Fossil Oil Company, L.L.C

Fossil Oil Company, L.L.C Review

Reviews: 1


Total views: 3995

Published: 28 June 2018

Posted by: Anonymously

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.

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