Onetime Charge Results in Fortune Petroleum Loss
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Fortune Petroleum Corp. in Agoura Hills said it will take a onetime special charge of $1.9 million in the fourth quarter to reflect lower oil prices, resulting in a significant loss for its just-completed fiscal year.
Fortune Petroleum, an independent oil and gas exploration and production company, said it did not want to spread out the effect of the lower oil prices experienced in 1993 over the next several years. By taking the onetime charge, the company said its earnings will be higher in 1994 and in the future.
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