SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 7, 2000
FORTUNE NATURAL RESOURCES CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 1-12334 95-4114732
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
515 W. Greens Road, Suite 720, Houston, Texas 77067
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (281) 872-1170
Registrant's telecopier number, including area code: (281) 872-1213
N/A
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(Former name or former address, if changed since last rport)
Item 5. Other Events
February 7, 2000 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION
(NASDAQ OTC BB SYMBOL: FPXA) today announced that the Renaissance U.S. Growth
and Income Trust, PLC (LONDON STOCK EXCHANGE Symbol: RUG) and the Renaissance
Capital Growth and Income Fund III, Inc. (NASDAQ Symbol: RENN) converted their
combined $700,000 par value of 12% Subordinated Convertible Notes due 2007
issued by Fortune into common stock. Each fund received 1,122,394 shares. That
total includes one year's prepaid interest, and one month's accrued interest,
both paid in stock valued at $.75 per share. As a result of this conversion,
Fortune now has 14,601,444 common shares outstanding and the Renaissance funds
hold, in the aggregate, approximately 15.4% of that total. Consequently,
Fortune's debt has been reduced by $700,000 and its annual cash interest payment
has been reduced by $84,000.
Tyrone J. Fairbanks, Fortune's President and CEO commented, "We were
pleased to have the Renaissance funds as noteholders and we are equally pleased
to have them as shareholders. We appreciate the vote of confidence." Mr.
Fairbanks added, "To the best of our knowledge, this brings institutional
ownership of Fortune's outstanding common stock to approximately 25%."
Russell Cleveland, President of Renaissance Capital Group, Inc., the
investment manager of the Renaissance funds, added, "We are encouraged by the
recent rebound in Fortune's common stock and their prospects for the future."
FORTUNE NATURAL RESOURCES CORPORATION is an independent oil and gas
exploration and production company with its principal properties located onshore
and offshore Louisiana and Texas. Certain statements in this news release
regarding future expectations and plans may be regarded as "forward looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. They are subject to various
risks, such as operating hazards, drilling risks, and other uncertainties
inherent in the business of exploring for, developing and producing oil and gas
which may be beyond the Company's control. For a discussion of the contingencies
and uncertainties affecting future events and forward-looking statements, see
Fortune's most recent Annual Report on Form 10-K, as well as other filings with
the Securities and Exchange Commission. There can be no assurance that the
Company will be successful in meeting its expectations.
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Company Contact: Angela McLane
(281) 872-1170
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Item 7. Financial Statements and Exhibits
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FORTUNE NATURAL RESOURCES CORPORATION
By: /s/ Dean W. Drulias
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Dean W. Drulias
Executive Vice President and General Counsel
Date: February 7, 2000
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