Written in response to a May 26 article about Loyd Sellinger, president of an Orange County energy company ("Oil and Gas: Volatile Investment"). In the article, stock brokers Jeffrey Kilpatrick and Michael Cummins discussed past problems with oil investments. Your article was well written and fair in content. The Orange County Petroleum Assn. was founded to enable the legitimate oilmen in this part of Southern California to have an opportunity to gather together socially throughout the year and to present the oil and gas industry in its true role as a vital, if depressed, sector of the nation's economy.
Mr. Loyd Sellinger, our current association president, is as good a representative of the drilling fund industry as you could find anywhere, and his activities demonstrate the important role the independent oil companies play in funding exploration throughout the United States.
I did not particularly appreciate the comments of Mr. Cummins and Mr. Kilpatrick, even though their comments have some basis in fact. However, most of the "oil scams" emanate from broker-dealers that are more a part of the investment community than the oil industry. That point should be clarified in future articles. One reason Loyd Sellinger has a good following, aside from performance, is the fact that he has not relied on the broker-dealer who may make uneducated or exaggerated claims to make a sale.