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REGIONAL ROUNDUP

Fortune Petroleum Taking $2.68-Million Special Charge

March 29, 1994

Fortune Petroleum Corp. in Agoura Hills said it will take a onetime special charge of $2.68 million in the fourth quarter of 1993 to reflect lower oil prices--$700,000 more than it had previously announced.

Fortune Petroleum, an independent oil and gas exploration production company, said it increased the amount after reviewing a new report on reserves from Fortune's independent engineering firm. Fortune Petroleum said that by taking this onetime charge, instead of spreading out the effect of lower oil prices in 1993 over the next several years, its earnings will be higher in 1994 and in the future.

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