Cannon Operating

Cannon Operating is lazy and irresponsible

I am an investor and always keep looking for better opportunities. When I saw the website of Cannon Operating, I was excited to see the projects they offer to invest into. However, I never knew that they are so difficult to deal with.

I contacted them and someone from their office was connected to me for discussing the projects. He provided me brief information on the options available to me for investing in. So, I provided him few checklist and asked him to email me the detailed information related to the choices. He said he would be doing that in an hour’s time.

However, I did not receive any email in the entire day. The next day went by and still no email. I also left hope and decided not to work with the team which is not responsible enough to reply on time. After a week, I received an email with details of the investment options I never opted for.

I went crazy and called the direct number from the signature. He was the same guy. I asked him why he had sent me information that was not of any interest to me. He did not even seem concerned and said that he would send the information right away.

I told him that if he delays the email like he did the last time, I would not talk any further. This time, I received the email right after he disconnected the call. Although the project was interesting, I wanted to clear few points before proceeding and replied to the email with some questions.

I waited for a day and the email was never received. Till this date, I have not received any information and it has been more than a week. I believe that this company does not care about its investors. They have enough, and they do not need any more investments.

I have worked with companies and have seen the worst cases. People entertain you and once the payment is made or the work is completed, they may not give you the importance that they used to. But, in this case, it was way beyond imagination. A company, not answering new clients is very unlikely.

Are they even serious about their work or are they just trying to bring themselves in notice by putting imaginary projects. That’s the only reason I can think of for not providing the right details and then ignoring my email.

If they had the answers, why they kept it limited to themselves. I have no words to describe their arrogance which I felt in the way they did not bother about informing me about the projects and kept me waiting and waiting.

I have dealt with so many other companies that may not have lucrative deals but win their investors with their attitude to serve. This was not the case with this company. I am never ever going to contact them for any investments in future, even if they offer the best investment terms.

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2 reviews on Cannon Operating

  1. Not good at what they do at best - dishonest at worst

    I was contacted by Cannon Operating in the fall of 2016. Mike Bowen was the salesperson that I dealt with. Mike was very helpful in explaining the project. He was very thorough and used a bunch of jargon that sounded great, but that quite honestly – was over my head. Not knowing Cannon Operating I felt I was doing my due diligence by requesting to speak with past investors. I was given the phone number of two previous investors. They both seemed to be complimentary of Cannon Operating. Maybe to the point of excess. I once heard someone say that even bad men can get a couple people to say nice things about them. So I cant say if these were good contacts or not, I dont know.

    I was told by Mike that all of the fieldwork and surveys had already been done on the two wells from previous projects in that same exact area that I would be investing in up in Oklahoma. I was told that there had been so many wells in that area from other projects, that this was an extremely safe and predictable project. Mike, I think by law, had to give the obligatory disclosure of “but there is always risk”, which he did. However, the disclosure was more like “well, there are never 100% guarantees in oil drilling…….but if there was anything like a sure bet – this project is it.”

    I asked about when the project would be completed and if there was oil, when could I safely expect a revenue check to be dispersed. I was told point blank by Mike, that everything was already prepped and that it would be no later than February of 2017.

    I understood that oil drilling had inherent risk. But Mike kept telling me that this was not “wildcatting”. He kept telling me that this was not exploratory drilling. It was very different from deep water drilling or other long shot drilling. He said that this well would be very shallow, and there was so much good information already on this area from geologic surveys etc. that this was as safe an investment as oil drilling has. You get it. I very much wish Mike would have just been honest – it was a risk. He didnt know anymore than anyone else if oil was going to be in these two wells. If you are going to rely on oil experts to tell you the relative risks of certain wells over another, then at the very least I would suggest you find better “oil experts”. They predicted this was as safe as a project as there was out there – spoiler alert* – there wasnt a drop of oil in either of the two wells. But that is not even the part I want people to be aware of. Because like I said before – oil drilling by its very nature is risky. That part is known and is acceptable. But Cannon Operating has a more fundamental flaw in my opinion. They were shady with their communications the entire time.

    I have already shared that Mike Bowen assured me that I could expect a check in the mail by February of 2017. Well, February 2017 came and went. I started sending emails asking for updates. I would not hear back for days and sometimes weeks. It was puzzling because before I sent my money off, Mike had exceptional follow up. The second I had a question about investing in the project I would get a response. But once the check was sent off – it was sparse communication.

    At any rate, it was now April and even May and still there was no oil check. When I would ask why it was delayed already by 3 months, the only response I would ever get was “it’s been rainy”. Really? Raining for 3 months? I was watching the weather by this time. There were weeks at a time it wasn’t raining in the area of Oklahoma that these wells were in. Yes, it had been a rainy spring – surprise? I think it rains every spring, right? Well, the delays kept going. May, June, July, August, September, October……Yep. It was October 2017 and there was still absolutely no sign of whether there was going to be oil. Why? Because they still hadnt done their job. And if you were wondering about the communication, it was still non existent. Every now and then I would describe my frustration in email about not getting any meaningful updates of what was delaying the project so much. At this point, I received a few phone calls from William, the owner. He always seemed very gracious, but when I actually asked for details he was extremely elusive. He would use a bunch of oil drilling jargon, I felt was mostly to confuse me and help me be at peace with why the project was getting closer to a year overdue. Apparently it worked on me. Still the only excuse he ever gave about the delays was “well, we had a rainy spring” – mind you this was in October by this time.

    Well, time kept ticking away. Now, there was another capital call. So the drilling was now more expensive than they had predicted and in order for everybody to keep the shares they had already invested in – they would have to fork over thousands of dollars more. This was before we would even know if there was any oil. So in other words – they were poor in their estimating the costs and now for us to even keep the shares we had already spent tens of thousands of dollars on – we would have to fork over more money – all with the same risks.

    That is when I got another call from William. I was very frustrated that the project was now more than a year overdue. They still could not tell us if there was any greater chance of oil or not, and to add to that, if we didnt invest even more money – then all of our shares would be lost. Total loss. Think of that. I had spent $75,000, waited a full year, they still didnt know if there was any oil, and now to keep going and continue in the investment I was being required to pay an additional $6750. If I didn’t then I would lose the entire $75,000. But – William shared with me a “great opportunity”. William shared with me that any of the other investors who couldn’t/wouldn’t put in the extra capital to keep going would lose their shares. Sad for them, but it could be a huge win for me. He said that all I would need to do to pick up those shares was to pay the amount to cover their additional capital call. Essentially, once those investors couldn’t pay – I could pick up their entire share for “pennies on the dollar”. Well, William was telling me that “the rain” had set things back (which was still ridiculous that he was claiming rain delayed him 10 months) but that if I didn’t pay the additional money to pick up other investors shares, that he was going to. He again assured me that after all the preliminary holes they had drilled to this point, and from all the data the geologist had analyzed he was confident in the well being profitable.

    By this point, they had sent out a bunch of drilling logs that showed data. Totally foreign to me, and despite my efforts to get clarification on this data, I was essentially told “it’s complicated, but its all good news”. I was even forwarded an apparent email from the geologist that referenced cracking champagne bottles because it was such a win. Ive already given the spoiler alert, but these were the things that kept me as a novice investor confident in what was going on despite my hesitations and frustrations. So – I went ahead and paid an additional $20,000 to cover other investors’ capital call and for that I picked up an additional 7% of the wells. Essentially I purchased an additional 7% of the a total loss.

    Well, this final check was mailed off in February of 2017. Yep, 1 year form the time I was told to expect a check in the mail. And at this point Cannon Operating was still not even far enough into the project to tell us investors if there was any oil.

    Well, very quickly after sending that check off, we were informed with a 2 paragraph email “there is no commercial oil in the 1st well. We have decided to shut it up”. Doh! That was fast. We waited a year to get even more money from investors and everything “looked great” and we were going to crack champagne bottles and almost overnight we knew there was no oil in the 1st of two wells.

    Well, to make a long story short, it took an additional 4 months (From February 2018 until June 11, 2018) to finally tell us that the 2nd well was equally dry.

    So long story short – Cannon Operating has probably had some successful wells. Mike and William were certainly cordial. They both sounded very knowledgeable. They alternated between great communication and very poor communication. Outside of a bunch of oil drilling jargon and vocabulary there was never any real communication about what the heck was actually delaying things or going on.

    The main issues I had were:
    1. The disclosure on the front end was minimized completely. I was all but assured that this venture was a lock. I was told there was a difference in oil drilling risks, and this one that I was investing in was almost a sure thing. So either they were dishonest or they were plumb no good at what they do by mitigating risks and taking calculated risks. Both of those will disqualify me from trying any other deals with Cannon Operating.
    2. The communication was extremely good when it came time to get my money and extremely poor when I was asking for meaningful updates
    3. The project came in 20 months late. That is real time. I could have been making interest on the money the entire time. I was assured I would see money in February of 2017 and I was told in June of 2018 that there was no oil. That is more than a little rain, which to this day is still the absolute only excuse I have ever been given for the delays.
    4. They were either dishonest or just plain not good at estimating drilling expenses. So, just understand that they can tell you the investment is $75,000 but then they can come back a year later and tell you that you need to pay another $6750 or you will lose the entire interest that you purchased for $75,000. Very risky. They could have said any price was still needed. And in the end, that was just extra money that they were requiring to even find out if there was oil.
    5. In the end – the project was 100% loss. Need I say more?

  2. Very Questionable Review

    We do one type of investment, for this individual to claim he was sent the wrong info doesn’t add up. For him to state he lost $5,000.00 when he didn’t even invest shows an odvious attemt of deception. This site reminds me of Rip of Report. They claim to want to rid the world of scams, but do not have the ability to verify the validity of the posts, outright lie!! BBB and other reputable review sites can, but they can’t, odvious deception. They have a hold harmless disclaimer to try to keep from being sued by the companies and individuals they allow to be unfairly slandered. And hide behind “freedom of speech” in the constitution. Anyone that takes anything this site puts out seriously will never hold a fare option of who it was written about.

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Reviews: 2
Reported Loss : 5000 $
Severity of Scam : High
Reported by : Anonymous
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