Fortune Oil & Gas, Inc.

May 13, 2011 07:30 ET

Fortune Oil and Gas (FOGC) Forward Guidance: Projecting a Significant Oil Production Increase in 2011

HENDERSON, NEVADA--(Marketwire - May 13, 2011) -Fortune Oil and Gas (PINK SHEETS:FOGC)(http://www.fortuneoilandgascorp.com) is pleased to provide this forward guidance on oil production for Cressent Energy (http://www.cressentenergy.com/), its status, exploration plan and opportunities.

Cressent anticipates producing up to 200 barrels of oil a day by the end of the year after reopening almost three dozen Texas oil wells. With oil prices currently hovering around $100 per barrel and expected to rise, FOGC is looking at pumping approximately $20,000 worth of oil to the surface each day. That translates to over $7 million annually if all developments proceed as anticipated by Cressent Management.

Cressent Energy has no debts and is cash-positive with consistent monthly revenues, which puts it in excellent shape to exploit the potential of almost three dozen oil wells that Cressent is currently reopening in Texas.

Cressent core business model focuses on reopening abandoned oil projects. Rising oil prices have made the once economically unprofitable deposits worth tapping into again. Cressent uses state-of-the-art 3D seismic technology, which reduces the number of dry holes drilled, therefore increasing the number of productive wells.

The company is dedicated to being environmentally responsible and places an emphasis on the health and safety of the areas where it drills. The company is in the process of updating its web site to reflect both operating subsidiaries and expects to have it completed by middle of next week.

A similar forward guidance will follow on FOGC's second subsidiary Alta Mining.

More details will follow shortly.

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