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): May 9, 2003
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 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 2, 2003, the Chairman of the Company's Audit Committee of the Board
of Directors received a letter from Grant Thornton LLP, announcing their
resignation from their relationship with the Company. As Fortune mentioned in
its Form 8-K filed May 1, 2003, Fortune has been unable to afford an audit of
its fiscal year ended December 31, 2002 feeling it was a higher priority to fund
its ongoing costs of its exploration program at this time.
During the 2000 and 2001 fiscal years and the period through September 30,
2002, the last period reviewed by Grant Thornton LLP, there were no
disagreements between the Company and Grant Thornton LLP on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
Grant Thornton LLP, would have caused it to make reference to the subject matter
of the disagreements in connection with its reports on financial statements. In
addition, during the 2000 and 2001 fiscal years and the period through September
30, 2002, there were no "reportable events" within the meaning of Item 304 of
the Securities and Exchange Commission" regulation S-K.
The Company's management and its Board of Directors considers that Grant
Thornton LLP has served the Company and its shareholders very well since Grant
Thornton LLP was first engaged as Fortune's independent accountants in January
2000. However, the circumstances of rising cost of audits and reviews and the
priorities of trying to increase corporate value through the Company's
exploration program have compelled Fortune to make a difficult choice. Grant
Thornton LLP is a highly-respected, internationally recognized accounting firm
and the Company is hopeful that it can re-engage Grant Thornton LLP in the near
future to complete the 2002 audit and to continue thereafter as Fortune's
independent accountants.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 16.1 Letter regarding resignation of certifying accountants
dated May 2, 2003.
Exhibit 16.2 Consent by Grant Thornton LLP to Company's 8-K dated
May 9, 2003.
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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: May 9, 2003
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