Fortune Oil & Gas, Inc.
PINK SHEETS : FOGC

May 19, 2011 08:01 ET

Cressent Energy (FOGC) Over $110 Million USD Reserve Report

HENDERSON, NEVADA--(Marketwire - May 19, 2011) - Fortune Oil and Gas' (PINK SHEETS:FOGC) (http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy (http://www.cressentenergy.com/) is pleased to provide highlights from the original reserve report focusing on the wells located in South Liberty Field.

Although the said report dates back some 27 years, it offers a very good description of the 6 wells in South Liberty Field now owned by the Cressent Energy, purchased in 2010. The 6 wells briefly drilled in 1980's showed potential for a significant daily oil production. At the time, the wells were able to produce 283 barrels of oil per day (BOPD) with a note that "Workovers or redrills … on the lease could certainly increase production."

The summary of the reserves on South Liberty Field lease points towards a total of 813 MBO ($78,861,000 USD at the current prices) and 973 MMCF ($34,055,000 USD at the current prices) (Legend: M - Thousands; MM - Millions; BO - Barrels of Oil; CF - Cubic Feet of Natural Gas).

As this is worth repeating, the new geological reserve survey is underway. Using modern technology, the company expects the reserve estimates to be even more accurate, compared to the current estimates shared in this release. As the production of these leases never materialized, the reserve difference should be negligible. With the current high and rising oil prices, the difference in the value of the field should differ significantly.

The management expects to have the first well drilled in Q3 of 2011.

In other company news and events, the company is aware that certain company critics with hidden agendas are utilizing Internet blog web sites to spread doubt and cast a shadow on the company affairs. To counter this, the company intends to complete a 3rd party verification inspection with www.otcverify.com. Moreover, the copy of the original report (which this press release is based upon) is being made available via www.otcverify.com filing system for the company followers to review. Company followers may download a free .pdf copy by visiting www.otcverify.com and downloading a copy of the same.

More details will follow steady, frequently and on a timely basis from the company on activities of both Cressent Energy and Alta Mining the FOGC's two main operating subsidiaries.

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