Fortune Petroleum Plans New Issue of Stock Units

Fortune Petroleum Corp. plans to raise up to $1.61 million with an offering of 825,000 units to its current stockholders.

In a filing with the Securities and Exchange Commission, the Agoura Hills energy concern said each unit would be priced at $1.95 and consist of three shares of common stock and a warrant to buy additional common shares.

Fortune shareholders of record on Jan. 15 will have the right to buy the units; any unsold units will be offered to the public.

Fortune also said it finalized an agreement to exchange 500,000 of its shares for the producing oil and gas properties of Western Energy Resources of Laguna Niguel.