Oct 24
2007

Ulric Jack Sweesy, aka Jack Taylor, of Richardson, Texas, 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 not, that wells were producing oil and gas when they were not, that investor returns were derived from well production when they were not, and that investor funds were used for costs associated with a well program when they were used for other purposes. Sweesy will be sentenced at a later date.