SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 11, 2002
FORTUNE NATURAL RESOURCES CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 1-12334 95-4114732
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
515 W. Greens Road, Suite 720, Houston, Texas 77067
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(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 report)
ITEM 5. OTHER ITEMS
DECEMBER 11, 2002 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION
(NASDAQ OTC BB SYMBOL: FPXA) today announced a discovery well at its La Rosa
Field has been drilled and completion operations have commenced. Fortune also
updated its Texas Onshore Exploration Program progress.
LA ROSA FIELD
Completion operations are underway at the La Rosa C-9 well that finished
drilling earlier this week. The well contains approximately 20 feet of net pay
in two zones. There may be an additional 12 feet of potential productive pay
zone in the well. Fortune owns a 10% before payout working interest in the well
and a 12.1875% working interest after payout. Fortune's cost of drilling and
completing the well was approximately $27,000. Once the well is completed, the
well is expected to be producing and connected to sales immediately.
TEXAS ONSHORE EXPLORATION PROGRAM
YARROW DISCOVERY:
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August 16, 2002 Fortune announced a discovery well at its Yarrow Prospect
containing approximately 15 feet of net pay in a natural gas zone. A potential
28 feet of additional pay may be present in four shallower zones. On December
10, 2002, the operator advised that the gas line had been completed and attached
to a main sales line that evening.
The next three prospects expected to be drilled in the Texas Onshore
Exploration Program are Buttercup, Agrimony, and Pepperbush. Operations to build
the Buttercup well site are expected to commence shortly and Buttercup drilling
is expected to begin the first week of January. Drilling of the Agrimony and
Pepperbush prospects is expected to commence in late December 2002 and January
2003.
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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 Fortune's control. For a discussion of the contingencies and
uncertainties affecting future events and forward-looking statements, see
Fortune's Annual Report on Form 10-KSB for the year ended December 31, 2001 and
its quarterly reports on Form 10-QSB for the periods ended March 31, 2002, June
30, 2002, and September 30, 2002, as well as other filings with the Securities
and Exchange Commission. There can be no assurance that Fortune will be
successful in meeting its expectations.
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Company Contact: Tyrone J. Fairbanks
Chairman and CEO
Ronald P. Nowak
President and COO
(281) 872-1170
investor@fortunenatural.com
Investor Relations Contact: Philip L. DuBois
President
DuBois Consulting Group, Inc.
Toll Free (877) 386-4649
or
(757) 229-0666
duboisconsultgp@cox.net
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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/ Tyrone J. Fairbanks
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Tyrone J. Fairbanks
Chairman and Chief Executive Officer
Date: December 11, 2002
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