Fortune Petroleum Corp. announces mechanical difficulties at DABM Prospect well.HOUSTON--(BUSINESS WIRE)--Aug. 29, 1996--Fortune Petroleum Corp. (ASE:FPX FPX - Field-Programmable Port Extender FPX - Financial Post Index FPX - Fixed Price Exercise FPX - FlashPix (image format, file extension)/FPX.W) announced that drilling has been terminated due to drilling and mechanical difficulties encountered at the DABM DABM - Defense Against Ballistic Missiles Prospect, in the Bay Marchand Area, offshore Louisiana. Fortune has a 13.33 percent working interest in the prospect. The operator has advised Fortune that heaving shales, possibly associated with the Bay Marchand Salt Dome, have been problematic and impenetrable prior to reaching the well's first target formation. All partners have concurred to set a temporary plug while further evaluation of methods to correct this problem are studied. Fortune Petroleum is an independent oil and gas exploration and production company with its principal properties located offshore Louisiana and the Texas and Louisiana Gulf Coast. Fortune Petroleum does business in Texas and Louisiana as Fortune Natural Resources Corp. CONTACT: Fortune Petroleum Corp., Houston John Collins, 713/872-1170 |
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