Fortune Petroleum Narrows Its Losses

Fortune Petroleum in Agoura Hills narrowed its net loss for fiscal 1992 by more than half, to $198,000 from $454,000, on a 79% gain in revenue.

The independent oil and gas producer’s loss for the 12 months ended Dec. 31 included $157,000 of onetime expenses related to selling one of its leases, abandoning another lease and extending some debt.

Fortune said its revenue for the latest year climbed to $2.2 million from $1.2 million, primarily as a result of the company’s multi-year program to acquire new producing properties.