Fortune Petroleum Agrees to Buy Oil, Gas Properties

Fortune Petroleum Corp. in Agoura Hills agreed to buy most of the oil and gas properties of Western Energy Resources for 500,000 shares of Fortune's common stock.

Fortune's stock was quoted Monday at about 81 cents a share bid in over-the-counter trading; at that price, the acquisition is valued at $405,000.

Western Energy has interests in 20 oil and gas wells in Kansas, Oklahoma and Texas, Fortune said. The takeover is subject to approval by Western Energy's shareholders and certain regulatory agencies.

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