| Country | United States |
| State | Denmark |
| City | Houston |
| Address | 2500 Wilcrest Drive, Suite 405 |
| Phone | (877) 822-5802 |
| Website | www.fossiloil.com/ |
I also have invested $45,000 on four different projects with Fossil Oil during 2013-2014 when oil prices were running between $90-$100.
-The first well was a dry hole - total loss.
-The second well found oil. This one was projected to produce 125 barrels per day but is actually averaging 25-30 barrels per day. The well has been producing for 17 months and I have received a total of $1,036 during this time against my initial investment of $10,000.
-The third well also produced some oil for a short period of time but not enough to cover the expenses. Another total loss, plus the investors had to pay a $453 cash call back to Fossil to cover excess expenses
-The fourth project was a four well package. The first well produced oil for a few months and stopped producing - it is shut down. The second well was a dry hole. The third well produces only between 1-2 barrels per day and a small amount of gas. The fourth well is averaging 5 barrels of oil per bay plus gas. The bottom line on this package is that after over one year the investors have not received one penny of return and in fact are in arrears with the possibility of another cash call.
Dennis Kittler exaggerates his knowledge and experience. This clown is a self-promoter. He claims that Fossil Oil is busy drilling oil wells when he is just a packager of joint ventures that generate tax loses and little revenue. He makes money off of selling these joint venture and if they do happen to produce oil, Fossil Oil skims 20% off the top. The investors receive very little return as Fossil Oil skims off the profits.
I am sorry to say that I have had a similar experience with Fossil Oil projects. Dry holes, or very small production amounts. Even when oil was around $100 per barrel the producing wells provided very little return. Especially stay away from the Fossil Oil / Ranken Energy projects. These are really bad.
After I made an investment with Fossil Oil, it took over a year for the operator, Rankin Energy to try to complete the well. When they did attempt to complete the well they completed the wrong zone resulting in no oil. Rankin tried to complete a zone that the geologist report indicated did not contain oil. Then Rankin claims that the science was correct they just did not find oil. Another total loss. When the documentation is pointed out, they ignore you. It takes months to get an answer if you have a question. If you challenge their thinking you are verbally attacked.
This company is totally a scam!
To Fossil Oil investors: Please contact Tony Marcos, his email address is [email protected]. This one group of investors who worked together to recover investment loss form Fossil Oil scam. Once the the group accumulated total investment loss of $500K, they will file law suite against Dennis Kittler.
Please contact me at [email protected]. I am gathering all investors to file a group complaint to the SEC
I lost all my investments in the Horrelica Well with Fossil Oil and Gas in 2006 Totalling over $500,000.00. I dont know if i can still file a lawsuit on this ?.
In 2004, my husband was left with moderately severe brain damage which affect his cognitive and decision making processes,.while also causing wild mood swings from depression to manic episodes. He was 100% disabled and receiving social security benefits of $1,800 a month when he was contacted by Bill Sturdevant of Fossil Oil. He was persuaded to invest $25,000 in April, 2009. He was certainly not one of the "sophisticated investors, referred to in Fossil's sales materials. In 2013, my husband committed suicide after realizing that he had borrowed again our home more than $100,000 to invest in this and other scams. Upon his death, I discovered that I was the beneficiary of the Fossil Oil investment. I contacted the company, and found that the money had been funneled into an IRA account held by New Directions Investment in Colorado. I asked to transfer this money to my own TIAA- CREF IRA account, and I was told I could not withdraw or move the funds to any other IRA. I was also told that I must pay a $250.00 a year maintenance fee to New Directions (this fee was later lowered to $150 pre year). I refused to pay this fee, telling them to deduct it from the $25,000 they were supposedly "maintaining" for me. New Directions continued to sent me bills and threatened to submit a 1099 for the entire amount unless I paid the yearly fee implying I would then have to pay taxes, even though I have never seen a penny of this money.
I have reported Fossil Oil to both the Colorado and Arkansas Securities Commissions, and I tried to secure an attorney to pursue a claim again Fossil and New Directions, but had no success.. Finally, in 2014, New Directions sent me a 1099 for the entire $25,000, even though I have never received a single penny's return from this investment. If any one out there has ever received any returns from investing in this company, I would like to know. This is a scam, and their tactics are at least partially responsible for my late husband's suicide. Stay away from them.
Fossil Oil promotes highly lucrative oil & natural gas wells that you can own units in. There are 100 units per individual well. You get a monthly payout for the life of the well if oil and gas are found, but if not you get nothing. I invested a total of $40,000 in two different wells. $20,000 a piece. Both wells hit oil! In fact they said that one was so large they called it an "elephant" that would pay for 20 to 40 years. So I was excited and was asking about when I would start receiving monies. No one would tell me when! They always had stories about how extensive the testing was and building the platform, etc...and after a little research I learned that they weren't lying, just hadn't been forthcoming with me about the timeframe. So here we are almost a year later and I was just told today that instead of receiving checks next month I will be receiving a bill for each of the wells. One well needs me to pay $1300 and the other needs another $100. Expenses have overun the profits was the cause. Now here's the kicker!! The wells have been producing for multiple months (4-5) but they haven't sold the oil or not received the money from the transaction!!!! What? I didn't know that my investment would turn into a bill after it was successful. My well hit oil and is producing, but because they either gave the oil away and didn't collect money or just didn't sell it I NOW HAVE TO PAY. Oh and the greatest part is that if I don't pay the extra money then I forfeit my units!!! Who gets them? FOSSIL OIL!!! Scam, Scam, Scam if you frustrate people or if someone falls on hard times you get to take away their investment instead of operating correctly per the prospectus? See you in court!
It sounded like a good investment, but too good... I wasn't clear on how it works. I had a hard time finding an information on this company. Thank you for the info! I knew there was more to it.. Just didn't know what
I have lost money with Fossil Oil Company also. If you want to invest directly in oil well exploration and production then I recommend U.S Emerald Energy and Payson Petroleum instead of Fossil. These two companies have better drilling prospects and communicate quite well with the investors.
They Ignore You
After I made an investment with Fossil Oil, it took over a year for the operator, Rankin Energy to try to complete the well. When they did attempt to complete the well they completed the wrong zone resulting in no oil. Rankin tried to complete a zone that the geologist report indicated did not contain oil. Then Rankin claims that the science was correct they just did not find oil. Another total loss. When the documentation is pointed out, they ignore you. It takes months to get an answer if you have a question. If you challenge their thinking you are verbally attacked.