HENDERSON, Nev., June 10, 2011 /PRNewswire/ -- Fortune Oil and Gas' (FOGC; www.fortuneoilandgascorp.com) subsidiary Cressent Energy (www.cressentenergy.com) is looking at leases in the famous South Texas Eagle Ford Shale.
The Eagle Ford Shale is a natural gas reservoir located in South Texas and is known as being one of the largest domestic oil discoveries in U.S. history. There are over 165 rigs drilling in the Eagle Ford Shale and many new producing oil and gas wells.
Cressent is currently looking at the Eagle Ford Shale for a 2012 leases. A lease in this area could be very promising for Cressent Energy, as some of the rigs that are currently drilling are producing more than 2000 barrels of crude per day.
Part of the Company strategy is purchase of leases with new development potential in the surrounding areas. As companies explore surrounding land, the valuation of the owned property increases and offers the opportunity to resell this property at a higher valuation.
More details will follow in a timely fashion.
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SOURCE Fortune Oil & Gas, Inc.