PetroRock Mineral Holdings Petitions Court To Intervene As It Works To Recover Funds For Investors

DALLAS, May 5, 2022 /PRNewswire/ -- PetroRock Mineral Holdings, LLC ("PetroRock") filed a petition with the Dallas County, Texas Judicial District Court seeking the Court's assistance and supervision to wind up its business and liquidate its assets for the benefits of its creditors.

For the better part of eight months, PetroRock has worked in good faith to productively engage defendants Minerva Resources, LLC, Mercury Operating, LLC, Stefan T. Toth, 2x5 Enterprises LP, The 2x5, LLC, and Cronus Mineral Holdings, LLC, but challenges persist.

In 2016, approximately $200 million was raised from investors through various entities to purchase oil and gas assets. The Petition alleges that Defendant Stefan T. Toth diverted much of the investor's assets to other defendants, many of which Toth controls either in part or in full through various entities. Simply put, without the knowledge of PetroRock and its investors, Toth and other defendants breached positions of trust and defrauded investors in order to enrich themselves.

"Private capital is a vital part of the investment ecosystem and the American economy. It's unfortunate that there are companies and individuals who seek funding with the express purpose of deceiving and taking advantage of investors for their own financial gain. The lack of cooperation from the defendants has been frustrating, and we are fortunate that our legal system allows for recourse in situations like these. Resolute Energy Capital will work diligently alongside PetroRock to right any wrongs done to investors," said Matthew Burton, co-counsel for Resolute Energy Capital.

PetroRock specifically asks the Court to supervise and appoint a third-party to assist in winding up its business with these defendants in order to achieve an orderly liquidation so that PetroRock can return as much as possible to its investors.

SOURCE PetroRock Mineral Holdings