PASADENA, TEXAS--(Marketwire - 07/20/11) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC - News)(http://www.fortuneoilandgascorp.com); Cressent Energy management is pleased to announce that it finalized an all-cash basis for the acquisition of an oil well with solid production capabilities.
FOGC was solicited for a purchase of a well currently producing 8 barrels of oil a day. The management is currently exploring other ways and means of, adding additional revenues to the company purse. The Company is of the opinion the production of this well can be increased to up to 16 barrels a day.
Mr. Louis Purvis, Cressent CEO, stated, "The company from which we are acquiring this property has a portfolio on wells in a different drilling area, with only a single well in our vicinity. This makes it difficult and time consuming for them to maintain this well."
More updates on both subsidiaries to follow shortly.
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