Fortune, Fairbanks & Haas Reach Gas Well Agreement

Fortune Petroleum Corp. of Agoura Hills has reached agreement with Fairbanks & Haas, a Ventura energy concern, on a joint venture to drill for gas in northern Kern County.

Under the agreement, Fortune will drill the initial well by March 31 on a 1,800-acre site that Fortune leases. The cost of drilling, expected to total about $180,000, will be paid by Fairbanks & Haas.

If the initial drilling results in a producing gas well, Fortune and Fairbanks & Haas would become partners in operating the well, Fortune Chairman Cecil Basenberg said.