Fortune Oil & Gas, Inc.

September 13, 2011 15:45 ET

Cressent Energy (FOGC) Completes Oil Well Purchase

HENDERSON, NEVADA--(Marketwire - Sept. 13, 2011) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC) ( is pleased to report that its subsidiary Cressent Energy ( had acquired additional well with solid, long-term revenue production.

Cressent management announced that the company has purchased a well which currently produces 12 barrels of oil a day. Cressent purchased this well at very favourable conditions (well below $50,000). With its current production capability of 12 barrels a day, the company expects this well to generate approximately $220,000 annually.

Mr. Louis Purvis, Cressent CEO, stated, "We are happy to be moving forward as fast as we do. We want to acquire a bulk of small producing wells that could generate larger revenue, so we can move onto larger projects, seek wells and leases with higher daily production capacities, and higher daily profits. To be more transparent with our shareholders, we intend to share the purchase agreement and supporting documentation regarding this purchase with the public via OTCMarkets filings and or on our corporate web site. The documents should appear in the OTCMarkets "Financials" section shortly; as a .pdf file.

"We remain committed to our efforts of increasing the value of Fortune Oil & Gas, Inc. (FOGC) and remaining as transparent as possible with our shareholders and followers."

More details will 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.

Contact Information