Investigation Into Fossil Oil Company

Stoltmann Law Offices is investigating Fossil Oil Company and the brokers who sold the investment. The company was recently issued a Desist and Refrain Order by the State of California Business, Consumer Services and Housing Agency Department of Business Oversight. Fossil made an offering to raise funds for the Fossil-Mississippi Oil Well JV-II in Lincoln County, Mississippi, to drill a sand oil well. Investors were promised returns of $900 a month in a payout period of 15 months. Investors were also allegedly told that they could also invest in three to four additional offset wells. In another instance, Fossil offered and sold securities to drill additional wells called the Friendship Church Oil Well. This offering was in violation of securities rules and regulations. The state of California ordered Fossil to desist and refrain from the further offer or sale of these securities in the state of California. Dennis R. Kittler, Fossil’s Manager and President, was also charged by the Securities and Exchange Commission (SEC) for selling similar shares in oil wells.

Fossil Oil allegedly sent out marketing materials to solicit investors, many of whom lost significant amounts on this investment. Investors were also sent materials claiming that Fossil needed more money from them. They claimed that if they did not receive more money, the investors would also be penalized. The investments in the oil wells are classified as joint ventures, which is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. Each of the participants is responsible for profits, losses and costs associated with it, but the venture is its own entity, separate and apart from the participants; other business interests. This means Fossil Oil Company will get paid whether investors lose their money or not in the joint venture.

If you or someone you know lost money with Fossil Oil, you may be able to recover your investment losses by calling our securities law firm. We sue firms such as this in an arbitration forum to recover money for investors. We take cases on a contingency fee basis only, which means we do not make money unless you recover yours. Please call as soon as possible, as time is of the essence with these cases.