Fortune Petroleum Corp. Reduces Losses for ’89

Fortune Petroleum Corp., an oil and gas concern in Agoura Hills, reported a $48,000 loss for 1989, compared with a $125,000 loss the previous year.

The latest loss came on a 17% gain in Fortune’s revenue, to $957,000 from $798,000 in 1988. Fortune said that despite a 19% increase in the average price for oil during the latest year, it still lost money because of higher production costs and debt interest expenses.

Fortune said it “should see a turnaround to profitability in 1990” because of higher average oil prices this year and cutbacks in its operating and administrative costs.