HENDERSON, Nev., July 11, 2011 /PRNewswire/ -- Fortune Oil and Gas, Inc. (PinkSheets: FOGC; http://www.fortuneoilandgascorp.com) and its management offers a summary and an update to the recent achievements of the company subsidiaries Alta Mining and Cressent Energy.
Both subsidiaries had been hard at work using their image as a public company to expand in their energy and mining niches. The companies continue their expansion plans as scheduled. The corporate website had also been updated (http://www.fortuneoilandgascorp.com).
Alta Mining is in final stages of negotiations in British Columbia, Canada, to secure a vast property with silver mining potential. The company will not release any further details regarding these negotiations due to a Confidentiality Agreement between the parties. This is one of the largest claims in the area with historically proven findings of precious metals. With the prices of precious metals soaring, the company continues to pursue this opportunity. If successfully purchased/optioned, Alta Mining would become a holder of a significant silver mining property and a global player in silver market. Alta Mining currently holds all its claims in geo-politically stable mining areas, namely Canada.
Cressent Energy has a roster of expansion initiatives on the table. The company is looking to expand by purchases of small, oil-producing wells in Texas and pool its resources and start larger drilling operations in the South Liberty Field. The geology reports from this field expect oil and gas value of this field in excess of $100 million. The company plans to pursue this opportunity using its own resources rather than seeking investors that would require Cressent Energy to yield a substantial percentage of this opportunity in exchange.
Besides the current active developments and opportunities, both companies continue to look further into acquisitions of other viable properties. As the global demand for resources continues to escalate, Alta Mining continues to seek mining opportunities in Canada and South America. Cressent Energy is looking at additional Texas leases such as west Texas and Eagle Ford Shale, as the US government taps its oil reserves to ease the global oil prices that slow the global economy.
Louis Purvis, the CEO of FOGC stated, "We want our followers to see that our subsidiaries offer a great potential in the current global economy hungry for metals and energy. Both Cressent Energy and Alta Mining are doing their part to engage and expand. We like Alta Mining's strategy of following previously under-explored claims in viable mining areas, as well as Cressent's ability to find new and viable Texas oil leases, wells and "Proven Undeveloped Drill Sites" (PUDS) available for purchase and company expansion. The fact that Cressent is in the oil production stage as an "operator", meaning that they are permitted by the US government to bring oil to the surface, is an extremely valuable asset to FOGC. Even mining and energy sectors can move slowly, we think both companies are doing an excellent job as part of FOGC."
More details to follow shortly.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Fortune Oil & Gas, Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. Fortune Oil & Gas, Inc. cautions you that any forward-looking information provided by or on behalf of Fortune Oil & Gas, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Fortune Oil & Gas, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Fortune Oil & Gas, Inc.'s control. In addition to those discussed in Fortune Oil & Gas, Inc.'s press releases, public filings, and statements by Fortune Oil & Gas, Inc.'s management, including, but not limited to, Fortune Oil & Gas, Inc.'s estimate of the sufficiency of its existing capital resources, Fortune Oil & Gas, Inc.'s ability to raise additional capital to fund future operations, Fortune Oil & Gas, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Fortune Oil & Gas, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Fortune Oil & Gas, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Fortune Oil & Gas, Inc.
Investor Relations Department Inquiries
For M&A and Corporate Matters
SOURCE Fortune Oil & Gas, Inc.