FOSSIL OIL COMPANY – CLOSING LIMITED OPERATIONS IN 2020
Fossil Oil’s President and Founder, Dennis R. Kittler, has dedicated the past forty-three years generated multiple well drilling prospects to hopefully provide lower risk multi-zone oil and gas drilling programs for accredited non-industry investors. Soon to reach the age of seventy-eight (78) this year, Mr. Kittler has basically retired. The Fossil Oil Company website’s Home Page will remain online to allow for any announcements to be posted. As reported earlier, much of Fossil Oil files were destroyed in the Hurricane Harvey flood in 2017. Currently, there are only three (3) Fossil Oil Joint Ventures (2 wells) that are being operated by third-party operators. These Joint Ventures by all measurements are marginal producers. Each Joint Venture owns no more than 33% Working Interest yet are still responsible for paying the monthly operating expenses (Joint Interest Billings) and eventually the plugging costs. When this happens is anyone’s guess. More and more investors have requested that Fossil Oil (Managing Member) take back their ownership and end any further liabilities. Fossil Oil is not suggesting any investor to do this but it has no choice if the request is made. Let Fossil management know if you decide to transfer your ownership back to Fossil Oil. Be sure to identify the JV program you are submitting.
You can contact Mr. Dennis Kittler at the following:
11107 Tupper Lake Drive
Houston, Texas 77042
2017, 2018, and 2019 K-1 Announcement:
Greetings to All Fossil Investors
As reported earlier on this website, Fossil Oil Company, LLC is, in essence, will be legally closed and no longer in business at the end of 2020. One problem that was brought to my attention from our current CPA was that our previous CPA failed to check off that each of the past Ranken Energy JVs plus several other Fossil JVs were to be filing a “Final” tax return in 2016.especially the Ranken Energy JVs. Because of this simple over-sight, Fossil Oil is required to file a 2017 Federal Tax Return and issue a Schedule K-1 even if the value benefit was zero loss. Fossil Oil’s new accountant/CPA filed an extension for each certain Fossil Oil Joint Ventures for 2019 tax year. He has prepared the 2017 and 2018 tax return for each JV at a cost of $3,500 and there are 20 of them.
Fossil – Muehr Multi-Well JV, Fossil – Stafford Multi-Well JV, Fossil – Peters Multi-Well JV, and Fossil – Texas Oilfield Producing JV.
The cost of preparation will be recovered out of any past or future revenues. We are also facing a large tax penalty for the lateness in the filing. There are no plans to request from the investors to submit any of these costs at this time unless they request copies of the returns and K-1.. It is suggested that you discuss this you’re your own personal accountant/CPA how to handle these delinquent tax documents. Since most of Fossil Oil’s Joint Venture files were destroyed and lost in the Harvey Flood, we are using the addresses from the 2016 tax filings for all Joint Ventures. Please let us know if your address has changed. If your tax information is returned to us, we will attempt to call you and get the updated address and resend.
Finally, Fossil management will continue to find lenders so that the remaining “in-active” joint ventures can file their final tax returns for 2019.
Dennis Kittler – Managing Partner
Fossil Oil Company’s office was significantly damaged by the recent Hurricane Harvey compounded by the Tropical Storm Harvey. As of today, we have limited access to the residence of Dennis Kittler and Fossil Oil’s office within his home. Power has been returned and reconstruction of the home and office is currently underway. We have received minimal assistance from FEMA compounded by no flood insurance has complicated rebuilding. Fossil Oil no longer has any employees since Lisa Kittler has moved on to a new career. Mr. Kittler is currently living outside of Houston until reconstruction is completed. Thank you for your understanding and patience during this catastrophic event.
Fossil Oil Management
The public portion of this site contains only general information regarding classes of products and services that are designed to meet the needs of qualified investors. This is not an offer to sell or solicitation of an offer to buy any security listed herein. Such offer may only be made by written memorandum in a jurisdiction where the offering is duly registered or exempt there from. Please see our investor protection page or download our due diligence, which outlines important information from the US securities and exchange commission (SEC) on recognizing and avoiding oil and gas investment scams. For the complete publication see www.sec.gov/investor/pubs/oilgasscams.htm. Prospective investors should be cautioned that prior performance may not be indicative of future results in any investment, and there can be no prediction as to the future production, if any, of any well to be drilled. Energy investments are speculative and involve a high degree of risk. Oil and natural gas wells are naturally depleting assets. Cash flows and returns may vary and are not guaranteed. Past performance is no indication of future performance. Nothing herein shall be construed as tax or accounting advice. Investors may lose money.