HENDERSON, NEVADA, Sep 16, 2011 (Marketwire via COMTEX) — Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC) (www.fortuneoilandgascorp.com) announces that the company subsidiary Cressent Energy (http://www.cressentenergy.com/) is set to reopen an oil well with high, sustainable production.
This well produced 26 barrels of oil a day (boe/d) before it was taken out of production and Cressent management believes that this production value can be restored, if not increased. At the current 26 boe/d, the company expects this well to produce approximately $800,000 in annual revenues.
Company CEO Louis Purvis said “We are extremely excited about our current strides. There is a bulk of work to be done on the site. We are currently moving equipment to the site in order to start reconditioning the well for production. The reconditioning consists of checking the fluid levels, swabbing the wells, or getting rid of the water. We are looking at a window of a about six to eight weeks to start production. By this time we are hoping to have the agreement on the purchase of the two wells in North Texas also finalized. This is extremely exciting time for Cressent and our shareholders must see the value coming into the company. We are moving forward as fast as we can to become a large Texas producer, in the shortest possible time.”
More details will follow shortly.