Invested in a lease program and then a well based on the information provided by Chestnut. First well is producing minimal results with the promise that improvements are forth coming to up the yield. The second well has produced nothing and Chestnut is blaming the drilling outfit. Again promises are being made that the well will be fixed.
In both cases no timetable as to when there's issues will be fixed and both emails and phone calls to gather such information go unanswered. Learned last week that Chestnut it soliciting funds for another play outside the lease program.
Anyone who gets a call about the new opportunity should question the geology and the companies drilling the wells. It probably is not a fraud but Chestnut is currently 0 for 2 on the last wells they have dug and might not know exactly what they are doing.
If you have heard from Chestnut or have invested in a Chestnut program, please call me ASAP at 646 223 6310. I'm a reporter writing about oil and gas deals. Thank you!