Fortune Oil & Gas, Inc.

May 17, 2011 08:01 ET

Cressent Energy (FOGC) Main Oil Development

HENDERSON, NEVADA--(Marketwire - May 17, 2011) - Fortune Oil and Gas' (PINK SHEETS:FOGC)( subsidiary Cressent Energy ( is pleased to provide its followers on the development plans of the company's most promising leases in Texas.

Besides reopening old wells, the company also holds several promising undeveloped leases in Texas. Study is currently being conducted on this field (6 individual leases) south of Huston. These leases are located in what is known as Liberty Salt Dome. Cressent Energy purchased these leases in 2010 as "Proven Undeveloped Drill Sites" (PUDS). The reserve oil report for the site has been developed previously in 1990's, but the production on the leases never came to fruition and the formations never been produced (drilled).

The company is in possession of an old, very positive reserve oil report (from previous owner). As the production of these leases never materialized, the reserve difference should be negligible, however, with the rising oil prices, the difference in the value of the field should differ significantly. The new geologist report is currently underway.

Due to the positive nature of this report, this is where the company plans to focus its main initiatives in 2011. Barring any drilling permit delays, the management expects to have the first well drilled in Q3 of 2011. Profit for the company is anticipated within three months after opening. The company aims to drill up to 5 wells on this field.

More details will follow.

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