Fortune Oil and Gas, Inc.
PINK SHEETS : FOGC

Fortune Oil and Gas, Inc.

August 26, 2011 15:45 ET

Cressent Energy (FOGC) to Purchase Wells With $1.2 Million Annual Production Capacity

HENDERSON, NEVADA--(Marketwire - Aug. 26, 2011) - Fortune Oil and Gas' (PINK SHEETS:FOGC) (http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy (http://www.cressentenergy.com/) informs its followers that the evaluation of the North Texas wells has been finalized with positive results.

The company sought out the opinion of a petrochemical engineer to confirm the wells' abilities to produce revenue on an ongoing basis and well into the future. This process has now been finalized and Cressent management is currently negotiating with the owners to purchase this property.

The purchase consists of 2 wells able to produce approximately 40 barrels of oil daily. Cressent management estimates the monthly revenues from these wells to reach about $100,000 a month, which would translate into $1.2 million annually.

The purchase negotiations are currently underway. This purchase continues the Cressent management's plan for organic growth without outside investment or debt.

The opportunity to purchase these wells came from Cressent Energy's cooperation with the U.S.A.-based broker for buyers and sellers of income-producing oil properties. Similar to working with a real estate broker, this unnamed company works to help people find a property that will make them money. Cressent plans to continue its cooperation and is looking to acquire some 40 leases with over 100 wells present on these properties.

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.

Fortune Oil & Gas, Inc.

Contact Information