Fortune Natural Resources Corporation Announces Recent Exploration Results.

HOUSTON--(BUSINESS WIRE)--May 12, 1999--

Fortune Reports Interest in Two New Discovery Wells in Gulf

of Mexico and Announces Results of Earlier Discoveries

Placed on Production this Year

Fortune Natural Resources Corporation (AMEX:FPX) today announced an interest in two new discovery wells, results of other recent discoveries placed on production and results of other oil and gas operations undertaken during the first few months of 1999.

Gulf of Mexico Activity

Bay Marchand Block "5" -- Offshore Louisiana --

State Waters (New Discoveries):

SL 14498-no. 1: In July 1997, Fortune sold its 10% working interest in State Lease 14498, Offshore Louisiana (previously referred to as the DABM Prospect), for a small cash consideration and retained an overriding royalty of one half of one percent. Late last year, the purchaser successfully drilled a new discovery well, the 14498-no. 1, and encountered 285' of net pay in nine pay zones in late 1998. The initial discovery well was recently completed and is expected to commence production in mid-June when a platform on the lease has been refurbished and upgraded to handle expected production rates.

SL 14498-no. 3: During the first quarter of 1999, a second discovery well was drilled, the 14498-no. 3, in a separate fault block on the lease. The well encountered 154' of net pay in one zone. This well has also just been completed and is expected to commence production along with the 14498-no. 1 in mid-June 1999 from the upgraded platform.

South Timbalier Block "86" -- Offshore Louisiana -- Federal OCS:

OCS-G 14520-no. 2: The OCS-G 14520 no. 2 discovery well at South Timbalier Block "86" (previously referred to as the Polaris Prospect), which was drilled in the fourth quarter of 1998 and encountered approximately 60 feet of net pay in the P-95 sand and 23 feet of net pay in the BP sand, has been completed and placed on production about three months ahead of schedule. Platform hook-up is complete and the well is currently producing at a rate of approximately 15 million cubic feet of natural gas and 100 barrels of condensate per day through a 24/64" choke with flowing tubing pressure of 3,500 pounds. Fortune owns a 3.167% overriding royalty interest before payout, which converts to a 4% overriding royalty after payout. This Gulf of Mexico discovery is not associated with Fortune's producing interest in South Timbalier Block "76," which is located approximately 25 miles away.

Texas Gulf Coast and State Waters Activity:

Espiritu Santo Bay -- Calhoun County, Texas -- Transition Zone:

210-no. 5 and 216-no. 16 wells -- Grass Island Field: During the first quarter of 1999, the Company participated in the completion of the 210-no. 5 and 216-no. 16 wells at the Grass Island field. The wells are currently producing at rates of 850 MCF and 550 MCF per day, respectively, from the lower most pay zone in each well. Fortune owns an approximate 8% working interest in the 210-no. 5 well and an approximate 4% working interest in the 216-no. 16 well. Fortune has a lower interest in these wells, as compared to its other prospects in the Espiritu Santo Bay Project, due to pooling its interest with interests owned previously by others in the shallow Grass Island field.

164-4 well -- Shark Prospect Update: The operator has advised the Company that required plugging operations are underway at the 164-4 well where the Company and its partners encountered a blowout last year. The Company and its partners are awaiting final approval from the insurance companies so we can commence re-drill operations on the Shark Prospect.

La Rosa -- Refugio County, Texas -- Onshore:

B. D. Rooke no. C-5 Well: Within the last month, a successful re-completion was made in the next shallowest productive zone in the no. C-5 well. The new zone's production was brought on at a rate of 2 million cubic feet of natural gas per day on a 28/64" choke but has subsequently been restricted to approximately 1.2 million cubic feet of natural gas and 16 barrels of oil per day on a 20/64" choke. Fortune owns an 18.75% working interest in this well. The La Rosa no. C-5 was originally drilled in August 1998, logged multiple pay zones and was originally completed in the lowest productive zone.

J. W. Spaulding-no. 12 Well: Last week, a successful re-completion was made in the next shallowest productive zone in the Spaulding-no. 12 well and is producing approximately 1.0 million cubic feet of natural gas and 50 barrels of condensate per day on a 12/64" choke. Fortune owns a 20.69% working interest in this well. The Spaulding-no. 12 was originally drilled in July 1998, logged multiple pay zones and was originally completed in the lowest productive zone.

La Rosa -- Michna-no. 11 Well: The next new exploration well at La Rosa is the Michna-no. 11 well. The new well is scheduled to spud during the second quarter of 1999.

Mississippi Onshore -- Black Warrior Basin:

Bacon Prospect -- Anderson no. 24-7 Well -- Chickasaw County, Mississippi: The Anderson no. 24-7 was logged and completed on Dec. 28, 1998 with three pay zones totaling approximately 29' of net pay. A completion attempt was made last month in the lowest zone with limited hydrocarbon entry into the wellbore. An artificial fracture stimulation was designed to frac the lowest zone, which is common procedure in the area, and the procedure was completed last week. The well is currently making some gas (approx. 150 mcf/d) while continuing to recover frac fluids. Gathering lines are currently being installed and it is anticipated the well will be placed on production within the next few weeks. Fortune owns a 10% working interest in the discovery.

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" within the meaning 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 latest Report on Form 10-K, 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.