FPS 2.75 + .25 today. Some recent news:
On 3/3 CK Cooper & Co. released their semi-annual review of Mico-cap Oil & Gas sector, and Fortune was on the recommend list:
HOUSTON--(BUSINESS WIRE)--March 3, 1997--Fortune Petroleum Corp. (ASE:FPX/FPX.W) Monday announced
that it has entered into a proprietary 3-D seismic joint venture to evaluate and identify exploration
prospects in the South Texas Gulf Coast transition zone.
Fortune acquired a 12.5 percent working interest in the 135- square-mile proprietary 3-D seismic survey
within a 166.5-square- mile area of mutual interest. The company's estimated share of lease acquisition,
3-D seismic, processing and interpretation costs over the next 18 months is anticipated to be approximately
$2.5 million.
The term of the joint-venture agreement extends through July 15, 2002, unless extended to a later date.
Under the terms of the agreement, no joint-venture partner may sell or license the proprietary 3-D seismic
to any outside party without the unanimous approval of all joint-venture partners.
Fortune's principal partners are Smith Management Co. Inc. and Fairfield Resources Corp., a wholly owned
subsidiary of Fairfield Industries Inc. CAEX Services Inc., also a minority equity partner in the joint venture,
will perform the initial interpretation of the seismic data.
Tyrone J. Fairbanks, the company's president and chief executive officer, commented: ``We believe this is an
exceptional exploration opportunity for Fortune and is consistent with the company's stated business
strategy of using 3-D seismic in underexplored transition- zone provinces to identify and drill for
significant accumulations of hydrocarbons.''
Fortune Petroleum is an independent oil-and-gas-exploration and production company with its principal
properties located onshore and offshore Louisiana and Texas. Fortune Petroleum does business in Texas
and Louisiana as Fortune Natural Resources Corp.
For a discussion of the contingencies and uncertainties affecting future events and forward-looking
statements, see Fortune's Sept. 30, 1996 quarterly report on 10-QSB and other Securities and Exchange
Commission reports.
CONTACT: Fortune Petroleum Corp., Houston
John L. Collins, 281/872-1170 |
