HENDERSON, NEVADA--(Marketwire -08/26/11)- Fortune Oil and Gas' (PINK SHEETS: FOGC) (http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy (http://www.cressentenergy.com/) informs its followers that the evaluation of the North Texas wells has been finalized with positive results.
The company sought out the opinion of a petrochemical engineer to confirm the wells' abilities to produce revenue on an ongoing basis and well into the future. This process has now been finalized and Cressent management is currently negotiating with the owners to purchase this property.
The purchase consists of 2 wells able to produce approximately 40 barrels of oil daily. Cressent management estimates the monthly revenues from these wells to reach about $100,000 a month, which would translate into $1.2 million annually.
The purchase negotiations are currently underway. This purchase continues the Cressent management's plan for organic growth without outside investment or debt.
The opportunity to purchase these wells came from Cressent Energy's cooperation with the U.S.A.-based broker for buyers and sellers of income-producing oil properties. Similar to working with a real estate broker, this unnamed company works to help people find a property that will make them money. Cressent plans to continue its cooperation and is looking to acquire some 40 leases with over 100 wells present on these properties.
More details will follow shortly.
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