Western Oil and Gas JV is a private, family-owned boutique oil and gas investment firm that raises money from qualified individuals interested in adding oil and gas participation to their investment portfolios. Our company has grown steadily over the last two decades, raising more than $7 million in 2012.
Oklahoma-based parent company Western Oil and Gas Development Corp. (WOGD), handles about 75% of our drilling, with the balance done by other well established mid-sized industry partners in the midcontinent oil patch. We currently have 59 active drilling joint ventures, comprised of a working interest in more than 500 operating oil and gas wells, most of which are natural gas producing.
In 2008, we began to shift to the more profitable oil production and also began to buy attractive oil and gas bearing leaseholds, which are developed and then resold to larger exploration and production companies producing significant profits to our investors. We currently have 5 of these active acreage funds.
Today, our company continues to attract new and repeat investors who recognize the long-term value of owning oil- and gas-producing reserves. More than 350+ K-1’s are distributed annually to investors.
The principals of WOGJV support many charities at the local and national level, including City Year, PENCIL, Mesothelioma Applied Research Foundation, American Diabetes Association, and UJA-Federation of New York.
WOGJV is a member of the Independent Petroleum Association of America, Oil and Gas Symposium, and North American Petroleum Expo, among other trade groups.
Michael Neuman began his career in computer systems and sales for IBM, Control Data and Itel. In 1979, he joined an oil and gas investment firm as Vice President of Investor Relations and Marketing, where he met Frank Bannister. The following year, he and Frank struck out on their own and formed Hexoco. While Frank moved to Oklahoma City to open an exploration and production office to lease, drill, and operate mid-continental oil and gas wells, Michael remained in NY, running successful tax-based partnerships. In 1986, following tax law changes, Hexoco became Western Oil and Gas and changed its approach to cash-basis drilling to develop long-term cash flow with allowable tax benefits. Western now operates as two companies, Oklahoma-based parent company Western Oil and Gas Development Corp. (WOGD), and New York-based investment firm Western Oil and Gas JV (WOGJV).
Richard Neuman joined his father at Western Oil and Gas JV in 2004, and as Vice President, manages the daily operations of the firm. He raises capital, serves as a knowledgeable resource to investors, and is responsible for managing all phases of revenue distribution. Previously, Richard spent five years working at CBS Sports, where he covered the PGA Tour, College Basketball and the NFL. He moved on to corporate and private event planning at The Rainbow Room and then facilities management at Abigail Kirsch before joining the family business. He is a graduate of Roger Williams University in Rhode Island.