PASADENA, Texas, July 21, 2011 /PRNewswire/ -- Fortune Oil and
Gas, Inc. (FOGC) subsidiary Cressent Energy
http://www.fortuneoilandgascorp.com announces the completion on an
all-cash basis the acquisition of an oil well with solid production
capabilities.
Cressent anticipates producing up to 200 barrels of oil a day by
the end of 2011 after reopening almost three dozen Texas oil wells. With oil prices currently
hovering around $100 per barrel and
expected to rise, FOGC is looking at pumping approximately
$20,000 worth of oil to the surface
each day. That translates to over $7
million annually if all developments proceed as anticipated
by Cressent Management.
Mr. Louis Purvis, Cressent CEO,
stated, "The company from which we are acquiring this property has
a portfolio on wells in a different drilling area, with only a
single well in our vicinity. This makes it difficult and time
consuming for them to maintain this well.
More updates on both subsidiaries to follow shortly.
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