Jul 1

Ulric Jack Sweesy, aka Jack Taylor, of Richardson, Texas, was sentenced on July 1, 2008 to 20 years in prison and ordered to pay restitution of $63,095,560.32 to defrauded investors. Sweesy previously pled guilty to mail fraud on October 24, 2007, in the U.S. District Court, Eastern District of Texas, Sherman Division, Cause No. 4:07CR169. Beginning in May 2002 and continuing through July 2005, companies owned, operated, or otherwise controlled by Sweesy sold oil and gas programs under the company names of Quality Petroleum, Inc., Americana Oil & Gas Corp., Ameri-Q Energy, Inc., Quality Oil & Gas Corp., and Prairie Resources, Inc., raising in excess of $65,948,458 from investors. Investors directed funds to the company with the expectation that oil and gas programs would be drilled and completed as proposed in a particular program offering brochure and understood returns received on their investment to be derived from oil and gas production from their program wells. Sweesy misrepresented and caused others to misrepresent that wells had been drilled when they had actually not been drilled, that wells were producing oil and gas when they were not producing oil or gas, that investor returns were derived from well production when they were actually derived from other sources, and that investor funds were used for costs associated with a well program when they were used for other purposes.