<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>

<BODY>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D. C. 20549</B></FONT></P>

<BR><BR>

<H3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 8-K</FONT></H3>
<BR>
<H2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>CURRENT
REPORT</FONT></H2>
<BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</FONT></P>


<P ALIGN=CENTER>Date of Report (Date of earliest event reported): November 13, 2001</P>

<BR><BR>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>FORTUNE NATURAL RESOURCES CORPORATION</U></B><BR>
(Exact name of Registrant as specified in its charter)</FONT></P>

<BR>
<TABLE WIDTH=100%>
<TR>
     <TD ALIGN=CENTER WIDTH=33%><U>Delaware</U></TD><TD ALIGN=CENTER WIDTH=33%><U>1-12334</U></TD><TD ALIGN=CENTER WIDTH=33%><U>95-4114732</U></TD>
</TR>

<TR>
     <TD ALIGN=CENTER WIDTH=33%>(State or other jurisdiction<BR>of incorporation</TD>
<TD ALIGN=CENTER WIDTH=33%>(Commission<BR>File Number)</TD><TD ALIGN=CENTER WIDTH=33%>(IRS Employer<BR>Identificaiton No.</TD>
</TR>


</TABLE>

<BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>515 W. Greens Road, Suite 720,
Houston, Texas   77067</U><BR>(Address of principal executive offices)  (Zip Code)</FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Registrant's telephone number,
including area code: (281) 872-1170<BR>Registrant's telecopier number, including area code: (281) 872-1213</FONT></P>


<BR><BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Former name or former address, if changed since last report)</FONT></P>


<HR>
<PAGE>

<P><FONT SIZE=3><B>Item 5. Other Items</B></FONT></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOVEMBER 13, 2001 - HOUSTON,
TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB SYMBOL:  FPXA)</B> today
announced its financial results for the quarter ended September 30, 2001.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third quarter 2001 versus third quarter of 2000</U></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
realized a net loss for the third quarter of 2001 of $2,102,000, or $0.13 per
share, compared to net income of $2,000 (less than $0.01 per share) for the same
period in 2000. The significantly higher loss in 2001 results primarily from a
$1.7 million non-cash impairment expense in 2001.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of decreases in oil and gas prices, Fortune&#146;s evaluated, net
capitalized oil and gas property costs exceed its proved reserve value ceiling
by $1,700,000. Consequently, Fortune expensed this excess as a non-cash
impairment to oil and gas properties as of September 30, 2001. The value of
Fortune&#146;s proved reserves is determined using oil and gas prices in effect
at the end of each period for which a ceiling test is performed. If prices
increase after the end the period, those higher prices may be used to calculate
a lower impairment expense. The oil and gas prices in effect at September 30,
2001 of approximately $20.48 per Bbl and $1.98 per Mcf, respectively, were the
lowest prices on an equivalent Mcf basis we have experienced in a quarterly ceiling test
since the first quarter of 1999. Those prices would have resulted in a $3.1 million impairment
expense. However, Fortune used the current prices of prices approximately $17.01
per Bbl for oil and $2.87 per Mcf for gas to record a lower impairment expense
for the current quarter.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune&#146;s
oil and gas revenues decreased 66% to $265,000 in the third quarter of 2001
versus 2000 as a result of the lower oil and gas prices and lower oil and gas
production. Gas prices decreased 32% to $2.94 per Mcf during the third quarter
of 2001 versus $4.32 per Mcf for the same 2000 period. Oil prices decreased 18%
to $25.23 per Bbl versus $30.61 per Bbl for 2000. Gas production decreased 54%
to 73,100 Mcf while oil production decreased 32% to 2,000 Bbls for the third
quarter of 2001 as compared to the same period in 2000.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
significant portion of the production decline is attributable to the previously
reported loss of production from the South Timbalier Block 86 well that ceased
producing in March 2001. The operator has informed Fortune that the well
produced approximately 2 million cubic feet of gas per day for a brief period
during August 2001 and there are plans to conduct further operations to attempt
to restore production. However, there is no assurance that production will
resume. This well accounted for approximately 33% of Fortune&#146;s revenues
during the third quarter of 2000 but production had been declining since
reaching a peak in May 2000. In the first quarter of 2001, it accounted for only
14% of Fortune&#146;s revenues. Also, the operator of the La Rosa field has
informed Fortune that problems during August and September 2001 with the primary
salt water disposal well in the field resulted in oil and gas production
curtailments during those months. The problems were corrected in October and
production is being increased. Delays in drilling operations, primarily because
of shortages of equipment and contractors, have hindered our efforts to add new
production. However, we have an active drilling program planned for the
remainder of 2001. Two more wells are planned for La Rosa and a well is
currently underway in Gamble Gully.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production
and operating expense decreased 8% for the third quarter of 2001 versus 2000
because of lower production taxes as a result of the lower oil and gas revenues.
DD&amp;A expense decreased 42% to $162,000 during the third quarter of 2001
because of the lower production.</P>


<HR>
<PAGE>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune&#146;s
liquidity and financial position remained strong through the third quarter of
2001. At September&#160;30, 2001, Fortune reported a cash balance of $806,000,
net working capital of $834,000 and no debt repayments due before 2007. Fortune
reported $(161,000) of cash flow in its operating activities during the third
quarter of 2001 compared to of $310,000 during the same 2000 period. Before
considering the effect of changes in operating assets and liabilities, cash flow
was $(231,000) during the third quarter of 2001 compared $291,000 during the
same 2000 period.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Year-to-date 2001 versus 2000</U></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune&#146;s
net loss for the first nine months of 2001 increased to $2,206,000, or $0.13 per
share, compared to a net loss of $495,000, or $0.03 per share, for the same
period in 2000. The higher 2001 loss results primarily from the non-cash
impairment to oil and gas properties discussed above.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune&#146;s
oil and gas revenues decreased 12% to $1,580,000 in the first nine months of
2001 versus 2000 as lower oil and gas production offset higher gas prices. Gas
prices increased 50% to $5.39 per Mcf during the first nine months of 2001
versus $3.59 per Mcf for the same 2000 period. Oil prices decreased 10% to
$26.29 per Bbl versus $29.09 per Bbl for 2000. Gas production decreased 37% to
263,900 Mcf while oil production decreased 37% to 6,000 Bbls for the first nine
months of 2001 as compared to the same period in 2000.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2000 loss also includes a $118,000 extraordinary loss attributable to the
non-cash premium paid to the noteholders who converted their $930,000 of notes
to common stock during the first quarter of 2000.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FORTUNE
NATURAL RESOURCES CORPORATION</B>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 &#147;forward looking statements&#148;
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&#146;s control. For a discussion of the contingencies and
uncertainties affecting future events and forward-looking statements, see
Fortune&#146;s most recent Annual Report on Form 10-KSB, 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.</P>


<P ALIGN=CENTER><B>************</B></P>
<P ALIGN=RIGHT>Company Contact:  J. Michael Urban<BR>
Vice President and CFO<BR>(281)  872-1170</P>


<HR>
<PAGE>
<P ALIGN=CENTER><B>FORTUNE NATURAL RESOURCES CORPORATION</B></P>

<P ALIGN=CENTER><B>STATEMENTS OF OPERATIONS</B><BR>
($'s in thousands, except price and per share figures)</P>

<PRE>
                                                      Three Months Ended    Nine Months Ended
                                                        September 30,          September 30,
                                                     -------------------   -------------------
                                                       2001       2000      2001       2000
                                                     --------   --------   --------   --------
                                                                   (Unaudited)
REVENUES
   Sales of oil and gas, net of royalties ........   $    265   $    777   $  1,580   $  1,793
   Other income ..................................          9         15         34         26
                                                     --------   --------   --------   --------
                                                          274        792      1,614      1,819
                                                     --------   --------   --------   --------
COSTS AND EXPENSES
   Production and operating ......................        140        153        463        438
   Provision for depletion, depreciation
     and amortization.............................        162        280        471        699
   General and administrative ....................        304        288        977        852
   Interest ......................................         70         69        209        207
   Impairment to oil and gas properties ..........      1,700          -      1,700          -
                                                     --------   --------   --------   --------
                                                        2,376        790      3,820      2,196
                                                     --------   --------   --------   --------
Income (loss) before extraordinary item...........     (2,102)         2     (2,206)      (377)
Extraordinary loss on early extinguishments
   of debt........................................          -          -          -       (118)
                                                     --------   --------   --------   --------
Net income (loss) ................................   $ (2,102)  $      2   $ (2,206)  $   (495)
                                                     ========   ========   ========   ========
Weighted average number of common
  shares outstanding (thousands) .................     16,470     16,382     16,459     15,682
                                                     ========   ========   ========   ========
Net loss per common share (basic and diluted)
   Income (loss) before extraordinary item .......   $  (0.13)  $      -   $  (0.13)  $  (0.02)
   Extraordinary item.............................          -          -          -      (0.01)
                                                     --------   --------   --------   --------
      Net income (loss) per common share$(0.13)...   $  (0.13)  $      -   $  (0.13)  $  (0.03)
                                                     ========   ========   ========   ========
Net cash provided by (used in) -
   Operating activities
     Before changes in operating assets
      and liabilities.............................                         $     (2)  $    344
                                                                           ========   ========
     After changes in operating assets
      and liabilities.............................                         $    376   $    143
                                                                           ========   ========
   Investing activities ..........................                         $   (588)  $   (524)
                                                                           ========   ========
   Financing activities ..........................                         $    (10)  $    763
                                                                           ========   ========
                     SUMMARY OF BALANCE SHEETS

                                      September 30, 2001      December 31, 2000
                                      ------------------      -----------------
Cash and cash equivalents                  $   806                 $ 1,028
Net working capital                            834                   1,424
Property and equipment, net                  4,146                   5,729
Total assets                                 5,219                   7,429
Long-term debt                               2,295                   2,295
Net stockholders' equity                     2,685                   4,858

                          PRODUCTION DATA
                                                      Three Months Ended    Nine Months Ended
                                                        September 30,          September 30,
                                                     -------------------   -------------------
                                                       2001       2000       2001       2000
                                                     --------   --------   --------   --------
Net production:
   Oil (Bbl)......................................      2,000      2,900      6,000      9,600
   Gas (Mcf)......................................     73,100    159,400    263,900    422,200
Average sales prices:
   Oil ($/Bbl)....................................   $  25.23   $  30.61   $  26.29   $  29.09
   Gas ($/Mcf)....................................       2.94       4.32       5.39       3.59
</PRE>
<HR>
<PAGE>

<P ALIGN=LEFT><B>ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</P>

<HR>
<PAGE>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>SIGNATURE</U></B></FONT></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>


<TABLE WIDTH=100%>
<TR>
     <TD WIDTH=50%> </TD><TD WIDTH=50%><B>FORTUNE NATURAL RESOURCES CORPORATION</B><BR><BR><BR><BR></TD>
</TR>
</TABLE>

<TABLE WIDTH=100%>
<TR>
     <TD WIDTH=50%> </TD><TD WIDTH=50%>By:&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Dean W. Drulias</U><BR></TD>
</TR>

<TR>
     <TD WIDTH=50%> </TD><TD WIDTH=50%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Dean W. Drulias<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President</TD>
</TR>
</TABLE>



<P ALIGN=LEFT>Date:&nbsp;&nbsp;&nbsp;November 13, 2001</P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "pr07.htm", "description": "THIRD QUARTER RESULTS FOR PERIOD ENDING 9/30/01", "secsgml_size_bytes": 16683}]
{"company-data": {"conformed-name": "FORTUNE NATURAL RESOURCES CORP", "cik": "0000038242", "assigned-sic": "1311", "irs-number": "954114732", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12334", "film-number": "1781689"}, "business-address": {"street1": "515 WEST GREENS ROAD", "street2": "SUITE 720", "city": "HOUSTON", "state": "TX", "zip": "77067", "phone": "2818721213"}, "mail-address": {"street1": "515 WEST GREENS ROAD", "street2": "SUITE 720", "city": "HOUSTON", "state": "TX", "zip": "77067"}, "former-company": {"former-conformed-name": "FORTUNE PETROLEUM CORP", "date-changed": "19920703"}}
Form 8-K
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): November 13, 2001
FORTUNE NATURAL RESOURCES CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware
1-12334
95-4114732
(State or other jurisdiction
of incorporation
(Commission
File Number)
(IRS Employer
Identificaiton 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
NOVEMBER 13, 2001 - HOUSTON,
TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB SYMBOL:  FPXA)
today
announced its financial results for the quarter ended September 30, 2001.
Third quarter 2001 versus third quarter of 2000
Fortune
realized a net loss for the third quarter of 2001 of $2,102,000, or $0.13 per
share, compared to net income of $2,000 (less than $0.01 per share) for the same
period in 2000. The significantly higher loss in 2001 results primarily from a
$1.7 million non-cash impairment expense in 2001.
As
a result of decreases in oil and gas prices, Fortune's evaluated, net
capitalized oil and gas property costs exceed its proved reserve value ceiling
by $1,700,000. Consequently, Fortune expensed this excess as a non-cash
impairment to oil and gas properties as of September 30, 2001. The value of
Fortune's proved reserves is determined using oil and gas prices in effect
at the end of each period for which a ceiling test is performed. If prices
increase after the end the period, those higher prices may be used to calculate
a lower impairment expense. The oil and gas prices in effect at September 30,
2001 of approximately $20.48 per Bbl and $1.98 per Mcf, respectively, were the
lowest prices on an equivalent Mcf basis we have experienced in a quarterly ceiling test
since the first quarter of 1999. Those prices would have resulted in a $3.1 million impairment
expense. However, Fortune used the current prices of prices approximately $17.01
per Bbl for oil and $2.87 per Mcf for gas to record a lower impairment expense
for the current quarter.
Fortune's
oil and gas revenues decreased 66% to $265,000 in the third quarter of 2001
versus 2000 as a result of the lower oil and gas prices and lower oil and gas
production. Gas prices decreased 32% to $2.94 per Mcf during the third quarter
of 2001 versus $4.32 per Mcf for the same 2000 period. Oil prices decreased 18%
to $25.23 per Bbl versus $30.61 per Bbl for 2000. Gas production decreased 54%
to 73,100 Mcf while oil production decreased 32% to 2,000 Bbls for the third
quarter of 2001 as compared to the same period in 2000.
The
significant portion of the production decline is attributable to the previously
reported loss of production from the South Timbalier Block 86 well that ceased
producing in March 2001. The operator has informed Fortune that the well
produced approximately 2 million cubic feet of gas per day for a brief period
during August 2001 and there are plans to conduct further operations to attempt
to restore production. However, there is no assurance that production will
resume. This well accounted for approximately 33% of Fortune's revenues
during the third quarter of 2000 but production had been declining since
reaching a peak in May 2000. In the first quarter of 2001, it accounted for only
14% of Fortune's revenues. Also, the operator of the La Rosa field has
informed Fortune that problems during August and September 2001 with the primary
salt water disposal well in the field resulted in oil and gas production
curtailments during those months. The problems were corrected in October and
production is being increased. Delays in drilling operations, primarily because
of shortages of equipment and contractors, have hindered our efforts to add new
production. However, we have an active drilling program planned for the
remainder of 2001. Two more wells are planned for La Rosa and a well is
currently underway in Gamble Gully.
Production
and operating expense decreased 8% for the third quarter of 2001 versus 2000
because of lower production taxes as a result of the lower oil and gas revenues.
DD&A expense decreased 42% to $162,000 during the third quarter of 2001
because of the lower production.
Fortune's
liquidity and financial position remained strong through the third quarter of
2001. At September 30, 2001, Fortune reported a cash balance of $806,000,
net working capital of $834,000 and no debt repayments due before 2007. Fortune
reported $(161,000) of cash flow in its operating activities during the third
quarter of 2001 compared to of $310,000 during the same 2000 period. Before
considering the effect of changes in operating assets and liabilities, cash flow
was $(231,000) during the third quarter of 2001 compared $291,000 during the
same 2000 period.
Year-to-date 2001 versus 2000
Fortune's
net loss for the first nine months of 2001 increased to $2,206,000, or $0.13 per
share, compared to a net loss of $495,000, or $0.03 per share, for the same
period in 2000. The higher 2001 loss results primarily from the non-cash
impairment to oil and gas properties discussed above.
Fortune's
oil and gas revenues decreased 12% to $1,580,000 in the first nine months of
2001 versus 2000 as lower oil and gas production offset higher gas prices. Gas
prices increased 50% to $5.39 per Mcf during the first nine months of 2001
versus $3.59 per Mcf for the same 2000 period. Oil prices decreased 10% to
$26.29 per Bbl versus $29.09 per Bbl for 2000. Gas production decreased 37% to
263,900 Mcf while oil production decreased 37% to 6,000 Bbls for the first nine
months of 2001 as compared to the same period in 2000.
The
2000 loss also includes a $118,000 extraordinary loss attributable to the
non-cash premium paid to the noteholders who converted their $930,000 of notes
to common stock during the first quarter of 2000.
FORTUNE
NATURAL RESOURCES CORPORATION
is an independent oil and gas exploration and
production company with its principal properties located onshore and offshore
Louisiana and Texas. Certain statements in this news release regarding future
expectations and plans may be regarded as "forward looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. They are subject to various risks, such
as operating hazards, drilling risks, and other uncertainties inherent in the
business of exploring for, developing and producing oil and gas which may be
beyond Fortune's control. For a discussion of the contingencies and
uncertainties affecting future events and forward-looking statements, see
Fortune's most recent Annual Report on Form 10-KSB, as well as other
filings with the Securities and Exchange Commission. There can be no assurance
that Fortune will be successful in meeting its expectations.
************
Company Contact:  J. Michael Urban
Vice President and CFO
(281)  872-1170
FORTUNE NATURAL RESOURCES CORPORATION
STATEMENTS OF OPERATIONS
($'s in thousands, except price and per share figures)
Three Months Ended    Nine Months Ended
                                                        September 30,          September 30,
                                                     -------------------   -------------------
                                                       2001       2000      2001       2000
                                                     --------   --------   --------   --------
                                                                   (Unaudited)
REVENUES
   Sales of oil and gas, net of royalties ........   $    265   $    777   $  1,580   $  1,793
   Other income ..................................          9         15         34         26
                                                     --------   --------   --------   --------
                                                          274        792      1,614      1,819
                                                     --------   --------   --------   --------
COSTS AND EXPENSES
   Production and operating ......................        140        153        463        438
   Provision for depletion, depreciation
     and amortization.............................        162        280        471        699
   General and administrative ....................        304        288        977        852
   Interest ......................................         70         69        209        207
   Impairment to oil and gas properties ..........      1,700          -      1,700          -
                                                     --------   --------   --------   --------
                                                        2,376        790      3,820      2,196
                                                     --------   --------   --------   --------
Income (loss) before extraordinary item...........     (2,102)         2     (2,206)      (377)
Extraordinary loss on early extinguishments
   of debt........................................          -          -          -       (118)
                                                     --------   --------   --------   --------
Net income (loss) ................................   $ (2,102)  $      2   $ (2,206)  $   (495)
                                                     ========   ========   ========   ========
Weighted average number of common
  shares outstanding (thousands) .................     16,470     16,382     16,459     15,682
                                                     ========   ========   ========   ========
Net loss per common share (basic and diluted)
   Income (loss) before extraordinary item .......   $  (0.13)  $      -   $  (0.13)  $  (0.02)
   Extraordinary item.............................          -          -          -      (0.01)
                                                     --------   --------   --------   --------
      Net income (loss) per common share$(0.13)...   $  (0.13)  $      -   $  (0.13)  $  (0.03)
                                                     ========   ========   ========   ========
Net cash provided by (used in) -
   Operating activities
     Before changes in operating assets
      and liabilities.............................                         $     (2)  $    344
                                                                           ========   ========
     After changes in operating assets
      and liabilities.............................                         $    376   $    143
                                                                           ========   ========
   Investing activities ..........................                         $   (588)  $   (524)
                                                                           ========   ========
   Financing activities ..........................                         $    (10)  $    763
                                                                           ========   ========
                     SUMMARY OF BALANCE SHEETS

                                      September 30, 2001      December 31, 2000
                                      ------------------      -----------------
Cash and cash equivalents                  $   806                 $ 1,028
Net working capital                            834                   1,424
Property and equipment, net                  4,146                   5,729
Total assets                                 5,219                   7,429
Long-term debt                               2,295                   2,295
Net stockholders' equity                     2,685                   4,858

                          PRODUCTION DATA
                                                      Three Months Ended    Nine Months Ended
                                                        September 30,          September 30,
                                                     -------------------   -------------------
                                                       2001       2000       2001       2000
                                                     --------   --------   --------   --------
Net production:
   Oil (Bbl)......................................      2,000      2,900      6,000      9,600
   Gas (Mcf)......................................     73,100    159,400    263,900    422,200
Average sales prices:
   Oil ($/Bbl)....................................   $  25.23   $  30.61   $  26.29   $  29.09
   Gas ($/Mcf)....................................       2.94       4.32       5.39       3.59
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
None
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/ Dean W. Drulias
Dean W. Drulias
Executive Vice President
Date:   November 13, 2001