PASADENA, Texas, July 28, 2011 /PRNewswire/ -- Fortune Oil and Gas, Inc. (Pinksheets:FOGC.pk - News) 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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