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 1, 2003



                      FORTUNE NATURAL RESOURCES CORPORATION
                      -------------------------------------
             (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
                 ----------------------------------------------
          (Former name or former address, if changed since last report)



<PAGE>

ITEM 5. OTHER ITEMS

      MAY 1, 2003 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION
(NASDAQ OTC BB SYMBOL: FPXAE) today announced it has participated in two new
field discovery wells on prospects delineated in conjunction with its previously
announced Texas Onshore Exploration Program that makes use of a major energy
company's reprocessed seismic database. The first discovery has been placed on
production after laying a natural gas pipeline to the well and the second
discovery has been completed and is awaiting a new pipeline connection. These
latest two discoveries, added to the new field discovery last fall, bring the
Company's success to three new field discoveries from its initial six prospects.

      Despite these recent drilling successes, the financial position of the
Company remains precarious. Several additional prospects have been identified
under the Texas Onshore Exploration Program, and these prospects are moving
toward further delineation and drilling. The Company anticipates its capital
needs for these prospects will be approximately $500,000 for the next two
months. Since its current cash position precludes it from satisfying these
capital needs from current revenues, it is anticipated it will continue to be
necessary for the Company to rely upon its previously disclosed credit facility
lender for virtually all of its capital needs. Fortune had farmed out half of
its interest on each of these two successful prospects to another oil and gas
company as previously announced. The Company has also drawn upon funds made
available by its previously announced completion fund arrangement with Blue
Flame in order to fund the completion costs attributable to its last two
successful wells. These arrangements have resulted in a reduction of the
Company's initial working interest in both new discoveries to 12.5% with a
further reduction to an approximately 12% working interest after payout of the
initial completion fund investment.

      The Company has not made a timely filing of its year end results on Form
10-KSB. This failure was due to insufficient funds with which to pay for an
audit of its financial statements and the board of directors felt it would be
imprudent to proceed with such a filing until an audit had been completed. If
this failure continues for an extended period, the Company believes that its
common stock will be removed from quotation on the OTC Bulletin Board and that
its share price will be reported on pink sheets.

      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 Form 8K 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 report on Form 10-QSB for the period ended 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.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

      None


                                       2
<PAGE>


                                    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
                                ------------------------------------
                                Tyrone J. Fairbanks
                                Chairman and Chief Executive Officer



Date:  May 1, 2003
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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 1, 2003

                      FORTUNE NATURAL RESOURCES CORPORATION
                      -------------------------------------
             (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
                 ----------------------------------------------
          (Former name or former address, if changed since last report)
ITEM 5. OTHER ITEMS

      MAY 1, 2003 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION
(NASDAQ OTC BB SYMBOL: FPXAE) today announced it has participated in two new
field discovery wells on prospects delineated in conjunction with its previously
announced Texas Onshore Exploration Program that makes use of a major energy
company's reprocessed seismic database. The first discovery has been placed on
production after laying a natural gas pipeline to the well and the second
discovery has been completed and is awaiting a new pipeline connection. These
latest two discoveries, added to the new field discovery last fall, bring the
Company's success to three new field discoveries from its initial six prospects.

      Despite these recent drilling successes, the financial position of the
Company remains precarious. Several additional prospects have been identified
under the Texas Onshore Exploration Program, and these prospects are moving
toward further delineation and drilling. The Company anticipates its capital
needs for these prospects will be approximately $500,000 for the next two
months. Since its current cash position precludes it from satisfying these
capital needs from current revenues, it is anticipated it will continue to be
necessary for the Company to rely upon its previously disclosed credit facility
lender for virtually all of its capital needs. Fortune had farmed out half of
its interest on each of these two successful prospects to another oil and gas
company as previously announced. The Company has also drawn upon funds made
available by its previously announced completion fund arrangement with Blue
Flame in order to fund the completion costs attributable to its last two
successful wells. These arrangements have resulted in a reduction of the
Company's initial working interest in both new discoveries to 12.5% with a
further reduction to an approximately 12% working interest after payout of the
initial completion fund investment.

      The Company has not made a timely filing of its year end results on Form
10-KSB. This failure was due to insufficient funds with which to pay for an
audit of its financial statements and the board of directors felt it would be
imprudent to proceed with such a filing until an audit had been completed. If
this failure continues for an extended period, the Company believes that its
common stock will be removed from quotation on the OTC Bulletin Board and that
its share price will be reported on pink sheets.

      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 Form 8K 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 report on Form 10-QSB for the period ended 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.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

      None

                                       2
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
                                ------------------------------------
                                Tyrone J. Fairbanks
                                Chairman and Chief Executive Officer

Date:  May 1, 2003