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): March 31, 1998



                      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 2.  ACQUISITION OR DISPOSITION OF ASSETS

         On March 31, 1998, Fortune Natural Resources Corporation  ("Fortune" or
"the  Company")  sold its  interest in the East Bayou  Sorrel  field,  Iberville
Parish,  Louisiana  to National  Energy  Group,  Inc.  for cash in the amount of
$4,695,000.  The  properties  sold  consisted of the  Company's  interest in the
Schwing  #1 and  #2  wells  and  all of the  Company's  leases,  facilities  and
interests  in the East Bayou  Sorrel  area of mutual  interest,  as such area is
defined in the East Bayou  Sorrel  operating  agreement.  The sale is  effective
April 1, 1998. The sale closed on March 31, 1998, whereupon the Company received
$4,535,000, which is net of ordinary closing adjustments.

         The Company's interest in the two productive wells at East Bayou Sorrel
were pledged to secure the Company's Credit Facility with Credit  Lyonnais.  The
total  balance  outstanding  under the  Credit  Facility  prior to this sale was
$550,000. Concurrently with closing the sale of the East Bayou Sorrel field, the
Company paid down the  outstanding  balance of the Credit  Facility by $540,000.
The Company plans to reinvest the remaining proceeds from the sale of East Bayou
Sorrel into its exploration,  development and property  acquisition  activities,
including,  for example, future anticipated exploration and development wells at
its Espiritu Santo Bay and LaRosa 3D seismic exploration projects.

         The Schwing #1 and #2 wells began  producing from permanent  production
facilities in January 1997 and June 1997, respectively. Although both wells have
been shut-in since March 13, 1998 pending the repair of  production  facilities,
they accounted for a significant portion of the Company's operations during 1997
and proved  reserves as of December  31,  1997.  A third well in the field,  the
Schwing #3, which spud October 9, 1997 was temporarily  plugged and abandoned on
March 5, 1998 pending further evaluation of the well's potential.  The Company's
share of this well is estimated to cost  approximately $1 million as a result of
difficult drilling conditions and mechanical problems encountered while drilling
and attempting to complete the well. Selected financial information attributable
to the Company's interest in the East Bayou Sorrel field as reported in its 1997
operating and financial results is as follows:

                                                          Year Ended
                                                      December 31, 1997
                                                      -----------------
       Production
           Oil (Bbls)                                          55,000
           Gas (Mcf)                                           78,000

       Oil and Gas Revenues                             $   1,241,000
       Production and Operating Expense                       205,000
       Provision for Depletion, Depreciation
          and Amortization*                                   430,000

                                                   As of December 31, 1997
                                                   -----------------------
       Estimated Net Reserve Quantities
       of Total Proved Reserves
           Oil (Bbls)                                         152,000
           Gas (Mcf)                                          204,000

         This  represents  32% and 30% of the Company's oil and gas revenues and
equivalent  oil  production  and 23% of the  Company's  estimated  quantities of
equivalent  proved oil  reserves  as of December  31,  1997.  Consequently,  the
Company's revenues and cash flow from operations will decrease  significantly in
1998  unless the  production  is replaced  through  successful  exploration  and
development activities or through the acquisition of producing properties.

*   Represents   the  estimated   reduction  in   depreciation,   depletion  and
    amortization  expense  reported  by the  Company  in 1997  that  would  have
    resulted  from  excluding  the  East  Bayou  Sorrel  production  and  proved
    reserves.


                                       2
<PAGE>

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         (a) Financial Statements of businesses acquired. Not applicable.

         (b) Pro forma financial information. Included in Item 2.

         (c)    Exhibits.

                2.1*  Assignment  and Bill of Sale dated March 31, 1998,
                      between  Fortune  Natural  Resources  Corporation and
                      National Energy Group, Inc.

                2.2*  Letter  Agreement  dated  March 31,  1998,  between
                      Fortune  Natural  Resources  Corporation and National
                      Energy Group, Inc.


*Filed herewith


                                       3
<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/ J. Michael Urban
                                   ----------------------------------
                                   J. Michael Urban
                                   Vice President and Chief Financial Officer



Date:  March 31, 1998


                                       4
<PAGE>
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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): March 31, 1998

                      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 2.  ACQUISITION OR DISPOSITION OF ASSETS

         On March 31, 1998, Fortune Natural Resources Corporation  ("Fortune" or
"the  Company")  sold its  interest in the East Bayou  Sorrel  field,  Iberville
Parish,  Louisiana  to National  Energy  Group,  Inc.  for cash in the amount of
$4,695,000.  The  properties  sold  consisted of the  Company's  interest in the
Schwing  #1 and  #2  wells  and  all of the  Company's  leases,  facilities  and
interests  in the East Bayou  Sorrel  area of mutual  interest,  as such area is
defined in the East Bayou  Sorrel  operating  agreement.  The sale is  effective
April 1, 1998. The sale closed on March 31, 1998, whereupon the Company received
$4,535,000, which is net of ordinary closing adjustments.

         The Company's interest in the two productive wells at East Bayou Sorrel
were pledged to secure the Company's Credit Facility with Credit  Lyonnais.  The
total  balance  outstanding  under the  Credit  Facility  prior to this sale was
$550,000. Concurrently with closing the sale of the East Bayou Sorrel field, the
Company paid down the  outstanding  balance of the Credit  Facility by $540,000.
The Company plans to reinvest the remaining proceeds from the sale of East Bayou
Sorrel into its exploration,  development and property  acquisition  activities,
including,  for example, future anticipated exploration and development wells at
its Espiritu Santo Bay and LaRosa 3D seismic exploration projects.

         The Schwing #1 and #2 wells began  producing from permanent  production
facilities in January 1997 and June 1997, respectively. Although both wells have
been shut-in since March 13, 1998 pending the repair of  production  facilities,
they accounted for a significant portion of the Company's operations during 1997
and proved  reserves as of December  31,  1997.  A third well in the field,  the
Schwing #3, which spud October 9, 1997 was temporarily  plugged and abandoned on
March 5, 1998 pending further evaluation of the well's potential.  The Company's
share of this well is estimated to cost  approximately $1 million as a result of
difficult drilling conditions and mechanical problems encountered while drilling
and attempting to complete the well. Selected financial information attributable
to the Company's interest in the East Bayou Sorrel field as reported in its 1997
operating and financial results is as follows:

                                                          Year Ended
                                                      December 31, 1997
                                                      -----------------
       Production
           Oil (Bbls)                                          55,000
           Gas (Mcf)                                           78,000

       Oil and Gas Revenues                             $   1,241,000
       Production and Operating Expense                       205,000
       Provision for Depletion, Depreciation
          and Amortization*                                   430,000

                                                   As of December 31, 1997
                                                   -----------------------
       Estimated Net Reserve Quantities
       of Total Proved Reserves
           Oil (Bbls)                                         152,000
           Gas (Mcf)                                          204,000

         This  represents  32% and 30% of the Company's oil and gas revenues and
equivalent  oil  production  and 23% of the  Company's  estimated  quantities of
equivalent  proved oil  reserves  as of December  31,  1997.  Consequently,  the
Company's revenues and cash flow from operations will decrease  significantly in
1998  unless the  production  is replaced  through  successful  exploration  and
development activities or through the acquisition of producing properties.

*   Represents   the  estimated   reduction  in   depreciation,   depletion  and
    amortization  expense  reported  by the  Company  in 1997  that  would  have
    resulted  from  excluding  the  East  Bayou  Sorrel  production  and  proved
    reserves.

                                       2
ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         (a) Financial Statements of businesses acquired. Not applicable.

         (b) Pro forma financial information. Included in Item 2.

         (c)    Exhibits.

                2.1*  Assignment  and Bill of Sale dated March 31, 1998,
                      between  Fortune  Natural  Resources  Corporation and
                      National Energy Group, Inc.

                2.2*  Letter  Agreement  dated  March 31,  1998,  between
                      Fortune  Natural  Resources  Corporation and National
                      Energy Group, Inc.

*Filed herewith

                                       3
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/ J. Michael Urban
                                   ----------------------------------
                                   J. Michael Urban
                                   Vice President and Chief Financial Officer

Date:  March 31, 1998

                                       4