Cressent Energy (FOGC) Over $110 Million USD Reserve Report
19 Mai 2011 - 2:00PM
Marketwired
Fortune Oil and Gas' (PINK SHEETS: FOGC)
(http://www.fortuneoilandgascorp.com) subsidiary Cressent Energy
(http://www.cressentenergy.com/) is pleased to provide highlights
from the original reserve report focusing on the wells located in
South Liberty Field.
Although the said report dates back some 27 years, it offers a
very good description of the 6 wells in South Liberty Field now
owned by the Cressent Energy, purchased in 2010. The 6 wells
briefly drilled in 1980's showed potential for a significant daily
oil production. At the time, the wells were able to produce 283
barrels of oil per day (BOPD) with a note that "Workovers or
redrills ... on the lease could certainly increase production."
The summary of the reserves on South Liberty Field lease points
towards a total of 813 MBO ($78,861,000 USD at the current prices)
and 973 MMCF ($34,055,000 USD at the current prices) (Legend: M -
Thousands; MM - Millions; BO - Barrels of Oil; CF - Cubic Feet of
Natural Gas).
As this is worth repeating, the new geological reserve survey is
underway. Using modern technology, the company expects the reserve
estimates to be even more accurate, compared to the current
estimates shared in this release. As the production of these leases
never materialized, the reserve difference should be negligible.
With the current high and rising oil prices, the difference in the
value of the field should differ significantly.
The management expects to have the first well drilled in Q3 of
2011.
In other company news and events, the company is aware that
certain company critics with hidden agendas are utilizing Internet
blog web sites to spread doubt and cast a shadow on the company
affairs. To counter this, the company intends to complete a 3rd
party verification inspection with www.otcverify.com. Moreover, the
copy of the original report (which this press release is based
upon) is being made available via www.otcverify.com filing system
for the company followers to review. Company followers may download
a free .pdf copy by visiting www.otcverify.com and downloading a
copy of the same.
More details will follow steady, frequently and on a timely
basis from the company on activities of both Cressent Energy and
Alta Mining the FOGC's two main operating subsidiaries.
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Fortune Oil & Gas, Inc.
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