Fossil Oil And Gas Blog

Texas Alliance of Energy Producers – Texas Petroleum:

The Unconventional History

Texas Alliance of Energy Producers have created a new history book on the Texas oil and gas industry.

Written by noted author and historian, Mike Cox, and published by HPN Books of San Antonio, Texas Petroleum: The Unconventional History focuses on the unconventional people, the unconventional events and the unconventional technology that has brought Texas petroleum to the forefront of world energy production.

Cox included a section of the book containing individual histories of companies, organizations and families involved in the Texas petroleum industry.

The book has been marketed through bookstores statewide and has be given to organizations involved in the state’s economic development, as well as to elected officials.

Fossil Oil Company was one of 40 Companies to tell their story in Texas Petroleum: The Unconventional History. Continue reading →

Don’t forget…

Direct Participation in oil and gas investments can be one of the most important ways to help you maximize tax benefits up front and on a continuing basis.

The tax advantages flow from the intangible drilling costs (IDC) on the initial investment, and the depletion allowance (DA) on the subsequent return of principal cash flows.

The tax benefits provide passive losses to offset passive gains (if the investor enters as a limited partner), relief from high marginal tax bracket exposure (ordinary loss if the investor enters as a general partner), and from exposure to the alternative minimum tax (AMT) up to certain investment limits. In addition, the subsequent cash flows are tax-advantaged due to the benefits of the DA as described earlier. Continue reading →


Oil And Gas Investment Tax Breaks

Most Americans love cheap energy, but the crash in oil prices spooked investors. Many feared the meltdown was being caused by sudden economic weakness that other metrics didn’t reveal. Investors also worried about a dramatic decline in profits for the energy industry.

Now that oil is showing signs of stabilizing, Wall Street is cheering. The Dow soared 305 points on Tuesday as the slide in oil prices appears to have ended, at least for the moment. After a terrible start to the year, the Dow is now just 2.5% away from all-time intraday highs.

Since sinking below $44 a barrel last week, oil has ripped 19% higher to settle above $53 on Tuesday. That’s the biggest three-day spike since January 2009 when the Great Recession neared an end.

Continue reading →

By Barani Krishnan
NEW YORK Tue Feb 3, 2015 5:25pm EST

A gas station employee refuels a motorcycle in Brasilia November 7, 2014. REUTERS/Ueslei Marcelino
A gas station employee refuels a motorcycle in Brasilia November 7, 2014.
Credit: Reuters/Ueslei Marcelino

(Reuters) – Oil prices ended up again on Tuesday as a tumbling dollar sent most commodities rallying, bringing crude’s four-day rise to about 19 percent, its biggest such advance since January 2009.

Despite signs that U.S. crude supplies had registered another heavy build last week, investors were more confident that oil prices have hit a bottom after a seven-month rout. Traders said oil bulls were encouraged by BP’s plan to cut capital expenditures 13 percent in 2015, which came after reductions announced by other major energy companies.

Continue reading →

oil barrels - Oil Prices

Houston, TX — 12/1/2014 —Fossil Oil Company addresses the concern regarding the recent drop in oil prices of more than 30% over the last six months. Today’s investors want to know how low prices can go before oil projects, such as the current Fossil Oil Joint Ventures, will no longer be profitable. Fossil Management and its Consulting Engineers have reviewed our year-end Joint Ventures to answer this important question regarding the breakeven oil prices.

First, one of the primary causes of this sudden price decline relates to substantial oil production from the unconventional shale plays such as the Bakken in North Dakota, the Eagle Ford in South Texas, Wolfcamp in the Permian Basin (Midland/Odesa, Texas), Niobrara in Colorado, Marcellus in Pennsylvania, and the Utica in Ohio and New York. Most of these shale plays have a breakeven cost ranging from $80 down to $50 per barrel. The major oil companies who dominate the drilling in these shale plays indicate that a significant drop in drilling activity will take place during 2015, as their drilling rig leases expire. Continue reading →

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