Fortune Petroleum to Acquire Oil Properties
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Fortune Petroleum Corp., an Agoura Hills energy concern, said it agreed to acquire all the producing oil and gas properties of Hinkle Exploration Ltd. and San Francisco Energy Corp. and their affiliates. The purchase price includes 972,000 shares of Fortune common stock and a $2-million note. Fortune also agreed to assume $418,000 of debt from the properties it is acquiring.
The producing properties in the deal include Hinkle’s Sespe Leases in Ventura County and a Texas field owned by San Francisco Energy. With these properties, Fortune said it will double its annual revenues and proven oil reserves.
Fortune said it expects the transaction to close within a month.
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