Fortune Petroleum Profit Is $88,000 in 3rd Quarter

Fortune Petroleum Corp., reaping the benefits of the surge in oil prices, said its third-quarter profit jumped to $88,000 from $4,000 a year earlier.

Fortune, a small energy concern based in Agoura Hills, said its revenue in the quarter that ended Sept. 30 climbed to $342,000 from $230,000. That’s because the average price Fortune received for its oil in the latest quarter was $21.62 a barrel, up from $13.80 a barrel in the second quarter. Oil prices rose sharply after Iraq’s invasion of Kuwait Aug. 2.

Nevertheless, Fortune reported a $41,000 loss for the first nine months of this year on revenue of $793,000. A year earlier, it lost $36,000 on revenue of $734,000.