William Everett Durkee of Dallas, Texas, was indicted on October 2, 2007, in the 380th Judicial District Court of Collin County, Texas, Cause No. 366-82428-07 for securities fraud, with the amount involved over $100,000. As the controlling principal of Aransas Oil Company, Inc., Mineral Leases of the Southwest, Inc., and Mineral Leases, Inc., Durkee, directly and through agents, allegedly raised over $1.7 million from investors throughout the United States. Durkee allegedly failed to disclose to investors a prior felony conviction for mail fraud from December 1998 and two Emergency Cease and Desist Orders issued by the Texas Securities Commissioner from January 2004 and May 2005. The indictment also alleges that Durkee intentionally failed to disclose that he had oversold working interests in one of the lease projects and that he had used previous investors' money for purposes other than those for which they were invested.