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    Progressive Equities reports funding of Redhawk Resources–Fund I

    Progressive Equities LLC

    Progressive Equities LLC has reported the completion of the funding of a new oil and energy partnership on behalf of Redhawk Resources–Fund I. Progressive Equities LLC, Redhawk Resources LLC, and Culbreath Oil and Gas Co. are the companies creating the partnership. The $33,000,000 oil and gas offering consists of two primary assets; a 22,000-acre, 20-well drilling and leasing aggregation in northwest Kansas, and  a 1,200-plus-acre production property in Okfuskee County, Oklahoma.

    The project will be managed by Redhawk Resources Management LP. The partnership members are Jack Nichols, president of Progressive Equities LLC; Jarrod Rogers, president of Redhawk Resources LLC; and Charles and Chance Culbreath, principals of Culbreath Oil and Gas Co. Culbreath Oil and Gas Co. is the operating partner.

    The offering is another of the 506(c) platform models that has been developed by Progressive Equities LLC. This business model is specifically designed to integrate successful oil and gas companies and their projects with active, qualified, accredited investors. Earlier in the year, Progressive Equities LLC facilitated a $45,000,000 lease acquisition and drilling partnership using a similar platform. This is the second venture Progressive Equities has sponsored under the new 506(c) rules for direct participation in private placements. Nichols acted as the consultant to the managing partner on the $45,000,000 project.

     

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