Fortune Oil and Gas (FOGC) Slocan Region Expansion

HENDERSON, Nev., July 22, 2011 /PRNewswire/ -- Fortune Oil and Gas, Inc. (FOGC) (PINK SHEETS: FOGC) http://www.fortuneoilandgascorp.com) further to Alta Mining FOGC Canadian based Subsidiary news release of yesterday July 21 2011, where amongst other things the company promised a secondary update under a  separate release its opinion and findings on the Slocan mining region.

The Slocan has had a long and illustrious mining history which has fluctuated from periods of relative inactivity to periods of hectic activity characterized by the development of new deposits or the re-opening of many previously known mines. Mining activity over the years has largely been determined by reaction of the mining community to metal prices, advances in mining and metallurgical technology, transportation development and the excitement generated by periodic new discoveries. Many of the underground workings were abandoned years ago due to low silver and zinc prices, even though they were still working in good ore.

It is important to notice that discoveries in the past were almost always the result of mineralization coming to the surface.  Regional geology described by well known geologists that were working on it in the past, gives a firm theoretical base for a new mineralization discoveries.  It is noted that property and area surrounding our property, has numerous mineralization occurrences involving silver, gold, zinc and lead.  Dominantly these are hosted by quartz veins and occur with varying amounts of base metal sulphides.

They have been categorized by previous workings into three main types based primarily on the gold-silver ratios. There are two types: those with similar gold and silver contents, and those with high silver but very minor gold. There are also veins with high gold but little silver and third type that usually hosts a quite spectacular silver values thus other values are quite negotiable.

The property itself has a number of positive features which include: Numerous mineral occurrences and showings, the ability to generate electric power locally, the abundance of water and timber, potential for ore shoots, a simple ore type which may be easily processed with potentially high recoveries and most of the year accessible commuting roads in proximity to established mining areas and communities.   Recent work in region has been very productive in validating theory that there is plenty of mineralization hidden under overburden.  Several high-grad- near-surface discoveries (up to 80 ounces of silver per metric ton)  have already been made on neighboring properties, and FOGC Management stays strong on the line that by using modern geophysical, geochemical and drilling exploration techniques it can find rich, near-surface vein extensions and new polymetallic ore bodies that remain hidden by thick overburden.

In other corporate updates, more information about property will be shortly posted on our corporate web site including maps and topography. Silver has been in a strong bull market for the past few years, analysts are looking for silver's price to stay strong for the foreseeable future. The company is of the opinion that all of the above together with FOGC's ability to focus its power into a profitable direction could turn this high potential property into a successful mining project in more than reasonable timeframe. Company intends to will immediately engage appropriate geological team to begin with processing of all of available information and propose mew exploration plan that will cover new claims. All of this information will be used to commence and complete an NI 43-101 report.

More updates on additional merger(s) and expansion(s) to follow and be announced 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.

Fortune Oil & Gas, Inc.

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SOURCE Fortune Oil & Gas, Inc.

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