Fortune Oil and Gas, Inc.

July 21, 2011 15:34 ET

Fortune Oil and Gas (FOGC) Alta Mining Signs Definitive Agreement

HENDERSON, NEVADA--(Marketwire - July 21, 2011) - Fortune Oil and Gas, Inc. (FOGC) (PINK SHEETS:FOGC) ( Alta Mining through Its Canadian based Subsidiary Alta Mining Inc is pleased to report that it signed a Definitive Agreement to Acquire additional mining claims and expand its presence in Slocan Region.

In summary, Fortune Oil and Gas Inc. has entered into a definitive agreement to acquire the Additional Mining Claims in order to expand company's assets in historically proven mining region of Slocan. Management successfully negotiated favorable terms to reach a definitive agreement.

Contracted claims are comprised of more than 600 hectares of rich polymetalic formations with 3 historically recorded showings:

In addition, all of company claims are having comfortable proximity to past and present producers and all other resources necessary for a prosperous mining operation.

In other updates the company under a separate release will shortly release its opinion and findings on the Slocan mining region. The company reminds its readers that it operates two separate wholly owned subsidiaries. FOGC main subsidiary Cressent Energy Inc. is an independent oil and gas company actively engaged in the exploration, development and production of oil and gas in the state of Texas. ALTA MINING INC. is a mining exploration company. ALTA explores for new deposits of precious minerals on the early stage exploration properties that are believed to have significant potential for finding large mineral deposits.

More updates on both subsidiaries to follow shortly.

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