Fortune Petroleum Says Oil, Gas Reserves Higher

Fortune Petroleum, an energy concern based in Agoura Hills, estimated that its recoverable oil and gas reserves are 41% higher than it had forecast at the end of 1988.

The company said its oil reserves alone total 1.6 million barrels. Fortune also said the future net revenue of its reserves--basically what Fortune would expect to collect from selling its oil and gas at present prices--totals $5.6 million, up 86% from $3 million that it estimated six months ago.

Fortune attributed the upward revisions to higher oil prices and increased production from its existing wells. The present average price that Fortune receives for oil is $17.31 a barrel, up from a $13.13-a-barrel average in 1988. There are 42 gallons in a barrel.