Cressent Energy (FOGC) Looks at a Large Joint Venture Opportunity in Texas

HENDERSON, Nev., June 9, 2011 /PRNewswire/ -- Fortune Oil and Gas, Inc. (FOGC; http://www.fortuneoilandgascorp.com) is pleased to announce that its subsidiary Cressent Energy is looking at a joint venture with an undisclosed company located in El Paso, Texas.

Cressent Energy is looking to acquire 40 leases in Texas's Gaines and Garza Counties with over 100 wells present on the property. Gaines and Garza are located near each other in Northwest Texas. Gaines County is one of the state's leading oil counties. The management strongly pursues this opportunity as this acquisition would triple the assets of the Cressent Energy.

The undisclosed company holding the property is a Texas, U.S.A.-based broker for buyers and sellers of income-producing oil properties. Similar to working with a real estate broker, this unnamed company works to help people find a property that will make them money.

Of the new oil wells that are being drilled, 85% are drilled by individuals and small companies while 65% of the oil in the U.S.A. is produced by individuals and small companies.

Negotiations are progressing well and Cressent Energy's management team expects to finalize this deal within the next few weeks.

Part of the Company strategy is purchase of leases with new development potential in the surrounding areas. As companies explore surrounding land, the valuation of the owned property increases and offers the opportunity to resell this property at a higher valuation.

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