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Chan v. HEI Resources, Inc.; The Continuing Saga of Joint Venture Interests Subject to Colorado Securities Regulation

Colorado federal and state courts have considered whether joint venture interests offered to participants for oil and gas development are securities subject to regulation under federal and state securities laws. Most of these investments have been offered through unincorporated joint ventures treated as general partnerships or limited liability partnerships. In some cases the investments have been treated as co-tenancies. In Colorado, the most prominent, heavily battled, and long-lasting of these cases is Joseph/Rome/Chan v. HEI Resources, Inc., which has had a long life since the investment was originally considered in 2002.