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

To: Ed Ajootian who wrote (268)	6/10/1999 11:45:00 AM
From: cmg	Respond to of 275

\| Medium \| Large \| Extra Large ------------------------------------------------------------------------ Click for Non-Frames Printable Version UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1) Fortune Natural Resources Corporation _____________________________________________________________________________ (Name of Issuer) Common Stock _____________________________________________________________________________ (Title of Class of Securities) 349681106 __________________________ (CUSIP Number) 13G CUSIP No. 349681106 _____________________________________________________________________________ 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. Renaissance Capital Growth and Income Fund III, Inc. 75-2533518 _____________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) (b) _____________________________________________________________________________ 3. SEC USE ONLY _____________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION Texas _____________________________________________________________________________ NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: _____________________________________________________________________________ 5. SOLE VOTING POWER 1,061,571 shares _____________________________________________________________________________ 6. SHARED VOTING POWER None _____________________________________________________________________________ 7. SOLE DISPOSITIVE POWER 1,061,571 shares _____________________________________________________________________________ 8. SHARED DISPOSITIVE POWER None _____________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,061,571 shares _____________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable _____________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.01% _____________________________________________________________________________ 12. TYPE OF REPORTING PERSON IV _____________________________________________________________________________ ITEM 1. (a) Name of Issuer. Fortune Natural Resources Corporation ("Company") (b) Address of Issuer's principal Executive Offices 515 West Greens Road, Suite 720 Houston, TX 77067 ITEM 2. (a) Name of Person Filing Renaissance Capital Growth and Income Fund III, Inc. ("Filer") (b) Address of principal Business Office or, if none, Residence 8080 North Central Expwy., Suite 210, LB 59 Dallas, TX 75206-1857 (c) Citizenship Texas (d) Title of Class of Securities Common Stock (e) CUSIP Number 75966V105 ITEM 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a: (a) ______ Broker or Dealer registered under Section 15 of the Act (b) ______ Bank as defined in section 3(a)(6) of the Act (c) ______ Insurance Company as defined in section 3(a)(19) of the Act (d) X Investment Company registered under section 8 of the Investment ______ Company Act (e) ______ Investment Adviser registered under section 203 of the Investment Advisers Act of 1940 (f) ______ Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see section 240.13d-1(b)(1)(ii)(F) (g) ______ Parent Holding Company, in accordance with section 240.13d-1(b) (ii)(G)(Note: See Item 7) (h) ______ Group, in accordance with section 240.13d-1(b)(1)(ii)(H) ITEM 4. Ownership. (a) Amount Beneficially Owned: At December 31, 1998, Renaissance Capital Growth & Income Fund III, Inc. ("Renaissance III") owned a $350,000 12% Convertible Subordinated Promissory Note due December 31, 2007, convertible at $3.00 per share. On May 1, 1999, the conversion price was reset on this promissory note to $0.3297 per share. Thus the Filer owns 1,061,571 shares of the Company's common stock on a fully converted basis. The promissory note is convertible within sixty days.