The Colorado Division of Securities said Wednesday it entered a final cease and desist order against a Texas oil and gas company and its chief executive officer.
Named in the order are Millennium Exploration Company, LLC and its chief executive Richard Monroy, both of San Antonio, Texas.
The securities division alleged that Millennium was offering and selling its joint venture interests in its oil and gas well projects to Colorado investors. It also alleged that because these interests are securities, Millennium was required to register them with the division, which it failed to do.
As a result, the division said Millennium and Monroy violated the registration provisions of the act.
The alleged cold calling of Colorado investors took place from February to April of 2012. The company sold at least one of the interests to a Colorado investor.
Millennium and Monroy admitted that the interests they offered and sold were securities and were offered and sold in Colorado in violation of the registration provision of the act.
As part of the agreement, Millennium has agreed to make an offer to repurchase the oil and gas interest sold to the Colorado investor.
The order requires Millennium and Monroy to immediately and permanently cease and desist from offering or selling securities in violation of the act.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or
