HENDERSON, NEVADA, Sep 13, 2011 (Marketwire via COMTEX) — Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC) (www.fortuneoilandgascorp.com) is pleased to report that its subsidiary Cressent Energy (http://www.cressentenergy.com/) had acquired additional well with solid, long-term revenue production.
Cressent management announced that the company has purchased a well which currently produces 12 barrels of oil a day. Cressent purchased this well at very favourable conditions (well below $50,000). With its current production capability of 12 barrels a day, the company expects this well to generate approximately $220,000 annually.
Mr. Louis Purvis, Cressent CEO, stated, “We are happy to be moving forward as fast as we do. We want to acquire a bulk of small producing wells that could generate larger revenue, so we can move onto larger projects, seek wells and leases with higher daily production capacities, and higher daily profits. To be more transparent with our shareholders, we intend to share the purchase agreement and supporting documentation regarding this purchase with the public via OTCMarkets filings and or on our corporate web site. The documents should appear in the OTCMarkets “Financials” section shortly; as a .pdf file.
“We remain committed to our efforts of increasing the value of Fortune Oil & Gas, Inc. (FOGC) and remaining as transparent as possible with our shareholders and followers.”
More details will follow shortly.