HENDERSON, NEVADA--(Marketwire - 07/21/11) - Fortune Oil and Gas, Inc. (FOGC) (PINK SHEETS:FOGC - News) (http://www.fortuneoilandgascorp.com) Alta Mining through Its Canadian based Subsidiary Alta Mining Inc is pleased to report that it signed a Definitive Agreement to Acquire additional mining claims and expand its presence in Slocan Region.In summary, Fortune Oil and Gas Inc. has entered into a definitive agreement to acquire the Additional Mining Claims in order to expand company's assets in historically proven mining region of Slocan. Management successfully negotiated favorable terms to reach a definitive agreement.Contracted claims are comprised of more than 600 hectares of rich polymetalic formations with 3 historically recorded showings:http://minfile.gov.bc.ca/Summary.aspx?minfilno=082KSW100http://minfile.gov.bc.ca/Summary.aspx?minfilno=082KSW101http://minfile.gov.bc.ca/Summary.aspx?minfilno=082KSW047In addition, all of company claims are having comfortable proximity to past and present producers and all other resources necessary for a prosperous mining operation.In other updates the company under a separate release will shortly release its opinion and findings on the Slocan mining region. The company reminds its readers that it operates two separate wholly owned subsidiaries. FOGC main subsidiary Cressent Energy Inc. is an independent oil and gas company actively engaged in the exploration, development and production of oil and gas in the state of Texas. ALTA MINING INC. is a mining exploration company. ALTA explores for new deposits of precious minerals on the early stage exploration properties that are believed to have significant potential for finding large mineral deposits.More updates on both subsidiaries to follow shortly.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.