Fortune Petroleum Shows $125,000 Loss for Year
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Fortune Petroleum Corp., a small oil and gas company based in Agoura Hills, said it lost $125,000 in the year that ended Dec. 31 on revenue of $798,000.
There are no comparable year-earlier figures for the company, which was founded in July, 1987, although Fortune’s loss for all of 1988 was less than what it was in the five months that it operated during 1987.
Fortune said the price paid for its crude oil has climbed, along with oil prices nationwide, to more than $18.50 a barrel from $13.13 a barrel in 1988.
The company said that if oil prices remain at that level or continue rising, it should be profitable by the end of the year.
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