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Fortune Oil and Gas, Inc. (FOGC) to Acquire Cressent Energy from King Resources, Inc. (KING)


May 6, 2011 - Henderson, Nevada

Fortune Oil & Gas, Inc. (PINK SHEETS: FOGC) (www.fortuneoilandgascorp.com) is pleased to announce that a deal to acquire Cressent Energy (www.cressentenergy.com) from King Resources, Inc. (PINK SHEETS: KING) (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.

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.

Fortune Oil & Gas, Inc.

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