Fortune Petroleum Posts $48,000 1st-Quarter Loss

Fortune Petroleum Corp., a small energy concern in Agoura Hills, posted a first-quarter loss of $48,000, compared with a year-earlier loss of $27,000.

The latest loss in the quarter that ended March 31 came despite a 24% increase in Fortune’s revenue, to $313,000 from $252,000. Fortune blamed the loss on costs related to assets it acquired during the quarter.

The company also said its revenue was lower than expected because two of its oil properties were temporarily idled “due to unusual operating problems which have been subsequently repaired.”