Fortune Petroleum’s Loss Widens in Second Quarter

Fortune Petroleum Corp., an Agoura Hills energy concern, reported wider losses for its second quarter and first half that ended June 30.

The company attributed the loss mostly to onetime charges totaling $540,000 in the second quarter. One charge of $225,000 was recorded to pay for a severance package for former president Dan Pasquini, who resigned in June. The remaining $315,000 was for costs related to an exploratory project.

Fortune’s loss in the second quarter was $529,000, in contrast with a year-earlier loss of $49,000. Its revenue more than doubled, to $931,000 from $420,000.

For the six months, Fortune lost $664,000, despite an 81% jump in revenue to $1.74 million. A year before, it lost $119,000 on $965,000 in revenue.