Fortune Petroleum Reports Yearly Loss of $3.65 Million

Fortune Petroleum Corp., an Agoura Hills energy concern, reported larger net losses in its fourth quarter and year that ended Dec. 31, which it said was primarily due to onetime, non-cash charges in the fourth quarter triggered mainly by low oil prices.

Fortune’s loss in the latest quarter totaled $3.56 million, in contrast with a year-earlier loss of $288,000. Its quarterly revenue rose 54%, to $892,000 from $578,000.

For all of 1993, the company lost $3.65 million, while its revenue rose 31% to $2.83 million. In 1992, it lost $198,000 on $2.16 million in revenue.