Fortune Natural Resources Corporation Announces Discovery at Its La Rosa Field and Updates Exploration Program.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Dec. 11, 2002 FORTUNE NATURAL RESOURCES CORPORATION (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FPXA) today announced a discovery well at its La Rosa Field has been drilled and completion operations have commenced. Fortune also updated its Texas Onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Exploration Program progress. La Rosa Field Completion operations are underway at the La Rosa C-9 well that finished drilling earlier this week. The well contains approximately 20 feet of net pay in two zones. There may be an additional 12 feet of potential productive pay zone in the well. Fortune owns a 10% before payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. working interest in the well and a 12.1875% working interest after payout. Fortune's cost of drilling and completing the well was approximately $27,000. Once the well is completed, the well is expected to be producing and connected to sales immediately. Texas Onshore Exploration Program Yarrow yarrow, a plant of the genus Achillea, perennial herbs of the family Asteraceae (aster family), native to north temperate regions. Several species are cultivated as ornamentals for their flat-topped clusters of flowers and scented foliage. Discovery: Aug. 16, 2002 Fortune announced a discovery well at its Yarrow Prospect containing approximately 15 feet of net pay in a natural gas zone. A potential 28 feet of additional pay may be present in four shallower zones. On Dec. 10, 2002, the operator advised that the gas line had been completed and attached to a main sales line that evening. Continued Exploration: The next three prospects expected to be drilled in the Texas Onshore Exploration Program are Buttercup buttercup or crowfoot, common name for the Ranunculaceae, a family of chiefly annual or perennial herbs of cool regions of the Northern Hemisphere. , Agrimony agrimony (ăg`rĭmō'nē), any plant of the genus Agrimonia, perennials of the family Rosaceae (rose family) native to north temperate zones, to Brazil, and to Africa. They are found wild in the N and central United States. , and Pepperbush pep·per·bush n. Sweet pepperbush. . Operations to build the Buttercup well site are expected to commence shortly and Buttercup drilling is expected to begin the first week of January. Drilling of the Agrimony and Pepperbush prospects is expected to commence in late December 2002 and January 2003. FORTUNE NATURAL RESOURCES CORPORATION is an independent oil and gas exploration and production company with its principal properties located onshore and offshore Louisiana and Texas. Certain statements in this news release regarding future expectations and plans may be regarded as "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They are subject to various risks, such as operating hazards, drilling risks, and other uncertainties inherent in the business of exploring for, developing and producing oil and gas which may be beyond Fortune's control. For a discussion of the contingencies and uncertainties affecting future events and forward-looking statements, see Fortune's Annual Report on Form 10-KSB for the year ended Dec. 31, 2001 and its quarterly reports on Form 10-QSB for the periods ended March 31, 2002, June 30, 2002, and Sept. 30, 2002, as well as other filings with the Securities and Exchange Commission. There can be no assurance that Fortune will be successful in meeting its expectations. |
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