PASADENA, Texas, July 28, 2011 /PRNewswire/ -- Fortune Oil and
Gas, Inc. (Pinksheets: FOGC; http://www.fortuneoilandgascorp.com)
Cressent Energy continues its program to reopen shut-in wells in
North Texas.
The company holds dozens of shut-in wells in the area of
Wichita Falls, Texas, and will
reopen additional wells to boost company revenues and support the
path of the organic growth. The company will reopen an additional
six (6) wells with minor outflow of 1.5-2 barrels/day to boost
company monthly and annual revenues.
The company offers great potential in its leases and options and
wants to unlock this potential without creating debt. The company
expects to open these six wells toward the end of August and add
some $10,000/month in revenues
to Cressent Energy and gear toward the company's larger drilling
projects at Liberty Dome.
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.
More updates on both FOGC subsidiaries to follow shortly.
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