Fortune Petroleum May Sell California Properties
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Fortune Petroleum Corp., an Agoura Hills oil and gas exploration and production firm, said it is considering selling its California properties so it can focus on its assets in Texas and the mid-continent.
The company once derived 80% of its revenue from California oil production but in recent years has shifted strategy and acquired properties in Texas to lessen its dependence on oil prices, which fell sharply last year. Fortune Petroleum now expects about 75% of its revenue to come from the more profitable natural gas production in Texas.
Fortune Petroleum said that it has not received any offers to purchase its California interests and that no final decision has been made to sell the properties. However, the company said it has discussed a possible transaction with several interested parties. The company said any such sale would require the consent of Fortune Petroleum’s principal lender, Bank One of Texas.
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