HENDERSON, NEVADA--(Marketwire - 07/15/11) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC - News)(http://www.fortuneoilandgascorp.com) is pleased to announce that its Cressent Energy's joint venture in El Paso, Texas announced on July 8, 2011 delivers results.
The undisclosed company is a broker for buyers and sellers of income-producing oil properties. Similar to a real estate broker, this unnamed company works to help people find a property that will make them money.
The cooperation has brought Cressent Energy several oil opportunities that are currently under review by the company. The company will seek an opinion from a petrochemical engineer to confirm the wells' abilities to produce revenue on an ongoing basis well into the future. If the reports prove viable reserves in these oil wells, Cressent will proceed with acquisition on these leases.
Through this cooperation, Cressent Energy is looking to acquire 40 leases located in Northwest Texas with over 100 wells present on these properties, in one of the Texas' leading oil counties.
The company is excited about these expected results and intends to release more details shortly.
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