Fortune Oil and Gas, Inc.’s (PINK:FOGC) and Cressent Energy El Paso joint venture reports results from new venture.
The press release is quoted as saying,
Cressent Energy oil opportunities through the venture seem promising. The company will seek petrochemical engineer’s opinion to confirm the wells’ abilities to produce revenue on an ongoing basis and into the future. If the reports prove viable reserves in these oil wells, Cressent will proceed with acquisition on these leases. This cooperation will foster Cressent’s plan for organic growth without outside investment. Through this cooperation, Cressent Energy is looking to acquire 40 leases with over 100 wells present on these properties.