<HTML>
<HEAD>
     <TITLE>Exploration Update</TITLE>
</HEAD>

<BODY>






<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D. C. 20549</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><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Date of Report (Date of earliest event reported): April 17, 2001</font></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>Identification 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;77067</U><BR>(Address of principal executive offices)&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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><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></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Former name or former address, if changed since last report)</FONT></P>





<PAGE>


<P><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Items</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>April
17, 2001 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB
SYMBOL: FPXA)</B> today provided this exploration program update:</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Texas Gulf Coast and State Waters Activity:</B></FONT></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Cadiz Prospect - Bee County, Texas - Onshore:</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Brooks
#3 Well:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final logging results of the Brooks #3 well, the third Cadiz 3-D
Seismic Prospect, indicate that the well encountered approximately 55 feet of
net pay in the Slick sand and up to 160 feet of prospective pay in the Luling
sands.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casing
has been set and the well will first be perforated in the Luling sands to test
that prospective section. If it is not productive for any reason the net pay in
the Slick sands will be put on production. A flow line is currently being laid
to connect the well to sales. Fortune owns a 6.5625% working interest in the
producing well. The well was drilled on a 3-D seismic anomaly generated from 3-D
seismic licensed by Fortune. Fortune&#146;s cost in this well was approximately
$53,000.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>La Rosa - Refugio County, Texas - Onshore:</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Multi-well
Re-completion Program:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune and its partners have moved a workover rig
onto the La Rosa field and have begun a multiple well workover program to
re-complete existing wells in new formations. Fortune and its partners recently
completed reprocessing their 24 square mile proprietary 3-D seismic using
pre-stack time migration; Fortune believes the data has been significantly
enhanced and it is currently being interpreted for both shallow and deep
potential. Preliminary results of that interpretation have identified some new
and additional locations for future wells and additional by-passed pay
opportunities in existing wells. Fortune owns between 18.75% and 37.5% in the
various well bores and new wells in the La Rosa Field.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Gamble Gully Prospect - Live Oak County, Texas:</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Koemel
#1 Sidetrack Well:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune participated in a side-track from an existing
wellbore in the Gamble Gully field in Live Oak County in a project it believes
could hold up to approximately 36 Bcf of natural gas in two Wilcox formations.
Fortune and its partner are testing a theory that between 2.6 Bcf to 14.6 Bcf of
natural gas reserves in the Slick formation and 7.7 Bcf to 21.7 Bcf of natural
gas reserves in the Luling formation, according to an independent report, are
remaining in this old field. Originally 4 wells were drilled in the Gamble Gully
field that produced a total of 7.8 Bcf from these Wilcox sands without modern
stimulation techniques. Fortune and its partner used an existing wellbore to
drill a sidetrack well approximately 250 feet away to test pressures and to see
if water had encroached around the original wellbore. The well originally tested
at approximately 200 mcf a day, un-stimulated, and pressures were near original
reservoir levels. A sales line has been constructed and natural gas began to
flow to sales in early April, currently at a rate of 115 mcf a day and
increasing. Fortune and its partner believe this initial well&#146;s results are
quite positive and are planning two additional wells to move further away from
existing wellbores. Fortune&#146;s cost of the Koemel #1 sidetrack was
approximately $110,000. Fortune has a 30% working interest in this project. No
reserves were booked for this project in Fortune&#146;s independent reserve
report as of January 1, 2001.</P>



<PAGE>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Espiritu Santo Bay - Calhoun County, Texas - Transition Zone:</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Grass
Island Deep Prospect:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune and its partners have been working diligently
during the last quarter of 2000 and the first quarter of 2001 to enhance the
interpretation of its 135 sq. mile proprietary 3-D seismic, drawing from
information learned from the June 2000 test of the first deep prospect well and
analogous field information. Five encouraging deep prospects have been more
clearly identified to date. After Fortune and its partners completed the
acquisitions of interests from some of its partners in the Espiritu Santo Bay
project in December 2000, two of Fortune&#146;s partners in the project began
discussions to farm out all or a portion of their respective interests in the
next deep well or two. Fortune has been advised these discussions are continuing
and is hopeful that they will successfully conclude soon so that work can
commence on drilling the first of the deep prospects later this summer.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
a new shallow miocene well has been proposed on a prospect in Espiritu Santo Bay
at Steamboat Pass that should spud in 30 to 60 days. Fortune will have an
approximate 14.5% working interest in that well.</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Mississippi Onshore Activity:</B></FONT></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>West Pointe Prospect - Clay County, Mississippi:</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
has acquired a 20% working interest in new prospect in Mississippi to test a
deeper Lower Mississippian trend, Pennsylvanian Sands and Ordovician Dolomite in
the Black Warrior Basin. Initial estimates of potential reserves are
approximately 59.5 BCF. An exploratory well is expected to spud within the next
30 days. Fortune&#146;s estimated cost to acquire and drill this well will be
approximately $125,000.</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 the Company&#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 the Company will be successful in meeting its expectations.</P>

<P ALIGN=CENTER>**********</P>

<P ALIGN=RIGHT>Company Contact: Angela McLane<BR>
Asst. to the President/CEO<BR>
(281) 872-1170</P>


<PAGE>


<P><B>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</B></P>

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



<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=40%> </TD><TD WIDTH=60%><B>FORTUNE NATURAL RESOURCES CORPORATION</B><BR><BR><BR><BR></TD>
</TR>
</TABLE>

<TABLE WIDTH=100%>
<TR>
     <TD WIDTH=40%> </TD><TD WIDTH=60%>By:&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Dean W. Drulias</U><BR></TD>
</TR>

<TR>
     <TD WIDTH=40%> </TD><TD WIDTH=60%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Dean W. Drulias<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary</TD>
</TR>
</TABLE>



<P ALIGN=LEFT>Date:&nbsp;&nbsp;&nbsp;April 17, 2001</P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "pr03.htm", "description": "PRESS RELEASE 01-03", "secsgml_size_bytes": 11167}]
{"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": "1605135"}, "business-address": {"street1": "515 WEST GREENS ROAD", "street2": "SUITE 720", "city": "HOUSTON", "state": "TX", "zip": "77067", "phone": "2818721170"}, "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"}}
Exploration Update
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): April 17, 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
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
April
17, 2001 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB
SYMBOL: FPXA)
today provided this exploration program update:
Texas Gulf Coast and State Waters Activity:
Cadiz Prospect - Bee County, Texas - Onshore:
Brooks
#3 Well:
Final logging results of the Brooks #3 well, the third Cadiz 3-D
Seismic Prospect, indicate that the well encountered approximately 55 feet of
net pay in the Slick sand and up to 160 feet of prospective pay in the Luling
sands.
Casing
has been set and the well will first be perforated in the Luling sands to test
that prospective section. If it is not productive for any reason the net pay in
the Slick sands will be put on production. A flow line is currently being laid
to connect the well to sales. Fortune owns a 6.5625% working interest in the
producing well. The well was drilled on a 3-D seismic anomaly generated from 3-D
seismic licensed by Fortune. Fortune's cost in this well was approximately
$53,000.
La Rosa - Refugio County, Texas - Onshore:
Multi-well
Re-completion Program:
Fortune and its partners have moved a workover rig
onto the La Rosa field and have begun a multiple well workover program to
re-complete existing wells in new formations. Fortune and its partners recently
completed reprocessing their 24 square mile proprietary 3-D seismic using
pre-stack time migration; Fortune believes the data has been significantly
enhanced and it is currently being interpreted for both shallow and deep
potential. Preliminary results of that interpretation have identified some new
and additional locations for future wells and additional by-passed pay
opportunities in existing wells. Fortune owns between 18.75% and 37.5% in the
various well bores and new wells in the La Rosa Field.
Gamble Gully Prospect - Live Oak County, Texas:
Koemel
#1 Sidetrack Well:
Fortune participated in a side-track from an existing
wellbore in the Gamble Gully field in Live Oak County in a project it believes
could hold up to approximately 36 Bcf of natural gas in two Wilcox formations.
Fortune and its partner are testing a theory that between 2.6 Bcf to 14.6 Bcf of
natural gas reserves in the Slick formation and 7.7 Bcf to 21.7 Bcf of natural
gas reserves in the Luling formation, according to an independent report, are
remaining in this old field. Originally 4 wells were drilled in the Gamble Gully
field that produced a total of 7.8 Bcf from these Wilcox sands without modern
stimulation techniques. Fortune and its partner used an existing wellbore to
drill a sidetrack well approximately 250 feet away to test pressures and to see
if water had encroached around the original wellbore. The well originally tested
at approximately 200 mcf a day, un-stimulated, and pressures were near original
reservoir levels. A sales line has been constructed and natural gas began to
flow to sales in early April, currently at a rate of 115 mcf a day and
increasing. Fortune and its partner believe this initial well's results are
quite positive and are planning two additional wells to move further away from
existing wellbores. Fortune's cost of the Koemel #1 sidetrack was
approximately $110,000. Fortune has a 30% working interest in this project. No
reserves were booked for this project in Fortune's independent reserve
report as of January 1, 2001.
Espiritu Santo Bay - Calhoun County, Texas - Transition Zone:
Grass
Island Deep Prospect:
Fortune and its partners have been working diligently
during the last quarter of 2000 and the first quarter of 2001 to enhance the
interpretation of its 135 sq. mile proprietary 3-D seismic, drawing from
information learned from the June 2000 test of the first deep prospect well and
analogous field information. Five encouraging deep prospects have been more
clearly identified to date. After Fortune and its partners completed the
acquisitions of interests from some of its partners in the Espiritu Santo Bay
project in December 2000, two of Fortune's partners in the project began
discussions to farm out all or a portion of their respective interests in the
next deep well or two. Fortune has been advised these discussions are continuing
and is hopeful that they will successfully conclude soon so that work can
commence on drilling the first of the deep prospects later this summer.
Additionally,
a new shallow miocene well has been proposed on a prospect in Espiritu Santo Bay
at Steamboat Pass that should spud in 30 to 60 days. Fortune will have an
approximate 14.5% working interest in that well.
Mississippi Onshore Activity:
West Pointe Prospect - Clay County, Mississippi:
Fortune
has acquired a 20% working interest in new prospect in Mississippi to test a
deeper Lower Mississippian trend, Pennsylvanian Sands and Ordovician Dolomite in
the Black Warrior Basin. Initial estimates of potential reserves are
approximately 59.5 BCF. An exploratory well is expected to spud within the next
30 days. Fortune's estimated cost to acquire and drill this well will be
approximately $125,000.
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 the Company'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 the Company will be successful in meeting its expectations.
**********
Company Contact: Angela McLane
Asst. to the President/CEO
(281) 872-1170
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
Secretary
Date:   April 17, 2001