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Fortune Oil & Gas, Inc. (PINK SHEETS: FOGC) (www.fortuneoilandgascorp.com) is pleased to announce that it has finalized its deal to acquire Cressent Energy (www.cressentenergy.com).

FOGC amongst other things announced on May 6, 2011 (www.minamargroup.net/support/index.php?_m=news&_a=viewnews&newsid=742) that it was close to completing the acquisition of Cressent Energy. New FOGC chief executive officer Louis Purvis and chief operating officer Serge S. Acimovic can now look forward to exploiting the full potential of Cressent's oil and gas production operations, and use revenues from those activities to continue FOGC's mining expansion.

In other news and events, FOGC remains in discussions to purchase a lithium mining operation in Argentina. Moreover, Cressent will shortly release its future plans and forward guidance on monetizing and capitalizing on the current high energy and resource prices.

FOGC followers may expect frequent and timely updates from the company on any new developments in a timely fashion.

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Fortune Oil & Gas, Inc.

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