Fortune Oil and Gas, Inc. (FOGC) to Reopen Six Oil Wells This Spring

HENDERSON, NEVADA--(Marketwire - 05/16/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) ( subsidiary Cressent Energy ( is reopening 6 shallow oil wells in North Texas.Newly acquired U.S.-based oil and gas company Cressent Energy expects to reopen six shallow wells in North Texas. It takes about 3 days to put the wells back in business and Cressent expects to pump out 20-25 barrels of oil per day from these reopened wells.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.Oil wells are sometimes reopened because rising prices have made what were once economically unviable deposits viable once again. Sometimes wells still have viable reservoirs of gas oil but are overlooked because the tools used when the well was originally opened were not technically advanced enough to detect all of the available deposits. It would seem that there may be life left in many a well once considered exhausted, and in times such as these, with oil prices rising ever higher, these wells become commercial viable once again.FOGC followers may expect frequent and timely updates from the company on any new developments in a timely fashion.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.Fortune Oil & Gas, Inc.