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REGIONAL EARNINGS

Fortune Petroleum Reports 3rd-Quarter Loss

November 15, 1994

Fortune Petroleum Corp., an Agoura Hills oil and gas exploration and production company, reported a loss of $308,000 in the third quarter that ended Sept. 30, compared to a year-earlier loss of $21,000.

Revenues in the third quarter tumbled 13% to $854,000 from $976,000 in the same three-month period of 1993.

For the first nine months of the year, Fortune posted a loss of $972,000 on $2.6 million in revenues, compared to a $97,000 loss on revenues of $1.94 million a year earlier.

Fortune said the latest loss was due to lower natural gas prices and higher operating costs related to properties acquired by the company earlier this year. The nine-month loss also reflects a one-time charge of $225,000 to be paid over a two-year period to the company's former president, Dan E. Pasquini, who resigned on June 23.

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