HENDERSON, Nev., June 7, 2011 /PRNewswire/ -- Fortune Oil and Gas'
(PINK SHEETS:FOGC; http://www.fortuneoilandgascorp.com) subsidiary
Cressent Energy (http://www.cressentenergy.com/) is pleased to
provide an update on the development plans of the company's most
promising leases in Texas.
Cressent is proceeding with oil extraction preparations on the
Liberty Salt Dome, an area south of Houston that Cressent purchased as six
individual leases in 2010 as Proven Undeveloped Drill Sites (PUDS).
Several older wells are in place in this area, and Cressent is
starting the reconditioning phase of these wells so it can move
into oil development of these leases.
The reconditioning consists of checking the fluid levels and
swabbing the wells, or getting rid of the salt water. Following
this, Cressent will proceed with cleaning of the gravel packs and
building the pad for the rig around the wells and clearing flow
lines to the tank batteries.
Barring any drilling permit delays, Cressent management expects
to have the first well drilled in Q3 of 2011. Profit for the
company is anticipated within three months after opening. The
company aims to drill up to 5 wells on this field.
More details will follow shortly on Alta Mining, FOGC's mining
subsidiary.
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SOURCE Fortune Oil and Gas