<PAGE>




                       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 13, 1997



                          FORTUNE PETROLEUM 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 Events


     A.   On March 13, 1997,  Fortune Petroleum  Corporation,  together with the
          Company's  Espiritu  Santo  Bay  3-D  Seismic  Project  joint  venture
          partners,  elected to acquire its pro-rata share of the Steamboat Pass
          Field,  Calhoun  County,  Texas from Neumin  Production  Company.  The
          Steamboat  Pass Field is  adjacent  to  Matagorda  Island and  beneath
          Espiritu  Santo  Bay,  over which  Fortune  expects  to  commence  its
          proprietary 3-D seismic  acquisition  program beginning in April 1997.
          The field is currently producing  approximately 550 mcf of natural gas
          per day from four shallow gas wells.  The  acquisition  also  entitles
          Fortune to its pro-rata  share of the existing  facilities  located on
          site.  Fortune  acquired a 12.5%  working  interest in the 5,766 acres
          held by  production  in the field.  The  acquisition  is being made in
          exchange for the assumption of Neumin's future  obligation to plug and
          abandon the field. The cost of such abandonment is not estimated to be
          material to the Company.  The  transaction is scheduled to close March
          25, 1997.

     B.   On March 14,  1997,  Fortune was advised by  Consolidated  Natural Gas
          Production  Company  ("CNG"),  the  operator  of  its  offshore  South
          Timbalier Block 76 well,  that CNG has scheduled a workover  operation
          on the well to locate  and  repair a leak which has caused the well to
          lose casing  pressure.  A workover  rig was moved on site March 23 and
          the well was shut in on March 24,  preparatory to beginning  work. CNG
          has  indicated  that it expects the  workover to take up to 28 days to
          complete,  during  which the well will remain  shut in.  Total cost of
          this  operation,  depending on the location of the leak,  is estimated
          not to exceed $395,000 to Fortune's  working interest share.  Both the
          cost and duration of the workover are  estimates.  No assurance can be
          given  that it will  not be  either  more or less  expensive  than the
          operator  now  anticipates  or that the well will not be shut in for a
          longer or shorter period of time. Fortune has consented to participate
          in this workover.




<PAGE>


                                    SIGNATURE


         Pursuant to the  requirements  of the  Securities  and  Exchange Act of
1934,  the  Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



                                     FORTUNE PETROLEUM CORPORATION



                                     By:   /s/ Dean W. Drulias
                                           -------------------------------
                                           Dean W. Drulias
                                           Executive Vice President and
                                              General Counsel


Date:  March 24, 1997
[{"type": "8-K", "sequence": "1", "description": "ACQUISITION AND WORKOVER", "secsgml_size_bytes": 4309}]
{"company-data": {"conformed-name": "FORTUNE PETROLEUM CORP", "cik": "0000038242", "assigned-sic": "1311", "irs-number": "954144732", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12334", "film-number": "97561249"}, "business-address": {"street1": "515 WEST GREENS ROAD", "street2": "SUITE 720", "city": "HOUSTON", "state": "TX", "zip": "77067", "phone": "713-872-1170"}, "mail-address": {"street1": "515 WEST GREENS ROAD", "street2": "SUITE 720", "city": "HOUSTON", "state": "TX", "zip": "77067"}}
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 13, 1997

                          FORTUNE PETROLEUM 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 Events

     A.   On March 13, 1997,  Fortune Petroleum  Corporation,  together with the
          Company's  Espiritu  Santo  Bay  3-D  Seismic  Project  joint  venture
          partners,  elected to acquire its pro-rata share of the Steamboat Pass
          Field,  Calhoun  County,  Texas from Neumin  Production  Company.  The
          Steamboat  Pass Field is  adjacent  to  Matagorda  Island and  beneath
          Espiritu  Santo  Bay,  over which  Fortune  expects  to  commence  its
          proprietary 3-D seismic  acquisition  program beginning in April 1997.
          The field is currently producing  approximately 550 mcf of natural gas
          per day from four shallow gas wells.  The  acquisition  also  entitles
          Fortune to its pro-rata  share of the existing  facilities  located on
          site.  Fortune  acquired a 12.5%  working  interest in the 5,766 acres
          held by  production  in the field.  The  acquisition  is being made in
          exchange for the assumption of Neumin's future  obligation to plug and
          abandon the field. The cost of such abandonment is not estimated to be
          material to the Company.  The  transaction is scheduled to close March
          25, 1997.

     B.   On March 14,  1997,  Fortune was advised by  Consolidated  Natural Gas
          Production  Company  ("CNG"),  the  operator  of  its  offshore  South
          Timbalier Block 76 well,  that CNG has scheduled a workover  operation
          on the well to locate  and  repair a leak which has caused the well to
          lose casing  pressure.  A workover  rig was moved on site March 23 and
          the well was shut in on March 24,  preparatory to beginning  work. CNG
          has  indicated  that it expects the  workover to take up to 28 days to
          complete,  during  which the well will remain  shut in.  Total cost of
          this  operation,  depending on the location of the leak,  is estimated
          not to exceed $395,000 to Fortune's  working interest share.  Both the
          cost and duration of the workover are  estimates.  No assurance can be
          given  that it will  not be  either  more or less  expensive  than the
          operator  now  anticipates  or that the well will not be shut in for a
          longer or shorter period of time. Fortune has consented to participate
          in this workover.
SIGNATURE

         Pursuant to the  requirements  of the  Securities  and  Exchange Act of
1934,  the  Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                     FORTUNE PETROLEUM CORPORATION

                                     By:   /s/ Dean W. Drulias
                                           -------------------------------
                                           Dean W. Drulias
                                           Executive Vice President and
                                              General Counsel

Date:  March 24, 1997