Oil & Gas Exploration Company Dissolves

Fairbanks & Haas Inc., a Santa Paula oil and gas exploration firm, dissolved Dec. 31, according to documents filed with the Securities and Exchange Commission. Fairbanks & Haas’ assets were sold one year ago to Fortune Petroleum Corp., an Agoura Hills energy concern, for 248,132 shares of Fortune Petroleum’s common stock, or 13.6% of the total outstanding.

After dissolving, the Fortune Petroleum shares held by Fairbanks & Haas were distributed to its creditors and shareholders. As a result of the distribution, Fortune Petroleum Chairman James D. Langston, who was also Fairbanks & Haas’ largest stockholder, has received 101,403 of the Fortune Petroleum shares, or 4.9% of the total outstanding.

Ty Fairbanks, one of the founders of Fairbanks & Haas, is now a Fortune Petroleum vice president and chief financial officer.