Diligence in Oil and Gas Exploration!
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FOSSIL Oil & Gas Management, L.L.C.
HOUSTON, TEXAS


Skill + Experience + 3D Technology = Success!
 



Tool Pushers

Independent Oil and Gas Management!

Fossil Oil & Gas Management, LLC. is an independent oil and gas management company with management having over 40 years experience serving Texas and Louisiana Gulf Coast, South and East Texas.

Throughout most of 2008, the oil and gas industry had never been better in its 150 year existence. Oil companies were experiencing record profits. The industry appeared to be revisiting the oil boom of the early 20th century but with far greater results with Natural Gas and Condensate as an added commodity! It was a period of global demand for energy, tightening supply, lingering energy bill in our own country, and tax write off incentives in the tax code to stimulate public and private sector oil and gas partnerships. The opportunities were astounding through the first 3 quarters of 2008. The price of a barrel of crude oil hit a record $147.27 on July 11th. All this changed when the “economic crisis” caught most of us by surprise. Five years of increasing price gains for oil and natural gas was lost in five months. What we must remember is that crude oil traded at $17.85 per barrel in 2002 and by 2007 had jumped to $95.98 per barrel. Currently, oil is trading at nearly $40 per barrel. Industry pundits are predicting that as the stock market recovers in the second half of 2009 and into 2010 our economy and the demand for crude oil and natural gas will do the same. The instability of the Middle East oil producing countries and the reduction of oil output by OPEC should also help prices climb back up to reasonable levels.

In spite of today’s lower prices, industry economists predict worldwide consumption to be 115 million barrels of oil a day by 2030, a huge increase from current demand. World competition for fossil fuel sources will always exist, yet, big oil companies have reduced their drilling budgets from 30% in the mid-90's to under 18% today. Much of today’s world's oil has been nationalized, leaving the major USA oil companies scrambling for incredibly expensive international and deep water projects (Outer Continental Shelf – Gulf of Mexico). Thus, with the absence of the major oil companies drilling onshore, “the playing field has been leveled” and huge opportunities prevail to explore these vast onshore projects. Companies like Fossil Oil & Gas Management, LLC are currently sitting on the sideline waiting to see an upward trend in oil prices. Until this happens, Fossil management will continue to manage our existing joint venture operations only.


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Industry News Updates!

07/01/09 - XTO Energy Inc., Fort Worth, Texas, (NYSE: XTO) has updated its price hedges and has now hedged approximately 95% of its projected 2010 oil production.

XTO has hedged 70,000 barrels of oil per day at $95.70 per barrel in 2010. The company has also hedged 730 million cubic feet of gas per day at $8.67 per thousand cubic feet in 2010. Total hedging for 2010 is 1.15 billion cubic feet of gas equivalent at $11.33 per thousand cubic feet equivalent.

XTO chairman Bob Simpson says, We are encouraged by our activities in the Bakken shale and the additional oil hedges underpin these strong economics. Even in these difficult economic times, our geo-technical team continues to unlock the power of last year's acquisitions and position XTO for a strong 2010.”


6/15/09- Reported Prices – even with firming oil prices (now exceeding $70 per barrel) natural gas has separated from the oil complex and has fallen to a daily and prompt month range of $3.50 to 3.85 per MMBtu. Optimism regarding future economic recovery
seems to be fueling the oil commodity price rebound. However, looking at natural gas, the
nation’s underground storage position is strong, as are other supply-related indicators compared to natural gas consumption. It appears that physical fundamentals are carrying the day for natural gas pricing. Some analysts (without a supply disruption or strong power generation demand this summer) see them going even lower. Read more....


HOUSTON, June 11 -- Oil prices continued to escalate June 10 with the front-month US benchmark contract closing above $71/bbl in the New York market for the first time in 8 months following reports of unexpected drops in crude, gasoline, and distillate fuel inventories. Read more....


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Oil Prices

SPOT MARKET PRICES

7/2/09* close
PETROLEUM ($/bbl)

Nymex Crude Future.........66.73
Dated Brent Spot.............65.54
WTI Cushing Spot..........66.73

7/2/09* close
NATURAL GAS ($/MMBtu)
Nymex Henry Hub Future........3.62

Henry Hub Spot..................3.63
New York City Gate Spot........3.85

*For the very latest prices Click Here!

Fossil Oil & Gas Management Latest News!

SPECIAL ANNOUNCEMENT!

6/26/09 – (Fossil – Cooley Gas Field JV) Fossil Management has completed the Ballot tally from all of the JV partners. The over-whelming vote was to authorize the Managing Partner to get the Horelica #2 well plugged by a third party eliminating the liability to the JV to plug and abandon this well in the future.

6/26/09 – (FOSSIL – 2007 YEAR-END MULTI WELL JV) Fossil Management has completed and mailed out the Quarterly Summary and the Accounting Summary reflecting Revenue Distribution #10 for the sale of Oil & Gas produced in February, March and April, 2009 for this Joint Venture.

6/24/09 – (FOSSIL – BARHAM #1 JV PARTNERS) Fossil Management has mailed out the Quarterly Summary and the Accounting Summary reflecting Revenue Distribution #10 for the sale of Oil & Gas produced in February, March and April, 2009 for this Joint Venture.

6/22/09 – (FOSSIL- TEXAS OIL FIELD PRODUCING WELLS JV) Fossil Management has just sent out the Quarterly Summary and the Accounting Summary reflecting the Revenue Distribution #13 of Oil & Gas produced in February, March, and April, 2009 for this Joint Venture.

6/19/09 – (2008 JV TAX INFORMATION) Fossil Management has submitted all Corporate Federal Tax Returns and their respective Franchise Tax Returns for each Fossil sponsored Joint Venture for 2008. Fossil JV partner’s K-1’s/Form 1065 and their JV 2008 Federal Tax Return have also been sent out via the US Mail by Hilliard & Associates, P.C. our CPA firm. Should and JV partner need additional copies of your K-1 information or any other operational or accounting matter, please call Tom Hood or Trish Webster in our corporate office at 713-978-6805 .

Quick Links to Your Well Reports

*Login and Password Required for all Drilling & Completion Reports!

ACTIVE INDIVIDUAL JV PROJECT REPORTS:
 
    Fossil-Metals JV : 6/26/09 -4:41pm
FOSSIL-BARHAM JV:
  Fossil-Thibodeaux #1 : 7/1/09 -5:00pm
Fossil-Barham #1 : 7/1/09 -5:30pm    
     
FOSSIL-COOLEY GAS FIELD JV:
 
Fossil-Horelica #2 : 7/1/09 -4:30pm   WELLS JV Drilling Report: 4/29/09 -6:00pm
    ARCO FEE #1-R : 7/1/09 -5:18pm
  LITTLE ARCO : 7/1/09 -5:18pm
   
 
ACTIVE INDIVIDUAL JV PROJECT REPORTS:
Fossil-Horelica #1A-ST : 7/1/09 -4:30pm   Fossil-Forgason #1 : 7/2/09 -5:00pm
Fossil-Horelica #2 : 7/1/09 -4:30pm  
Fossil-Dobbs Ranch #1: 7/1/09 -4:30pm


*Login and Password Required for all Drilling & Completion Reports!



Pumpjack 7/2/08– The Fossil-Forgason #1 well in Wharton County, Texas (DRILLED, TESTED, COMPLETED, PRODUCING GAS) continues to be a consistent and steady producer of natural gas and the daily production chart can be reviewed on the report site. (Click to go directly to this well’s Report Link.)



Pumpjack7/1/08 - FOSSIL-ARCO FEE #1-R Well (part of the Fossil-Texas Oilfield Producing Wells JV) in Tyler County, Texas (PRODUCING OIL AND NATUAL GAS DAILY) Recompletion and workover activity was successful and this well is producing both crude oil and natural gas daily. Partners can review the Production Charts in the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK).


Pumpjack 7/1/08 - FOSSIL - LITTLE – ARCO #1 - T Well (part of the Fossil-Texas Oilfield Producing Wells JV) in Tyler County, Texas (PRODUCING NATURAL GAS AND CRUDE OIL DAILY) Partners can review the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK



Pumpjack7/1/08 - Fossil-Thibodeaux #1 well in Calcasieu Parish, Louisiana (part of the Well Multi-Well JV) (DRILLED, TESTED, COMPLETED, GAS PIPELINE CONNECTED AND PRODUCING GAS) continues to be a consistent and steady producer of natural gas and the daily production chart can be reviewed on the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK).


Pumpjack 7/1/08 - The Fossil-Dobbs Ranch #1 well in Lavaca County, Texas (DRILLED, TESTED, COMPLETED, TESTING AND PRODUCING GAS) continues to be a consistent and steady producer of natural gas and the daily production chart can be reviewed on the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK).


Pumpjack7/1/09–
The Horelica #2 well in Ft. Bend County, Texas. History of this well can be reviewed in the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK).





Pumpjack
7/1/09 - Fossil – Horelica #1A-ST well in Fort Bend County, Texas (also part of the Fossil-Call Oilfield and Fossil-Salinas JV) (DRILLED, TESTED, COMPLETED, PRODUCING GAS AND OIL) Details of workovers and daily production can be reviewed in the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK)


Pumpjack7/1/09 - Fossil–Barham #1 well in Calcasieu Parish, Louisiana (DRILLED, TESTED, COMPLETED, RE-COMPLETED IN A NEW ZONE AND PRODUCING NATURAL GAS AND CRUDE OIL DAILY) continues to be a consistent and steady producer. The daily production chart can be reviewed on the Report Section for this JV (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK)


Pumpjack6/26/09 - Fossil Metals JV (part of the 2007 Year End Well Multi-Well JV) Progress reports and updates can be seen in the Report Link (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK)




Pumpjack6/15/09 - Fossil–2005 Call Oil Field (Kansas/Texas) Multi-Well JV. All special notices and production reports can be reviewed on the Report Link (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK)


Pumpjack5/6/09– The 2007 Fossil –Year End Joint Venture – This multi-well joint venture continues to manage several producing wells and a precious metals project. (CLICK HERE TO GO DIRECTLY TO THE REPORT LINK)




Pumpjack
Established 1999

2500 Wilcrest Drive, Suite 415
Houston, Texas 77042

713-978-6805

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info@fossiloil.com

Hours:
Monday - Friday
8:30 a.m. – 5:30 p.m.

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