HENDERSON, Nev., July 11, 2011 /PRNewswire/ -- Fortune Oil and
Gas, Inc. (PinkSheets: FOGC; http://www.fortuneoilandgascorp.com)
and its management offers a summary and an update to the recent
achievements of the company subsidiaries Alta Mining and Cressent
Energy.
Both subsidiaries had been hard at work using their image as a
public company to expand in their energy and mining niches. The
companies continue their expansion plans as scheduled. The
corporate website had also been updated
(http://www.fortuneoilandgascorp.com).
Alta Mining is in final stages of negotiations in British Columbia, Canada, to secure a
vast property with silver mining potential. The company will
not release any further details regarding these negotiations due to
a Confidentiality Agreement between the parties. This is one of the
largest claims in the area with historically proven findings of
precious metals. With the prices of precious metals soaring, the
company continues to pursue this opportunity. If successfully
purchased/optioned, Alta Mining would become a holder of a
significant silver mining property and a global player in silver
market. Alta Mining currently holds all its claims in
geo-politically stable mining areas, namely Canada.
Cressent Energy has a roster of expansion initiatives on the
table. The company is looking to expand by purchases of small,
oil-producing wells in Texas and
pool its resources and start larger drilling operations in the
South Liberty Field. The geology reports from this field expect oil
and gas value of this field in excess of $100 million. The company plans to pursue this
opportunity using its own resources rather than seeking investors
that would require Cressent Energy to yield a substantial
percentage of this opportunity in exchange.
Besides the current active developments and opportunities, both
companies continue to look further into acquisitions of other
viable properties. As the global demand for resources continues to
escalate, Alta Mining continues to seek mining opportunities in
Canada and South America. Cressent Energy is looking at
additional Texas leases such as
west Texas and Eagle Ford Shale,
as the US government taps its oil reserves to ease the global oil
prices that slow the global economy.
Louis Purvis, the CEO of FOGC
stated, "We want our followers to see that our subsidiaries offer a
great potential in the current global economy hungry for metals and
energy. Both Cressent Energy and Alta Mining are doing their part
to engage and expand. We like Alta Mining's strategy of following
previously under-explored claims in viable mining areas, as well as
Cressent's ability to find new and viable Texas oil leases, wells and "Proven
Undeveloped Drill Sites" (PUDS) available for purchase and company
expansion. The fact that Cressent is in the oil production stage as
an "operator", meaning that they are permitted by the US government
to bring oil to the surface, is an extremely valuable asset to
FOGC. Even mining and energy sectors can move slowly, we think both
companies are doing an excellent job as part of FOGC."
More details to follow shortly.
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SOURCE Fortune Oil & Gas, Inc.