Fortune Petroleum Corp. Doubles Energy Reserves

Fortune Petroleum Corp. in Agoura Hills said it completed purchase of oil and gas properties that were being jointly operated by Hinkle Exploration Ltd. and San Francisco Energy Corp.

Fortune said the deal doubled its energy reserves, including lifting its proven reserves of crude oil to 2.3 million barrels.

In exchange for the properties, Fortune issued the companies a combination of common stock, stock purchase warrants and a $2-million note. The 972,612 common shares have a current market value of about $1.95 million.

Fortune also assumed $418,000 in liabilities related to the properties, which are in Ventura County and McMullen County in Texas.

Fortune noted that it posted a $454,000 loss for 1991 on revenue of $1.21 million, a loss that it attributes mainly to lower oil prices. The company earned $6,000 the previous year on revenue of $1.27 million.