Fortune Petroleum Corp. Registers Bond Offering

Fortune Petroleum Corp., an Agoura Hills energy concern, has registered with the Securities and Exchange Commission for a “shelf” offering of up to $3.25 million of 10.5% convertible subordinated debentures.

A shelf offering allows a company to comply with SEC registration requirements for up to two years before it actually offers securities to the public. The company then goes to market with the offering when conditions are favorable, with a minimum of paperwork.

Proceeds from the sale of the bonds will be used to repay existing debt, reduce accounts payable and for working capital, Fortune said in the filing.