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Fortune Oil & Gas, Inc. (PINK:FOGC) announced that its subsidiary Cressent Energy had acquired additional well with solid, long-term revenue production.
Fortune Oil & Gas, Inc. (PINK:FOGC) announced that its subsidiary Cressent Energy had acquired additional well with solid, long-term revenue production.
The press release is quoted as saying:
Cressent management announced that the company has purchased a well which currently produces 12 barrels of oil a day. Cressent purchased this well at very favourable conditions (well below $50,000). With its current production capability of 12 barrels a day, the company expects this well to generate approximately $220,000 annually.
Mr. Louis Purvis, Cressent CEO, says,
“We are happy to be moving forward as fast as we do. We want to acquire a bulk of small producing wells that could generate larger revenue, so we can move onto larger projects, seek wells and leases with higher daily production capacities, and higher daily profits.
Click here to access the entire press release
