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Fortune Oil & Gas, Inc. (PINK SHEETS: FOGC) (http://www.fortuneoilandgascorp.com) is pleased to announce that the merger with Alta Mining Inc. has been finalized.

Following certain administrative hurdles, Alta Mining has been successfully vended into Fortune Oil and Gas, Inc. Alta Mining is a junior mining company dedicated to performing cost effective and highly competitive exploring and developing operations on economically viable mineral deposits situated in geopolitically stable, well known and historically proven mining areas.

Alta Mining is deeply committed to providing a constant increase of value for their shareholders and are confident that their market position, coupled with their unique business perspective, will ensure the success of the company's plan to acquire and develop precious metals properties and successfully achieve their long-term goals.

The company management stated, "FOGC is back on board with a great business opportunity. Alta offers a great connection in the mining industry and we expect the company to bring exiting mining exploration opportunities. Following the merger, the company plans to start optioning exploration properties with valid mining potential. The company expects to have a minimum of one property optioned for exploration before the 2011 exploration season starts in May. We will continue looking at other viable mining businesses for mergers, but for now, we are extremely pleased with Alta and its professionals, and expect to achieve some results in mining exploration."

In other company updates, the company shortly intends to name a new CEO with mining expertise, a complete new board member roster and will shortly begin to update the OTC Markets with filings company financials and other relevant data.

More updates will follow shortly and frequently.

Safe Harbor Statement

Information 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.

Contacts: Fortune Oil & Gas, Inc. Investor Relations 1-647-426-1640 www.minamargroup.net/helpdesk Investor Relations Department Inquiry www.minamargroup.net (IR) For (M&A) and Corporate Matters www.minamargroup.com