Last month, we reported that launch of Cash Money Records founders, Birdman and Ronald “Slim” Williams, had launched an indie oil and gas company called Bronald Oil & Gas.
The company was actually formed by the brothers years ago. But, the news caught the eye of several entertainment-related websites, and a few major financial publications such as Bloomberg.
While Birdman claimed in a recent interview with Ozone magazine that he already had oil pumps producing and was pulling in money on a monthly basis from his energy business, a recent report from Bloomberg questioned whether or not the company was even doing any real energy business at all.
“Right now I’m active; I got pumps and sh** that are getting money monthly. I like that oil sh**. I’m gonna put some more time into it,” he told Ozone recently.
Bronald’s mission statement says they are focused on the “exploration, production and development of oil and gas reserves” in several U.S. Gulf Coast states including Oklahoma’s Osage County.
Well, Bloomberg contacted Oklahoma City-based Chaparral Energy Inc., who operates about 40% of the wells in Osage County. They said they’ve never heard of Bronald or been contacted by the company.
Also, when attempting to dig deeper into the music moguls’ forray into the energy business, the publication found that “regulators that handle oil and gas permits and operator licenses in Texas and Louisiana didn’t have records of Bronald’s existence; nor did Secretary of State offices in Texas and Florida.”
However, Dan Pickering, president of Tudor Pickering Holt (an energy investment and merchant banking boutique), told Bloomberg that it’s likey that the Williams brothers would be non-operating partner in drilling projects since both oil and gas wells are very expensive. So, they could very well be doing business after all, just not hands on.
Other inconsistencies included unlisted phone numbers, or numbers listed to the residences of either Birdman or Slim, and the pair being the other individuals listed under management and director headings on the Bronald website.
While Birdman may have fabricated his statements about actually owning oil pumps that are drilling currently, it’s very likely that the music moguls have a real interest in diversifying their portfolios into energy, but are still in the early stages of reeling in investors to drill.
The Cash Money camp had yet to respond at press time.