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REGIONAL ROUNDUP

Fortune Petroleum Still Seeking Texas Properties

September 07, 1993

Fortune Petroleum Corp., an Agoura Hills energy concern, said it is discussing "financing alternatives" with the underwriters of its canceled unit offering that would enable Fortune to acquire natural gas properties in Webb County, Tex.

The company had hoped to finance the acquisition by raising about $7 million through the sale of units, each of including one share of common stock and one warrant to purchase additional stock. But Fortune last week said the proposed offering had been terminated because certain underwriters defaulted on their commitment to underwrite the offering.

Fortune said Friday it obtained an extension until Sept. 30 on its right to acquire the Texas property. It said that although it was meeting with lead underwriter H.J. Meyers & Co. to discuss ways to finance the deal, "significant hurdles remain to closing the acquisition and that no assurance can be given that the company will complete the purchase."

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