In 1994, Rees-Jones from Chief's predecessor for the purpose of pursuing natural gas exploration and production prospects in north Texas. He solicits Allen, his law partner, to become an eight per cent equity owner in exchange of a cash investment of $ 700 and putting up a $ 34,300 certificate of deposit as collateral for a loan. Chief becomes successful under Rees-Jones' management with an enterprise value of some $ 8.S million by 2001. Chief offers a partial buyout to Allen and other investors. Allen redeems ten per cent of his investment in exchange for a cash payment of $ 62,000. In November 2003 Rees-Jones calls Allen and offers to redeem Allen's remaining shares in Chief. Allen is given a letting by a third party opining on Chief's market value and an appraisal of existing gas reserves and drilling prospects.
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