judge Robin Darr. The jury sentenced him to 10 years for each of the securing the execution of a document by deception charges, two years on the forgery of a contract charge and a $10,000 fine for each of the charges.

The district attorney's office says Campbell faces an additional charge of theft related to this oil/gas venture scheme. 

RELATED: Gov. Greg Abbott thanks oil, gas industry leaders at Texas Oil & Gas Association Lonestar Energy Forum

RELATED: Iran says oil tanker struck by missiles off Saudi Arabia

Before You Leave, Check This Out