Bucs center Faine strikes oil (really!)
Bucs center Jeff Faine has had a busy off-season, opening another restuarant in Cleveland and one in Los Angeles.
Oh, and he became an oil baron.
"We struck oil,'' Faine said.
"Central Texas on Burr Ranch...we're collecting barrels,'' Faine said.
"A lot,'' he said smiling.
"You're seeing your money back.''
Here's how it all started. Faine said he was helping raise funds for a casino campaign for the state of Ohio when they met with some investors from M&M Energy that worked with a small oil company in Texas called TXCO.
When oil futures and the stock market began collapsing, some major oil companies began allowing some private companies invest in drills. The drill that Faine's company used cost $895,000.
"There's different kinds, it's all about the depth that you go. We went kind of shallow,'' Faine said.
He formed a limited corporation called ABCJ, which falls under the Faine Group.
"They needed guys who had liquid money,'' Faine said. "Where we come in is that I have access to guys around the league to invest in this...I started a company that basically raises funds to invest into this.
Faine says his company is using a new technology to extract oil from old wells.
"When you drill the first time, using old school technology, you get about one-third of the oil out of the well and that's all you can get,'' Faine said. "The way we're doing it now is that we go back to proven wells and we pressurize it to get the two-thirds left. The only risk you have is that the equipment can malfunction.''
Faine said the life expectancy is between 100,000 to 250,000 barrels.
"It's fun,'' Faine said. "But at the same time, I'm playing with other people's money. So there's a huge responsibility. Until it's proven and until you're collecting, you're stressing out a little bit.''
Faine said none of his Bucs teammates are invested in the oil endeavor.
"That's the conversations I've been having, like "I really screwed up, didn't I?'' Faine said of some Bucs teammates. "I'm like, "Yes, you did. I'll be back with another opportunity though.''