Fortune Petroleum’s Loss Widens in 1st Quarter

Fortune Petroleum Corp., an Agoura Hills oil and gas exploration and production company, said its first-quarter loss widened to $135,000 compared with a loss of $70,000 in the same period a year earlier. Revenue was $812,000 for the quarter that ended March 31, up 49% from $545,000 the year before.

The company attributed the results in part to increased production. The company has also said it is responding to falling oil prices by spending more for natural gas exploration.