EnergyFunders

EnergyFunders was founded in 2013 by Philip Racusin and co-founders in Houston, Texas, and was one of the first fintech platforms to offer accredited investors direct crowdfunded equity in upstream oil and gas projects. The platform went live in 2014–2015, accepted by FINRA in 2018 to operate under Regulation CF, and was subsequently acquired by Paleo Resources in 2019–2020. Securities on the platform are currently offered through Finalis Securities LLC, a FINRA/SIPC member. The platform targets proven, lower-risk reserves — development wells and already-producing assets — primarily located in South Texas and the broader U.S. shale landscape, with projects sourced and vetted by a team of in-house geologists and engineers.

The past several years have introduced significant uncertainty. A former board member, Christopher John Pettit, was sentenced in February 2024 to 50 years in federal prison on wire fraud and money laundering charges (related to his law practice, not exclusively to EnergyFunders — though his connection to the company has raised governance concerns). As of early 2023 and persisting into 2025–2026, current investors have publicly reported cessation of distributions, sporadic investment updates, delays in K-1 tax document releases, and management's refusal to hold virtual investor meetings. Management has changed hands multiple times. These are not minor operational hiccups — they are material concerns any prospective investor must weigh carefully before committing capital.