PASADENA, Texas, July 8, 2011 /PRNewswire/ -- Fortune Oil & Gas, Inc. (Pink Sheets:FOGC.pk - News) www.fortuneoilandgascorp.com) and www.cressentenergy.com, subsidiary of Cressent Energy, is pleased to announce an interest in purchasing a field and a well in Liberty Salt Dome with proven minor production capabilities.
Cressent Energy is actively discussing the purchase of a well able to approximately produce an additional $250,000 in annual revenues for the company. The company is currently seeking an opinion from a petrochemical engineer to confirm the well's ability to produce this revenue on an ongoing basis. Cressent's plan is to boost company income and provide revenues to move the company efforts from small drills to larger projects and higher oil production. To accomplish this, the company management continues to seek all possible and affordable avenues for expansion to speed up the company growth, while working on the existing company ongoing projects in order to pool resources and revenues and proceed with the large scale projects, such as the Liberty Salt Dome production.
In other news and as a note from management, Cressent is using this opportunity to point out to its followers that, in the U.S. petro-chemical industry, the company needs to be an "operator" to be permitted by law to exploit oil resources and bring oil to the surface, and not every company in the oil industry can be, or is, an operator. The company believes this gives Cressent a significant edge in the oil exploration industry.
More updates to follow shortly.
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