Cressent Energy to Reopen a High-Revenue Oil Well in November

Sep. 16, 2011 03:37PM PST

Fortune Oil & Gas, Inc. (PINK:FOGC) reported it’s subsidiary Cressent Energy is set to reopen an oil well with high, sustainable production.

The press release is quoted as saying:

This well produced 26 barrels of oil a day (boe/d) before it was taken out of production and Cressent management believes that this production value can be restored, if not increased. At the current 26 boe/d, the company expects this well to produce approximately $800,000 in annual revenues.

Fortune Oil & Gas, Inc.’s CEO, Louis Purvis said:

“We are extremely excited about our current strides. There is a bulk of work to be done on the site. We are currently moving equipment to the site in order to start reconditioning the well for production. The reconditioning consists of checking the fluid levels, swabbing the wells, or getting rid of the water.

Click here to access the entire press release