Attention Oil and Gas Folks: Investment Opportunity or Scam?

[Account Closed]

Totally out of my depth on this and interested to learn more.  I have an opportunity to invest in the Working Interest through a Participation Agreement on an oil and gas "development".  However, no drilling is required and costs are to refurbish a dozen of the existing sites with about 20 operating.  The terms are 1% of the net revenue of after lease and operator expenses for $9,000.  

How common are participation agreements in Texas and other heavy oil states?  Is this a scam or a great opportunity?

What prevents the operator from taking the money and just provide a story over the course of a few months with no oil to show for it?

Do most operators use banks to raise capital on performing assets?

The "innovative" idea... One could buy the 1% shares equal to their federal income tax bill.  Before years end you execute the agreement and write off 100% of the cost of the shares.  Best case:  It's profitable and you turned your tax bill into an income stream; Worst case: It produces no profit and you don't have a tax bill so no different than just paying the income tax.  Is this idea viable?