Cressent Energy (FOGC) Boosts Revenues at Wichita Falls, TX
27 Julho 2011 - 4:45PM
Marketwired
Fortune Oil and Gas, Inc. (PINK SHEETS: FOGC)
(http://www.fortuneoilandgascorp.com) Cressent Energy continues its
organic expansion in Texas with reopening company's shut-in wells
in North Texas.
Company holds 37 shut-in wells in the area of Wichita Falls,
Texas. Seven (7) of these wells are currently operating and as part
of the company organic growth, the company plans to reopen
additional six (6) to boost company monthly and annual revenues.
These are small wells with minor outflow of 1.5-2 barrels/day.
Louis Purvis, Cressent CEO, stated, "Outside investors are
looking at the value of the company as a whole. We hold great
potential in our leases and options and we want to unlock this
potential on our own dollar. We expect to have these six wells up
and running towards the end of August, adding some $10,000/month in
revenues to Cressent energy. With increased revenues we will slowly
gear towards our larger drilling projects at Liberty Dome, where
our preparation works continue."
Cressent anticipates producing up to 200 barrels of oil a day by
the end of 2011 after reopening almost three dozen Texas oil wells.
With oil prices currently hovering around $100 per barrel and
expected to rise, FOGC is looking at pumping approximately $20,000
worth of oil to the surface each day. That translates to over $7
million annually if all developments proceed as anticipated by
Cressent Management.
More updates on both FOGC subsidiaries to follow shortly.
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.
SOURCE Fortune Oil & Gas, Inc.
Contacts: Investor Relations 1-647-426-1640
www.minamargroup.net/helpdesk Investor Relations Department
Inquiries www.minamargroup.net For M&A and Corporate Matters
www.minamargroup.com
Manzo Pharmaceuticals (CE) (USOTC:MNZO)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Manzo Pharmaceuticals (CE) (USOTC:MNZO)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025