Fortune Oil and Gas, Inc.

July 27, 2011 15:45 ET

Cressent Energy (FOGC) Boosts Revenues at Wichita Falls, TX

PASADENA, TEXAS--(Marketwire - July 27, 2011) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC) ( Cressent Energy continues its organic expansion in Texas with reopening company's shut-in wells in North Texas.

Company holds 37 shut-in wells in the area of Wichita Falls, Texas. Seven (7) of these wells are currently operating and as part of the company organic growth, the company plans to reopen additional six (6) to boost company monthly and annual revenues. These are small wells with minor outflow of 1.5-2 barrels/day.

Louis Purvis, Cressent CEO, stated, "Outside investors are looking at the value of the company as a whole. We hold great potential in our leases and options and we want to unlock this potential on our own dollar. We expect to have these six wells up and running towards the end of August, adding some $10,000/month in revenues to Cressent energy. With increased revenues we will slowly gear towards our larger drilling projects at Liberty Dome, where our preparation works continue."

Cressent anticipates producing up to 200 barrels of oil a day by the end of 2011 after reopening almost three dozen Texas oil wells. With oil prices currently hovering around $100 per barrel and expected to rise, FOGC is looking at pumping approximately $20,000 worth of oil to the surface each day. That translates to over $7 million annually if all developments proceed as anticipated by Cressent Management.

More updates on both FOGC subsidiaries to follow shortly.

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SOURCE Fortune Oil & Gas, Inc.

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