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Fortune Oil and Gas, Inc. (FOGC) to Acquire Cressent Energy from King Resources, Inc. (KING)
Press Release Source: Fortune Oil & Gas, Inc. On Friday May 6, 2011, 3:45 pm EDT HENDERSON, NEVADA--(Marketwire - 05/06/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) (www.fortuneoilandgascorp.com) is pleased to announce that a deal to acquire Cressent Energy (www.cressentenergy.com) from King Resources, Inc. (PINK SHEETS:KING - News) (www.king-resources.com) will close shortly.
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 hovering around $100 per barrel, it's looking at pumping approximately $20,000 worth of oil to the surface each day. That translates to about $7 million annually if everything goes as anticipated. Cressent has all of the equipment necessary to operate these relatively shallow oil wells, and it won't need to spend additional funds to acquire new machinery in order to exploit them.
Cressent chief executive officer Louis Purvis, who has more than 35 years of experience in the oil and gas business, will become FOGC's new CEO. Current CEO Serge S. Acimovic will become FOGC's chief operating officer. He'll continue overseeing the company's expansion into mining, which will be backed by revenue generated from Cressent's oil and gas production.
Following this news, and FOGC's reorganization, the company will continue its expansion. This includes discussions to purchase a lithium mining operation in Argentina. Management believes that Cressent, as a revenue-generating venture, will provide leverage for FOGC's mining expansion.
FOGC will keep its investors and followers updated on any new developments in a timely fashion.
lilsunshine33
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Fortune Oil and Gas, Inc. (FOGC) Completes Acquisition of Cressent Energy
Press Release Source: Fortune Oil & Gas, Inc. On Thursday May 12, 2011, 10:32 am EDT HENDERSON, NEVADA--(Marketwire - 05/12/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) (www.fortuneoilandgascorp.com) is pleased to announce that it has finalized its deal to acquire Cressent Energy (www.cressentenergy.com).
FOGC amongst other things announced on May 6, 2011 (www.minamargroup.net/support/index.php?_m=news&_a=viewnews&newsid=742) that it was close to completing the acquisition of Cressent Energy. New FOGC chief executive officer Louis Purvis and chief operating officer Serge S. Acimovic can now look forward to exploiting the full potential of Cressent's oil and gas production operations, and use revenues from those activities to continue FOGC's mining expansion.
In other news and events, FOGC remains in discussions to purchase a lithium mining operation in Argentina. Moreover, Cressent will shortly release its future plans and forward guidance on monetizing and capitalizing on the current high energy and resource prices.
FOGC followers may expect frequent and timely updates from the company on any new developments in a timely fashion.
lilsunshine33
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Fortune Oil and Gas (FOGC) Forward Guidance: Projecting a Significant Oil Production Increase in 2011
HENDERSON, NEVADA, May 13, 2011 (MARKETWIRE via COMTEX) -- 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.
lilsunshine33
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Alta Mining Inc. (FOGC) To Purchase 100% Mining; Keslo, B.C
Press Release Source: Fortune Oil and Gas, Inc. On Thursday May 19, 2011, 3:45 pm EDT HENDERSON, NEVADA--(Marketwire - 05/19/11) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC - News) (http://www.fortuneoilandgascorp.com) is pleased to announce that its mining subsidiary Alta Mining Inc. has entered into a purchase option agreement to acquire a 100% interest in mining claims at a property located in the mining district of Kaslo, B.C.
The property is located in the Slocan area of B.C. within easy commuting distance of both Kaslo and New Denver. A gravel road extends north to allow access to area over the whole field season.
Previous exploration in the area on and around the claims resulted in numerous discoveries, one of the largest being the Whitewater Mine. The subject mine, located just to the north of the property, produced 260,542 tons of ore containing 1435 oz gold, 3,152,130 oz silver, 28,017,903 lbs lead and 6,260,370 lbs zinc during the period from 1892 to 1945 for an average of 12 oz/ton silver, 5.4% lead and 1.2% zinc. The ore bodies were found adjacent to a thrust fault zone within slate and limestone of the Slocan Group (Hedley 1945).
The whole region is well known for its exceptional high grade mineralization that follows the general structural trend of 310 degrees, dipping generally southwesterly encountering similar grades over the mineralized area. Reports done in the past, underline the possibility that the economically viable area of mineralization could be extended further from the deposits that were exploited in the past.
FOGC management affirms its dedication to its current mining and oil exploration subsidiaries, (Cressent Energy and Alta Mining), and the majority shareholders financial backing of these various announced projects will achieve the projected company growth.
In other company news and events, the company is awaiting a National Instrument 43-101 to complete a compilation report which will be shared with followers in due time. More details will follow shortly.
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