Fortune Petroleum to Buy Oil, Gas Reserves
Fortune Petroleum Corp. said it has tentatively agreed to buy the producing oil and gas reserves owned by San Francisco Energy Corp. and its general partner, Hinkle Exploration Ltd., both of Santa Barbara.
Fortune, a small energy concern based in Agoura Hills, said it expects to exchange stock and cash for the properties, but that it could not yet specify how much the proposed transaction would be worth. The properties are located in California and Texas.
The company said the acquisition would roughly double its proven oil and natural gas reserves and its production. For instance, Fortune’s proven oil reserves would climb to nearly 4 million barrels, said Fortune President Dan Pasquini.