REEVES COUNTY, Texas (KOSA) - A Reeves County grand jury has indicted the owner and operator of a Pecos oil company on theft and money laundering charges.

44-year-old Derek Zubeldia the owner of Zubeldia Energy Services LLC was indicted on charges of theft of petroleum product, money laundering and engaging in organized criminal activity, the Reeves County Sheriff's Office said.

The indictments followed a multi-year criminal investigation into the theft and illegal resale of crude oil and condensate by Zubeldia Energy Services, according to the sheriff's office.