Thread by @EnergyCredit1

Life is like an onion. You peel it off one layer at a time, and sometimes you weep.

I just peeled an onion and don't know whether to laugh or cry

Long thread warning

$MMTLP

@nbhydrocarbons
@jpdewoody
@CliftonDuBoseJr
@TexasBullMoose

1/

I laid out recently how 2 producing wells by all appearance were stolen from Torchlight by Greg McCabe and Clifton Dubose in '20

Looks like $5-7 million of oil revenue based on Texas RRC data

Thread is here:


@SEC_Enforcement
@SECEnfDirector
@FBI

2/

https://x.com/EnergyCredit1/status/1781132524833431941

Not only does it appear to be corporate theft, but they were undisclosed related party transactions, 10(b) SEC violations

The deal was done with Masterson Hazel Partners

Who owns MHP?

Dubose and MHM LLC

3/

Who owns Masterson Hazel Management LLC?

Dubose, McCabe, Korban Resources

Guessing misspelling of Petroleum was intentional

None of the related party transactions were disclosed

4/

Who owns Korban Resources LLC?

Clifton Dubose

Of course you should disclose when you do deals with yourself, there is obvious reason its a SEC violation

Clifton has 75 LLCs

5/

One is Imperial Royalty Management I, LLC fka Arabella Royalty Management I, LLC

Arabella was a fraud run by Jason Hoisager



The Orogrande was fraudulently conveyed from Arabella to McCabe

6/ casetext.com/case/weiss-v-a…

Hoisager fraudulently conveyed mostly everything including cash before letting Arabella go bankrupt

So what do you do if associated with a fraud?

Change your LLC name

Then I looked to see if Korban Resources LLC had a similar GP/LP structure as MHP

And see this

7/

Who owns Korban Management LLC?

At first I was like who TF is this Valor Ignite dude and what a kick ass name

Then it clicked

Valor = Valor Minerals @valorminerals

8/

"Valor is the leader in mineral management, oil and gas accounting and oil and gas consulting. The company was built by multi-generational mineral owners and experienced mineral managers to bring peace of mind to mineral and royalty owners."

9/

Valor was founded by Clifton Dubose, Joseph DeWoody and Kevin Robnett

Who gave them early props? Greg McCabe

10/

McCabe is effusive with praise including on the company website

11/

Valor, a minerals management company has a subsidiary, Valor Ignite

12/

Valor Ignite describes itself as a Business Processing Outsourcing Services

13/

Lets check out what Valor Ignite is up to

My favorites on this list is DeWoody Empire LP and Wildcatters Nuclear LLC

Flea markets, real estate, shotgun shells, peanut butter, mexican restaurants, whiskey, etc

14/

All of this stuff appears to be owned by DeWoody and Dubose

And nearly all of it was formed in 2022

15/

There have been some efforts to scrub their names off this stuff

16/

Valor Ignite is a subsidiary of the "oil & gas mineral management company"

17/

Dubose, DeWeoody and others started working for Torchlight / Next Bridge in 2021

We know that because they formed a company and the company told us

18/

The 2021 salary represented 3 months +/-

2022 salaries were bumped to $400k for each

For a part-time gig, run out of Valor's office, where they were 'managing oil & gas minerals' and busily setting up companies for themselves

19/

It was just announced the fellas were opening Mexican restaurants in Brownwood and Midland

The place in Brownwood is in the Texas Fun Building, owned by Dubose per story, purchased in 2022

20/

brownwoodnews.com/2024/04/24/pro…

When they said redefining minerals management who knew mud logs meant burritos

21/

Wildcatter Networks, owned by McCabe is investor, DeWoody is CEO in the peanut butter company

While being CEO of Valor and CFO of Next Bridge and opening Mexican restaurants, Whisky distilleries, etc

22/

Gotta be fun to press release a transaction from your buddy McCabe to hype things up

23/

Valor has some fun businesses like Masterson Helium Partners, LLC

Which I'm guessing like the other Masterson entity has McCabe and Dubose involved

24/

The Moncrief family is involved in Valor's minerals management and Dubose/DeWoody/McCabe personal gain venture

25/

One has to wonder if the Moncriefs and other investors are aware Dubose and DeWoody are collecting a number of things in their names from within Valor

26/

I can't see publicly that Korban Management LLC is tied to the Masterson Hazel Partners corporate theft like Korban Resources is, but it raises questions for sure

27/

These guys were being paid an insane amount of money to manage a ShitCo, salaries in line with those of mgmt teams from much larger, established companies

In 2022, they appear to have spent most of their time setting up businesses with newfound wealth

28/

You have a fiduciary obligation as a management team to work on behalf of your shareholders

Was that done here? Hard to imagine how they could juggle all this

29/

In 2020, University Lands asked TRCH about a specific well, the Cactus A-35 #1

They told them they never produced, not even a barrel of oil, wasn't drilled horizontally

30/

What did they say publicly? Big success, drilled a lateral, 33 BOE/d

It was the basis for their 3.7 billion BOE claim



31/accesswire.com/572411/torchli…

This has been a long running pump and dump scheme

Everyone involved has been fleecing shareholders and extracting money for themselves

False/misleading statements, material omissions, fraudulent financial and reserve accounting

32/

Virtually everything the company ever said for over a decade has been a lie

Only people that got rich were those involved, retail left holding the bag and @SEC_Enforcement had a major failure here

33/

@SEC_Enforcement When you see people involved in a fraud setting up a shit ton of businesses and seemingly moving money it raises a lot of questions

But hey what do I know, every "oil & gas mineral management company" is buying up mexican restaurants, peanut butter businesses, etc, right?

end/

Addendum

Shout out to open corporates and corporate wiki where anyone can do this research


corporationwiki.com
opencorporates.com