Unregistered Agent Agrees to Cooperate in Investigation of Oil Investment

Aug 12

Jeremy “JB” Yowell, an unregistered investment promoter for Fort Worth-based Woodland Resources LLC, is cooperating with the Enforcement Division of the State Securities Board in its investigation of the company and its director of operations, longtime oilman Michael E. Patman.

Yowell’s cooperation was part of an Order entered Aug. 9 by Texas Securities Commissioner Travis J. Iles. The order sets aside a July 10 Emergency Cease and Desist Order – only as it pertains to Yowell – against Woodland, Patman, and another company principal, Brett Kroh.

From March through June, Yowell promoted an investment offering by Woodland Resources, which was soliciting Texas residents for working interests in oil wells in Seminole County, Okla.

Yowell has never been registered with the Securities Commissioner as a dealer or agent.

According to the emergency order, Patman is violating the Securities Act by promoting investments in the Oklahoma project without disclosing that he helmed two companies that went into bankruptcy and that he owed more than $13 million to investors who successfully sued him for fraud.

The emergency order was entered to stop the ongoing fundraising efforts of Patman, Yowell, and another principal in Woodlands Resources, Brett Kroh.

Yowell was previously sanctioned by a securities regulator.

In 2016 the State of Michigan filed a Cease and Desist Order against Yowell for acting as an unregistered agent for contracting with an energy company to sell investments for a commission of up to 20% of the value of the securities sold.