Was provided information regarding an oil and gas investment opportunity in 2007, agreed to purchase one share for $10,000. Was given an investment synopsis with a worst case scenario of an 8:1 ROI over a few years with expectations laid out by Fossil Oil of much better. Eight years later I have not recouped my initial investment and have been charged penalties for refusing to pay for the well operating agent New Century Exploration to get one of the wells to an operating level. Currently that project Little Arco, does not even report its production to investors any longer. Several years ago I called New Century Exploration to question their seeming ineptitude, I was directed that per agreement with Fossil Oil, I was NOT to contact or question them. I called Dennis Kittler who sympathized with their inability to perform but kind of gave me a shoulder shrug and a “what can we do” response, then on subsequent revenue distributions, I was penalized for refusing to contribute to reworks of a well I was initially led to believe was a once in a lifetime opportunity. Every year since I started the investment, I have been nearly late filing my taxes based on Fossil not getting tax paperwork in a timely manner. They have a pattern of partnering with completely incompetent service entities at every level, which reflects that they in fact are most likely also completely incompetent, insulated I suppose by the fact that 20% or more of their staff are corporate oil and gas attorneys, family members or at times both. Anyone looking to invest with them should avoid doing so at all costs unless you are trying to take a loss for tax purposes. Keep in mind I know investments are risky; however, I got in with them when oil prices were at an all time high based on documents they provided with their valued partners indicating that these wells were can’t lose opportunities, not so. To add insult to injury they send me other investment opportunities as if I would give them another dime. So to summarize, they are misleading, and when their promises and predictions do not come anywhere near reality they will charge you to help make up for the losses. I envision a “Boiler Room” setting but with a white Cadillac with steer horns. Terrible company but laden with industry connections to seemingly insulate tem from any penalty for their actions, deep in the heart of Texas. My wife sells essential oils and jokes that her oil returns have been more lucrative, I have asked multiple times to be bought out of my share, all requests have been rebuked.
This complaint and/or review was posted on HolySmoke.org on 23:37 pm, June 24, 2018 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/fossil-oil-company-l-l-c-review-12/.
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