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Gold/Mining/Energy : Fortune Petroleum (FPX) -- Ignore unavailable to you. Want to Upgrade?

To: jask who wrote (264)	3/23/1999 9:02:00 AM
From: Ed Ajootian	Read Replies (1) \| Respond to of 275

Fortune Natural Resources Corporation Announces Amendment to Its 12% Convertible Subordinated Notes Due Dec. 31, 2007 Majority of Noteholders Agree to Set Higher Fixed Conversion Price HOUSTON--(BUSINESS WIRE)--March 22, 1999-- Fortune Natural Resources Corporation (AMEX:FPX - news) today announced that it received acceptances from 21 of its 26 holders of its 12% Convertible Subordinated Notes due Dec. 31, 2007 to its proposal to set a fixed conversion price of the notes. The 21 noteholders represent $2,295,000 of the $3,225,000 principal amount of the notes outstanding. This proposal amends the original conversion provision, which provided for the conversion to be set at a value equal to 105% of the average daily closing price of the stock during the period from March 2 to April 30, to a new fixed conversion price of $0.75. Each holder who has accepted this proposal will also receive one warrant to purchase a share of Fortune common stock at $1.00 for each share into which the holder's note is convertible at the newly established conversion price. Tyrone J. Fairbanks, Fortune's president and chief executive officer, noted that the new conversion provision represents a compromise between the company and its noteholders which will work to the benefit of each. ''We sought to strike a balance between the interests of our existing shareholders and our noteholders, while at the same time providing the investment community with a level of certainty as to the total number of shares available for potential conversion, in the event any were ever to be converted in the future at all. We believe we have accomplished that goal with this pre-emptive agreement.'' Fortune Natural Resources Corporation is an independent oil and gas exploration and production company with its principal properties located onshore and offshore Louisiana and Texas. Certain statements in this news release regarding future expectations and plans may be regarded as ''forward looking statements'' within the meaning of the Securities Exchange Act of 1934. They are subject to various risks, such as operating hazards, drilling risks, and other uncertainties inherent in the business of exploring for, developing and producing oil and gas which may be beyond Fortune's control. For a discussion of the contingencies and uncertainties affecting future events and forward-looking statements, see Fortune's latest Report on Form 10-K, as well as other filings with the Securities and Exchange Commission. There can be no assurance that the Company will be successful in meeting its expectations. ------------------------------------------------------------------------ Contact: Fortune Natural Resources Corporation, Houston Dean W. Drulias or Angela R. McLane, 281/872-1170 ************************************************************************** FREE AT LAST, FREE AT LAST, THANK GOD ALMIGHTY, FREE AT LAST!!!!! We are no longer under the yoke of a massive floorless convertible security. There is still a million $$$ out but it would seem that with a market cap. of 4 times that amount we should be able to absorb that amount OK.