Fortune Petroleum to Buy Fairbanks & Haas Assets

Fortune Petroleum Corp., an Agoura Hills energy concern, said it tentatively agreed to buy the oil and gas properties and other assets of Fairbanks & Haas Inc. of Ventura.

The value of Fairbanks & Haas’ properties will be determined by an independent oil engineer, Fortune said. The eventual price will be paid with shares of Fortune common stock.

Fortune said Fairbanks & Haas and its investors have interests in about two dozen wells in Ventura and Kern counties in California and in Oklahoma. The wells have net production equal to about 130 barrels of oil per day.