Fortune Oil & Gas, Inc.
PINK SHEETS : FOGC

September 16, 2011 15:45 ET

Cressent Energy (FOGC) to Reopen a High-Revenue Oil Well in November

HENDERSON, NEVADA--(Marketwire - Sept. 16, 2011) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC) (www.fortuneoilandgascorp.com) announces that the company subsidiary Cressent Energy (http://www.cressentenergy.com/) is set to reopen an oil well with high, sustainable production.

This well produced 26 barrels of oil a day (boe/d) before it was taken out of production and Cressent management believes that this production value can be restored, if not increased. At the current 26 boe/d, the company expects this well to produce approximately $800,000 in annual revenues.

Company CEO Louis Purvis said "We are extremely excited about our current strides. There is a bulk of work to be done on the site. We are currently moving equipment to the site in order to start reconditioning the well for production. The reconditioning consists of checking the fluid levels, swabbing the wells, or getting rid of the water. We are looking at a window of an about six to eight weeks to start production. By this time we are hoping to have the agreement on the purchase of the two wells in North Texas also finalized. This is extremely exciting time for Cressent and our shareholders must see the value coming into the company. We are moving forward as fast as we can to become a large Texas producer, in the shortest possible time."

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