Oil, Natural Gas Tapped by Experimental Well
Fortune Petroleum Corp. said oil and natural gas were discovered at a field near Montebello by an experimental well sponsored by Fortune and several other companies.
Fortune, based in Agoura Hills, has an interest of up to 8% in the Montebello Prospect, as the field is called. Benton Oil & Gas, a Ventura-based energy concern, also is one of the partners.
The exploratory well, drilled to a depth of 9,550 feet, has the capacity to produce at least 175 barrels of oil and 65,000 cubic feet of gas per day, Fortune President Dan Pasquini said. The well has been shut until the group gets permits to begin commercial production.
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