Fortune Petroleum Net Declines 90% to $8,000

Fortune Petroleum Corp., an Agoura Hills energy concern, said its profit for the third quarter that ended Sept. 30 dropped 90% to $8,000 from $88,000 a year earlier, while revenues declined 10% to $309,000 from $342,000.

For the nine months that ended Sept. 30, Fortune’s loss widened to $134,000 from $41,000 last year. Nine-month revenues grew 18% to $933,000 from $793,000 a year earlier.

Fortune attributed the decline in third-quarter earnings to lower oil prices as well as higher charges related to increased oil production.

The higher revenues for the first nine months of the year were the result of increased production from Fortune’s first energy-producing property, which it acquired in the first quarter.