Fortune Oil & Gas, Inc. (FOGC) New CEO Appointment and Management Update

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HENDERSON, NEVADA--(Marketwire - 03/28/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) (www.fortuneoilandgascorp.com) has appointed Serge S. Acimovic as its new president and chief executive officer to take the reins of FOGC and its new Alta Mining Inc. subsidiary.FOGC announced the finalization of its merger with Alta Mining on March 25, and the company is eager to get down to business and report to its followers. Acimovic brings a wide set of business skills and contacts to his position that will highly benefit the company. FOGC believes that Acimovic's ability to successfully synergize numerous business aspects will help it to quickly move forward and provide it with the needed strength to become a successful junior mining company. FOGC is positive that Acimovic will expand the company's Board of Directors with people who share a similar understanding of the mining industry and have expertise that should establish strong credibility in the industry.FOGC is looking to further explore and exploit mining ventures and build a diversified portfolio of exploration and development projects with historically proven mining potential that meet the company's development standards. The negotiation process is to the point where the company can say that the upcoming mining season (starting in May 2011) will bring a lot of exploration activities. The new management is bullish on the mining industry and the company's financing is securely in place.Alta Mining remains dedicated to overseeing cost-effective exploration and development operations on economically viable mineral deposits situated in geopolitically stable, well-known and historically proven mining areas.In other corporate news, FOGC has completed its subscription agreement with OTC Markets and will soon commence updating OTC Markets with corporate and other relevant data. More updates will follow shortly and frequently.Safe Harbor StatementInformation 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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