$12M seized, 6 arrested in historic Texas oil theft ring bust

MIDLAND, Texas - Six people have been arrested and about $12 million in assets have been seized as part of an investigation into an oil-theft ring in West Texas.

What we know:

Texas Department of Public Safety West Region Chief Jose Sanchez said Thursday that the arrests were made Aug. 12 after the execution of 17 search warrants that spanned counties across Texas and at least one county in Oklahoma.

According to Sanchez, investigators believe Vallee Oil was involved in the ring and executives of the company were among those arrested.

What we don't know:

Officials did not release the names of those arrested in connection with the case. 

Vallee Oil has not responded to a request for comment. 

$12 million in assets seized

By the numbers:

According to Sanchez, officials seized vehicles, watches, jewelry and about $786,000 in cash.

Sanchez said investigators also recovered about 2,600 barrels of petroleum product worth an estimated $220,000.

It appears the biggest items that were confiscated by investigators were eight bank accounts. According to Sanchez, those accounts contained about $8 million.

‘Historic case’

What they're saying:

Sarah Stogner, district attorney for Texas’ 143rd Judicial District, said the case is one for the record books.

"This is a historic case for the state, the country and the energy industry, and this is only the beginning," she said.

Stogner said there used to be a lackadaisical attitude toward oil theft in the state, but that is changing.

"Oil thieves leave a trail of victims," she said. "It hurts hard-working people. It leads to loss of jobs, loss of tax revenue, budget shortfalls for schools, hospitals and other vital services and growth of criminal syndicates."

Ongoing investigation

What's next:

Sanchez said more arrests and seizures are possible as the investigation continues.

Crime and Public SafetyNewsTexas