Fortune Petroleum Blames Lower Oil Prices for Losses
Fortune Petroleum Corp., citing lower oil prices, said it lost $94,000 on revenue of $311,000 for the quarter ended June 30, compared with a year-earlier loss of $102,000 on revenue of $199,000.
Fortune, an Agoura Hills-based energy concern, said that for the six months ended June 30 its loss widened to $142,000 from $129,000 a year earlier, while revenue increased 38%, to $624,000 from $451,000.
Dan Pasquini, Fortune’s president and chief executive, said in a statement that oil prices in Fortune’s markets, averaging $15.62 a barrel in the latest quarter, were largely to blame for the losses. Meanwhile, its production costs increased 34% from a year earlier, due mainly to the additional operations of the properties recently acquired from Fairbanks & Haas.
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