360° Coverage : Denver District Court Rules in Favor of Heartland Energy...

Denver District Court Rules in Favor of Heartland Energy Development Corporation in State Challenge Decision; Supports Joint Venture Investment Practices

The Denver District Court ruled in favor of local oil and gas exploration companies in a state challenge over securities regulations.

Oct 21 2013, 2:42pm CDT | by PR.com

Denver District Court Rules in Favor of Heartland Energy Development Corporation in State Challenge Decision; Supports Joint Venture Investment Practices
Photo Credit: PR.com

Denver, CO, October 21, 2013 --(PR.com)-- On October 17, 2013, the Denver District Court ruled in favor of Heartland Energy Development Corporation (HEDC), a Colorado oil and gas exploration company, and other defendants over a challenge brought by the Colorado Securities Commissioner.

The Securities Commissioner filed suit in 2009 alleging that joint venture investment partnerships sold by HEDC and other defendants were securities, despite contrary decisions by a federal district court, the Colorado Securities Board and a jury. Last week’s ruling unequivocally supported HEDC by rejecting the State’s allegations of securities law violations based on three key findings:

-The joint venture investments were not securities;
-The investor marketing practices were lawful; and,
-The company’s joint venture investors possessed “significant knowledge and experience in business affairs” and understood the investment risks.

“The ruling by the Denver District Court is a victory for entrepreneurs and their partners,” said Brandon Davis, chief executive officer of HEDC. “The ruling confirms that our business practices - partnering with investors who are well educated, well financed and completely aware of the inherent risks associated with investing in oil and gas exploration projects are sound.”

In regard to the knowledge and qualification of investors, the court’s decision stated:

"The persuasive and credible evidence in the record compels the court’s conclusion that the partners in the Joint Ventures were capable of intelligently exercising the partnership powers granted to them in the joint venture agreements."

“The court’s decision strongly affirms that joint ventures are not securities,” added A. Thomas Tenenbaum, attorney for HEDC and Brandon Davis. “This case has been followed by regulators and securities lawyers because the court’s favorable ruling for HEDC confirms businesses can raise capital through joint ventures without being subject to burdensome securities regulations. Mr. Davis and HEDC stood fast through four years of litigation to have their day in court, and obtained vindication.”

About Heartland Energy Development Corporation and Swan Energy, Inc.
Heartland Energy Development Corporation (HEDC), is a wholly owned subsidiary of Swan Energy, an independent oil and gas company specializing in the exploration and production of domestic oil and natural gas fields. For more information, visit www.swanenergyinc.com.

Contact Information:
Tuckahoe Strategies
Ramsey Poston
386-547-2608
Contact via Email
www.TuckahoeStrategies.com
@TuckahoeStrat

Read the full story here: http://www.pr.com/press-release/523187

Press Release Distributed by PR.com

Source: PR.com

 
 
 

blog comments powered by Disqus

Latest stories

Facebook M is a Hybrid Personal Digital Assistant inside Messenger
Facebook M is a Hybrid Personal Digital Assistant inside Messenger
M relies on artificial intelligence and human assistance.
 
 
iPhone Users get 30 Day Free Samsung Galaxy Trial
iPhone Users get 30 Day Free Samsung Galaxy Trial
Samsung tries everything to get new customers. Now iPhone user can test a new Galaxy smartphone 30 days for free.
 
 
Microsoft released 3rd Windows 10 Updates with KB 3081438
Microsoft released 3rd Windows 10 Updates with KB 3081438
Microsoft's release schedule for Windows 10 updates is fast paced. The company released three updates within 2 weeks.
 
 
New Skinny Jeans for Women Charges and Hides iPhone
New Skinny Jeans for Women Charges and Hides iPhone
Joe's Jeans offers a Jeans for female mobile warriors. Meet the Joe's Jeans #Hello.