☰ Menu
Ohio Utica Shale

Companies go bankrupt, pay $4.5 million federal fine

By Bob Downing Published: August 8, 2012

From the shale drilling blog distributed by Bricker & Eckler law firmin Columbus:

After raising nearly $10 million from investors, a Cuyahoga County group of oil and gas companies collectively known as Preferred Financial Holdings Co. has filed for bankruptcy and agreed to pay $4.5 million to the Securities and Exchange Commission, Crain's Cleveland Business reports.

In the lawsuit, the SEC accused Michael A. Bodanza, the founder and former CFO of the Cuyahoga Heights-based company and its four subsidiaries – Preferred Drilling Co., Preferred Financial Investment Co., Preferred Financial Leasing Co. and Preferred Well Management Co. – of depicting the company’s oil and gas operations “in a positive light” and failing to “disclose to most investors that the company had suffered significant losses from 2007 through 2010,” the article said.

Click  here  to read the full story.




See the most recent drilling report and an injection wells map From
  • Main Blog Promo
  • Browns Blog Promo
  • Indians Blog Promo
  • Beer Blog Promo
  • Fracking Blog Promo
  • High School Blog Promo
  • Zips Blog Promo
  • Akron Dish Food Blog
Prev Next

Utica and Marcellus shale web sites

Ohio Department of Natural Resources' Division of Oil and Gas Resources Management State agency Web site.

ODNR Division of Oil and Gas Resources Management. State drilling permits. List is updated weekly.

ODNR Division of Geological Survey.

Ohio Environmental Protection Agency.

Ohio State University Extension.

Ohio Farm Bureau.

Ohio Oil and Gas Association, a Granville-based group that represents 1,500 Ohio energy-related companies.

Ohio Oil & Gas Energy Education Program.

Energy In Depth, a trade group.

Marcellus and Utica Shale Resource Center by Ohio law firm Bricker & Eckler.

Utica Shale, a compilation of Utica shale activities.

Landman Report Card, a site that looks at companies involved in gas and oil leases.FracFocus, a compilation of chemicals used in fracking individual wells as reported voluntarily by some drillers.

Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

Shale Sheet Fracking, a Youngstown Vindicator blog.

National Geographic's The Great Shale Rush.

The Ohio Environmental Council, a statewide eco-group based in Columbus.

Buckeye Forest Council.

Earthjustice, a national eco-group.

Stop Fracking Ohio.

People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.

Concerned Citizens of Medina County, a grass-roots group.

No Frack Ohio, a Columbus-based grass-roots group.

Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

Penn State Marcellus Center.

Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.

Allegheny Front, environmental public radio for Western Pennsylvania.