Past year: ▼ 75%(25.0c – 1.25 USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2002drilling progress report▲ GoodMajor
A discovery at La Rosa C-8 - 22 feet of pay flowing about 400 Mcf a day - for a Fortune share of just $26,000 on a 10% interest. The bigger news was the Texas onshore program Fortune bought into in February 2002: a 25% interest and co-operator role in reprocessing a major oil company's 48,000-mile seismic library, which had already turned 20% of the data into 150 leads and 50 prospects. It was a large idea for a company this small to fund.
29 June 2001drilling progress report▲ GoodMajor
Fortune's best result of the period: the Dill #13-9, its first exploratory well at the West Pointe prospect in Clay County, Mississippi, logged 161 feet of apparent pay across three separate sands and was cased for completion. Fortune held 20% of it for a total cost of about $150,000. Meanwhile the reprocessed La Rosa 3-D seismic yielded five new prospects, with three wells due to spud from mid-July.
9 May 2001drilling progress report▲ Good
A third consecutive profitable quarter - net income of $95,000 against a $362,000 loss a year earlier, on oil and gas revenue up 135% to $844,000. Almost all of the gain was price: gas fetched $7.50 per Mcf against $2.70, while Fortune's own gas output rose 5% and its oil output fell 32%.
18 Apr 2001drilling progress report▲ GoodMajor
An exploration update showing what Fortune actually was: a passive minority participant. The Brooks #3 well on the Cadiz prospect in Bee County, Texas logged about 55 feet of net pay in the Slick sand and up to 160 feet of prospective Luling sand - but Fortune held only 6.5625% of it and its whole share of the cost was about $53,000. It also flagged recompletion work at La Rosa in Refugio County and a sidetrack at Gamble Gully in Live Oak County targeting up to 36 Bcf.
