HENDERSON, NEVADA--(Marketwire - 05/17/11) - Fortune Oil and Gas' (PINK SHEETS:FOGC - News)(http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy (http://www.cressentenergy.com/) is pleased to provide its followers on the development plans of the company's most promising leases in Texas.
Besides reopening old wells, the company also holds several promising undeveloped leases in Texas. Study is currently being conducted on this field (6 individual leases) south of Huston. These leases are located in what is known as Liberty Salt Dome. Cressent Energy purchased these leases in 2010 as "Proven Undeveloped Drill Sites" (PUDS). The reserve oil report for the site has been developed previously in 1990's, but the production on the leases never came to fruition and the formations never been produced (drilled).
The company is in possession of an old, very positive reserve oil report (from previous owner). As the production of these leases never materialized, the reserve difference should be negligible, however, with the rising oil prices, the difference in the value of the field should differ significantly. The new geologist report is currently underway.
Due to the positive nature of this report, this is where the company plans to focus its main initiatives in 2011. Barring any drilling permit delays, the 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.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Fortune Oil & Gas, Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. Fortune Oil & Gas, Inc. cautions you that any forward-looking information provided by or on behalf of Fortune Oil & Gas, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Fortune Oil & Gas, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Fortune Oil & Gas, Inc.'s control. In addition to those discussed in Fortune Oil & Gas, Inc.'s press releases, public filings, and statements by Fortune Oil & Gas, Inc.'s management, including, but not limited to, Fortune Oil & Gas, Inc.'s estimate of the sufficiency of its existing capital resources, Fortune Oil & Gas, Inc.'s ability to raise additional capital to fund future operations, Fortune Oil & Gas, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Fortune Oil & Gas, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Fortune Oil & Gas, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
No comments:
Post a Comment