South Plains Petroleum on StartEngine

Rediscovering Energy

Raise to date: $26,509

Reporting Date: 09/01/2019

Key Stats

Minimum Raise

$10,000

Maximum Raise

$1,070,000

Likelihood of Max Unlikely
Start Date

05/21/2019

Stop Date

08/19/2019

Days Remaining

Closed

Security Type

Common Stock

Investment Minimum

$480

Deal Type

No Review


Investment Summary

Status

Confirmed Closed

# of Investors

27

% of Minimum Raised

265%

% of Maximum Raised

2%

Dollars Per Day to Reach Max

N/A

DPD* Committed

$295

DPD* Category

$0

DPD* All Companies

$1,070

Kingscrowd Momentum

$26,509

Total Dollars Raised

Commitments

Weekly Commitments ($)
Aggregate Commitments ($)

SEC Filing Data from Kingscrowd

South Plains Petroleum, with a pre-money valuation of $8.3 million, is raising crowdfunding on StartEngine. The company uses modern technology to reevaluate old oil and gas wells data and find the remaining reserves in them. As a result, South Plains Petroleum gets to reduce its costs on exploration and infrastructure and get higher returns on investment. South Plains Petroleum was founded by Richard A. Quintal and Suzanne E. Ruffini. The proceeds of the current crowdfunding round, with a minimum target of $10,000 and a maximum target of $1,070,000, will be used for the acquisition of new oil properties and expansion. The company already holds options to purchase 17 existing wells and 50 developmental well sites.

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