PASADENA, TEXAS--(Marketwire - 07/20/11) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC - News)(http://www.fortuneoilandgascorp.com); Cressent Energy management is pleased to announce that it finalized an all-cash basis for the acquisition of an oil well with solid production capabilities.FOGC was solicited for a purchase of a well currently producing 8 barrels of oil a day. The management is currently exploring other ways and means of, adding additional revenues to the company purse. The Company is of the opinion the production of this well can be increased to up to 16 barrels a day.Mr. Louis Purvis, Cressent CEO, stated, "The company from which we are acquiring this property has a portfolio on wells in a different drilling area, with only a single well in our vicinity. This makes it difficult and time consuming for them to maintain this well."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.Fortune Oil and Gas, Inc.