HENDERSON, Nev., Sept. 19, 2011 /PRNewswire/ -- 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.
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SOURCE Fortune Oil & Gas, Inc.