HENDERSON, Nev., Sept. 19, 2011 /PRNewswire via COMTEX/ — Fortune Oil & Gas, Inc. (PINK SHEETS: FOGC) (www.fortuneoilandgascorp.com) announces that the company subsidiary Cressent Energy (http://www.cressentenergy.com) starts work on a well with high production potential.
This oil well originally produced 26 barrels of oil a day (boe/d) and Cressent management believes that this production value can be restored, and should produce approximately $800,000 in annual revenues.
Management is excited about the company developments. The Company is currently moving equipment to the site and starts reconditioning the well. The Company seeks to bring the well back online in about six to eight weeks.
The Company also aims to reach agreement on the purchase of the two wells in North Texas within this timeframe.
Cressent aims to become a large Texas producer in the shortest possible time.
More details will follow shortly.