Fossil Oil Completes New Gas/Condensate Discovery in Liberty County, Texas!
Photo of MCH # 1 Well Flaring in Liberty County, Texas
Fossil Oil Company, LLC of Houston, Texas perforated and tested the Bandit Prospect #1 well on January 7th, 2013. This deep 15,000’ Cook Mountain (Yegua Sand) formation tested on a conservative 7/64th choke 140 Barrels of Condensate and 1.3 Million Cubic Feet of Gas. Currently, the Operator is preparing to construct the production facility (tank batteries) and pipeline hook-up to Duke Energy’s interstate pipeline system. Congratultions to the investors that are in this oil & gas investment.
Impending Individual Tax Law Changes for 2013
Many key federal tax rules affecting individuals will “sunset” at the end of 2012 unless Congress acts otherwise to extend or permanently enact those provisions. As year-end is approaching quickly, it is wise to be aware of what to expect in 2013, absent further legislation.
Key tax law changes affecting individuals beginning in 2013 if prior laws’ sunsets go into effect:
- Ordinary income-tax brackets – The 10% bracket goes away, with the lowest bracket being 15%. The size of the 15% bracket for married individuals filing a joint return will be less (167%) than twice the size of the 15% bracket for individual filers, as it is currently. The top four brackets rise from 25%, 28%, 33%, and 35% to 28%, 31%, 36%, and 39.6%, respectively.
- Taxation of capital gains and qualified dividends – Generally, long-term capital gains will be taxed at a maximum rate of 20%, an increase from 15%, for higher bracket taxpayers. A 10% rate applies to individuals in the 15% tax bracket. Qualified dividends will be taxed at ordinary income-tax rates (up to 39.6%), as opposed to receiving capital gain treatment, as under current law.
- Reduction in itemized deductions – For higher income individuals, most itemized deductions will be reduced by 3% of adjusted gross income (AGI) above an inflation-adjusted threshold. Reduction cannot exceed 80% of the amount of itemized deductions otherwise allowable.
To read more, go to http://melton-melton.com/the_competitive_edge/article/impending_individual_tax_law_changes_for_2013.
Fossil Oil Company Now Drilling in Liberty County, TX
Houston, Texas August 28, 2012 – Fossil Oil Company, LLC announces its current 3-D seismic based project Fossil – Texas Gulf Coast Oil Well Joint Venture. This well is located in the well-established Cottonwood North Field in Liberty County, Texas and is to be drilled to a total depth of 16,200’ to test the prolific Cook Mountain formation. We are currently drilling at 12,935’.
The Fossil-Texas Gulf Coast Oil Well JV’s Operator has contracted with Precision Drilling Company’s Rig #86 to drill the Bandit Prospect Well #1. The reserve potential for this 3-D seismic based prospected has been estimated to be a total of 800,000 Barrels of Oil and 16 Billion Cubic Feet of Natural Gas to the 8/8th. The Bandit Prospect is on strike with other Cook Mountain discoveries in the area producing from 5 Million to 25 Million Cubic Feet of Gas per Day (MMCFPD) with oil yields up to 130 Barrels of Condensate (Oil) per Million Cubic Feet (MMCF). The prospect is further supported by subsurface geological control from nearby producing wells.
Fossil’s President, Dennis R. Kittler has stated, “The 3-D seismic data on this well affords Fossil the strongest reasons to believe that the estimated recoverable reserves are highly achievable. This well has the potential to be a ‘company maker’ as well as a significant producer for our JV partners”.
Fossil Oil Company is an independent oil and gas exploration and production company whose management and consultants collectively have more than 130 years’ experience in operating and generating oil and gas investment opportunities for high net worth individuals. For more information about Fossil Oil Company, LLC, please visit www.fossiloil.com or info@fossiloil.com.
Fossil Oil’s Current JV Has Hit Oil in Both Wells! Limited Investment Units Remain Available…
Fossil – North Ingram Prospect Well #1
May 30, 201
2 – CONGRATULATIONS JV PARTNERS – OUTSTANDING CORE RESULTS!) – Fossil management just received the attached Conventional Core Analysis Results from Weatherford Laboratories in New Orleans. Fossil Oil’s technical staff stated that this Core #1 Analysis is by far the very best that they have ever logged in all of Fossil’s Alabama wells. What this Core #1 Analysis is showing:
- 34 Feet of Continuous Dolomite Oil
- High Permeability’s
- High Porosities
- High Oil Saturations
- Low Water Saturations
- High Gravity Oil (API 45)
WHY SHOULD YOU INVEST IN OIL & GAS JOINT VENTURES?
The U.S. imports over 60% of its oil from foreign sources compared to 40% in 1985. Demand for oil and gas is rising worldwide at about 2.5 to 7% per year, while supply has declined annually. The world supply will be one million barrels short daily by 2013 pushing prices likely to $100-$120.00 a barrel. Virtually all the 300 major oil fields of the world are watering out meaning they can no longer provide increasing consumer demand from countries like China, Indonesia, the United States and other countries. We consume 80 million barrels of oil per day and we will need between 100 and 115 million barrels of oil per day by 2015 if not sooner. There is no way the world’s nations can meet rising demand. Therefore prices will have to raise substantially meaning wealth for those who own reserves of oil in the ground.
There are no known alternative energy sources that can compete with oil and natural gas due to the energy output of a hydrocarbon and the laws of thermodynamics with respect to fuel cells and hydrogen. Oil and natural gas will be the fuel of choice for the next fifty years even though every known alternative energy method will be needed. Based on analysis by experts all alternative systems could account for only 40% of our energy needs for the next fifty years.
WOULDN’T I DO BETTER BUYING EXXON OR SHELL COMMON STOCK?
All wealth for companies or individuals is made at the well head. Those who typically become rich are those who own oil interests in a good economic producing oil and gas field.
The smaller independent oil companies find over 65% of all new oil wells, not the major oil companies. The majors left behind thousands of smaller oil fields which, are now becoming valuable as shortages loom until the new giant oil fields are found. There will be an 8-10 year window of opportunity to create great wealth through direct participation programs.
WHAT ARE THE TAX ADVANTAGES?
The United States Government offers 100% tax write offs for what is called intangible drilling costs (IDC). In other words, investors who pay for the drilling of a well in the year of the investment will be able to write off 65-75% of the investment regardless of the outcome of the well.
Fossil Oil Company has an exciting 3-D based oil well investment JV along the Texas Upper Gulf Coast. For more information about our current project click HERE
FOSSIL OIL’S PRESIDENT, DENNIS KITTLER TO INTERVIEW WITH ABC-TV NEWS
Fossil Oil Company’s President, Dennis R. Kittler will be featured on a news segment with WEAR–TV Station (ABC Channel 3) in Pensacola, FL. On March 16th, Bill Pearson, ABC TV News reporter, will interview Mr. Kittler at Fossil’s current drilling location in Escambia County, Alabama. Mr. Kittler will take a camera crew and reporter, Bill Pearson, on a tour of Precision Drilling Company’s Rig #86 which is now drilling Fossil’s Roll Tide Smackover Oil Prospect. This is the 2nd of three (3) wells scheduled to be drilled by Rig #86 in this SW Alabama region for Fossil Oil and its Operator partner. In addition to describing this rotary rig’s components to the reporter and its viewers, Mr. Kittler will talk about the prolific Smackover oil formation (Dolomite) which is the primary target in this newest core area for both Fossil and Choice and the impact that successful drilling will have on both this community and to Fossil Oil’s joint venture partners. Below is a small bit on who is doing the story on Mr. Kittler.
Bill Pearson joined the Channel 3 News team in February of 2006. Before WEAR, he worked for more than three years as a General Assignment Reporter for WCTV in Tallahassee.
Bill’s interest in television news began early, when at age five he would make time to watch the local weather report. As he grew older, his interest in television shifted more towards news.
Bill graduated with a Journalism degree from the University of Central Florida in 2002. His broadcasting career began in college, while working for WUCF-FM. He then moved on from radio and into television where he worked for two years as an associate producer/writer for WFTV, the ABC station in Orlando.
During his reporting career, Bill has enjoyed the opportunity of interviewing a wide variety of people including the governors of both Florida and Georgia, members of the armed services, local leaders and of course everyday citizens.
Bill is an avid sports fan, and he enjoys rooting for the University of Central Florida football team and his beloved Denver Broncos in the NFL. He also enjoys working out, watching movies, meeting new people and going to the beaches along the Gulf Coast.
E-mail Bill: wpearson@weartv.com
Go to www.fossiloil.com for more information on our current activities.
