HENDERSON, Nev., Sept. 14, 2011 /PRNewswire/ -- Fortune Oil & Gas, Inc. (PINK SHEETS: FOGC) (www.fortuneoilandgascorp.com) reported that Cressent Energy (http://www.cressentenergy.com/) had acquired an additional oil well with solid, long-term revenue production.
The newly acquired well currently produces 12 barrels of oil a day. With this production capability the company expects this well to generate approximately $220,000 annually.
Company management expressed satisfaction with the current fast developments with the company. The current acquisitions of small producing wells is to lead revenue generation, so management can undergo larger projects, seek wells and leases with higher daily production capacities, and higher daily profits.
The company remains committed to its efforts of increasing the value of Fortune Oil & Gas, Inc., and to increase company transparency. In this light, the company will share the purchase agreement of the well and supporting documentation using OTC Markets and or its corporate web site www.fortuneoilandgascorp.com.
More details will follow shortly.
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SOURCE Fortune Oil & Gas, Inc.