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Report: #1196421

Complaint Review: Fossil Oil - Houston Texas

  • Submitted:
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  • Reported By: Honest Guy — Las Vegas Nevada
  • Author Not Confirmed What's this?
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  • Fossil Oil 2500 Wilcrest Drive #405 Houston, Texas USA

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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!

This report was posted on Ripoff Report on 12/18/2014 07:44 PM and is a permanent record located here: https://www.ripoffreport.com/reports/fossil-oil/houston-texas-77042/fossil-oil-dennis-and-les-kittler-high-return-oil-well-investments-that-never-return-ho-1196421. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
3Author
4Consumer
0Employee/Owner

#7 Consumer Comment

You have been invited to the facebook group

AUTHOR: SHW - (USA)

POSTED: Sunday, February 28, 2016

I have sent you email and invite you to the facebook group. If you did not get the invitation, please send email to: tonymarcos195@yahoo.com

Your email is cececruse@ymail.com per your rebuttal.

Best

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#6 Author of original report

The Rippoff Continues

AUTHOR: - ()

POSTED: Thursday, February 11, 2016

I just received a FedEx today from Fossill asking everyone to vote on the 2 wells that I'm in to allow Ranken Energy Corp. take over our percentages in the wells as they now don't believe that they will be profitable and they don't want us to incur the cost of having them plugged.  So I am just supposed to accept a $68,000 loss on my two investments after they told me that one was an "elephant" by Les Kittler that would produce for 20-30 years.  Of course he stated that while asking me to invest in their next project.  I think it's a total bait and switch scam.  

I will not vote to give up my units as I believe that it will "magically" start producing oil immediately after.  And if it doesn't I'm not paying the Cash Calls anymore so let Fossil Oil rot on the costs.  I want them to go out of business and stop ripping people off.  I lost my disability money believing in these people and it was all lies.

Where is our government?  Where are the authorities?  How can this be legal?  If you add in the extra I paid for the cash calls I'm at $70,000 in losses and I still can't even get my d**n tax forms from these people.  AT LEAST LET ME WRITE OFF THE LOSSES, BUT THEY CAN'T EVEN PROVIDE ME WITH THAT!  I truly hate them and they belong behind bars.

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#5 Author of original report

Facebook Group/Fossil Oil Ripoff

AUTHOR: - ()

POSTED: Monday, January 18, 2016

I'm sorry that I didn't respond prior, but one of my disabilities is visual impairment and I didn't see the message until now.  I suffered $40,000 in losses with Fossil Oil and you may email me the link at cececruse@ymail.com as I would love it if we could get an attorney to go after them.

Dennis Kittler has had: Fossil Oil & Gas Management, LLC/Fossil Oil & Gas Operating, LLC/ Fossil Oil & Gas, LLC all of which are expired meaning that he either created such a bad reputation with the companies that he closed them or maybe since he realized that he had his home address and the address for Sharon Denise Norsch listed on them and that people could contact him or show up at his home, he's changed them.

He now operates out of Fossil Oil Company, LLC & Fossil Oil Operating, LLC.  Does it strike anyone else as odd about how few days the wells are operational and how much work is being done on them?  I mean they give the reports in coded messages so no one can understand, but how hard is it to keep the well going?  I see then all through Utah and California just pumping away for years and years....why are there's always down?

I am glad to see that everyone else is reporting this man/company, but I'm sorry that so many people have had the same experience as I have.

If he has Fossil Oil Operating, LLC why are we paying Ranken to operate the wells?  Why are we paying a direct competitor to operate our projects, as they sell units in wells as well.  I guess that maybe they teamed up on the wells and are laughing over who got the most suckers to invest.  I think that Ranken Energy needs to be added into this as well.

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#4 Consumer Comment

Facebook group to recover the loss

AUTHOR: SHW - (USA)

POSTED: Thursday, November 12, 2015

We created facebook group, the goal of this group are: 1. Work together to recover the loss for the investment with Fossil Oil Company. I hope you can join. If you send me your email address, I will send you an invitation to join this group.

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#3 Consumer Comment

Investors can find a lawyer to try to recover the loss

AUTHOR: SHW - (USA)

POSTED: Friday, November 06, 2015

If all the Fossil Oil investor can communicate and find a lwyer, there might be a chance to recover the loss. When the combined losses are more than $100,000; some lawyers offer no-recovery no fee charge against this kind of company. 

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#2 General Comment

Fossil Oil Dennis and Lisa Kittler High Return Oil Well Investments That Never Return!!

AUTHOR: Liza - (USA)

POSTED: Thursday, May 21, 2015

I was also scam by fossil oil as well as SBJ Energy  Partners. Kim WoJcinski and Wayne Tope were the agents for SBJ Energy.

They told me the same thing. Please file with the Securities and Exchange Commission Washington DC  www.sec.gov/complaint.shtm

 

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#1 Author of original report

Continued Loss on Investment

AUTHOR: - ()

POSTED: Sunday, May 03, 2015

So the next quarter rolls around and the one well that was touted as an "elephant" as to the size of oil reserves found has been floundering and not producing much oil.  So I was expecting nothing from that one.  The other well has been steadily producing though and I was expecting a quarterly return.  Now accounting for the drop in oil prices and the fact that it is producing under 50 barrels per day I knew it wasn't going to be the $6000 that I was pitched, but I figured I'd get 2-3K and start recouping my investment.  Wrong.  I guess costs were above sales and while this time there was no request for further money there were no distributions made.  So I'm $40000 in on two wells that hit and so far I've been asked to contribute $1200 (which I did) and then told both were negative in operating expenses and am yet to receive funds.  I take that back.  The "elephant" paid out a return of almost $29 last quarter.

As a disabled person who was injured on the job, I thought this would be a good way to replace some of my lost income now that my earning potential is greatly reduced permanently.  Instead it appears that I lost my settlement money and now have to barely scrape by each month trying to pay my bills each month and continue to hope that one day I might just get my money back.

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