Fortune Petroleum Loses $70,000 in 1st Quarter
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Fortune Petroleum Corp. posted a first-quarter $70,000 loss on a 37% gain in revenue, the Agoura Hills independent oil and gas company said.
Fortune’s loss for the three months ended March 31 compared with net income of $2,000 a year earlier.
Revenue in the latest quarter climbed to $545,000 from $399,000.
The company blamed its loss on increased general and administrative expenses, including the cost of conducting a special shareholders’ meeting in March and increased insurance costs.
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