Fortune Oil and Gas, Inc.
PINKSHEETS : FOGC

Fortune Oil and Gas, Inc.

February 23, 2012 13:42 ET

Fortune Oil and Gas (FOGC) General Update

HENDERSON, NEVADA--(Marketwire - Feb. 23, 2012) - Fortune Oil & Gas, Inc. (PINKSHEETS:FOGC) (www.fortuneoilandgascorp.com) The management acknowledges its shareholders and followers requests to provide further updates on the activities of FOGC. As aforementioned in our previous news release of Jan 20 2012 amongst other things, the company recently announced that a Geological Evaluation Report for the, BC, Canada, property has been prepared and completed on behalf of Alta Mining, Inc. (the "Report"). Work by others in the area has shown that the mineralization in the area may respond to geophysical surveys. Details of the report were made available on the "Support Suite" of alternative reporting. http://bit.ly/supportsuite

A filing with State of Nevada shortly http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=c63OrSJFMiS2M7UyRqOzYQ%253d%253d&nt7=0 will indicate an authorized share structure increase from 888 million to 2.8 billion. The share structure was necessary to accommodate a possible merger into FOGC and to accommodate fees and payment dues of the aforementioned report.

FOGC is in the process of completing OTC Markets Adequate Disclosure documents including a legal opinion. The company will commence uploading these documents on the OTC Markets web site within next couple of weeks.

Regarding the oil exploration division: Cressent Energy continues business as usual. http://cressentenergy.com Cressent is an already a revenue producing entity.

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.

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