Fortune Petroleum Plans to Swap Shares for Assets

Fortune Petroleum Corp., an Agoura Hills-based oil and gas company, plans to exchange 500,000 new common shares for the assets of Western Energy Resources, based in Laguna Niguel, in a deal valued at about $425,000.

In a filing with the U.S. Securities and Exchange Commission, Fortune also said that it plans to raise $3 million from an offering of an additional 825,000 common share units, and that it will use the money for working capital, acquisitions and to lower its debt.