Fortune Oil & Gas, Inc. (PINKSHEETS:FOGC) (www.fortuneoilandgascorp.com) The management acknowledges its shareholders and followers requests to provide further updates on the activities of FOGC.

As FOGC is a non OTC Markets subscriber http://bit.ly/zCB0iq. Henceforth, the company is using this opportunity to address its shareholders and followers. The company operates two separate divisions a mining and an oil exploration division.

Regarding the mining division: The company recently announced that a Geological Evaluation Report for the, BC, Canada, property has been prepared and completed on behalf of Alta Mining, Inc. (the "Report"). In summary, previous work on the property by others has indicated that there is potential for additional mineralization related to known occurrences and for the discovery of new occurrences. Work by others in the area has shown that the mineralization in the area may respond to geophysical surveys.

Details of the report were made available on the "Support Suite" of alternative reporting. http://bit.ly/supportsuite

Regarding the oil exploration division: Cressent Energy continues business as usual. http://cressentenergy.com Cressent is an already a revenue producing entity.

The FOGC share structure remains undisturbed at 888,000,000 Since Nov 15 2010.

In order to capitalize the company without dilution the management is or was considering the sale of one of the subsidiaries. The mindset was to generate sufficient cash injection to support further exploration. Due to non disclosure and other rules the management is prohibited from providing details in a news release. A certain loan the company intends to secure will be fully disclosed in the alternative filings. In summary the authorized share structure will increase to make room for certain company financial backers which intend to take a majority position(s) to assist the company in its growth plans.

The management is aware of certain critics and needless to say the management is equally frustrated with FOGC share price valuation in light of the massive great strides FOGC made and announced in the past. As this is worth repeating the company categorically denies its critics allegations that it is engaged in any sort of a dilution. The company does however intend to secure a loan as aforementioned and use its stock as collateral. The company management reminds its followers to seek professional investment advice rather than relying upon web sites with no contact information and posters on various message boards which clearly have a hidden agenda.

The follow up work plan is underway and planned for early in 2012. A budget will be prepared once timing is established since the field conditions will impact the cost of exploration.

More details will 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.

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