<HTML>
<HEAD>
     <TITLE>Exploration Program 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): June 29, 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>

<HR>
<PAGE>

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

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JUNE
29, 2001 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB
SYMBOL: FPXA)</B>today provided this exploration program update and
results from its Annual Shareholders Meeting held June 19, 2001:</P>

<P><B>Mississippi Onshore Activity:</B></P>

<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>WEST POINTE PROSPECT - CLAY COUNTY, MISSISSIPPI:</U></B></P>

<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dill
#13-9 Well:</B>&nbsp;&nbsp;&nbsp;&nbsp;Final logging results of the Dill #13-9 well, the initial
exploratory well at the West Pointe Prospect, indicate that the well encountered
apparent pay in three principal exploration formation objectives, the Upper
Lewis, Sanders and Carter sands totaling 161 feet. Fortune and its partners have
elected to run casing and complete the well. Starting from the bottom up, two
lobes of sand in the Upper Lewis formation encountered approximately 12 feet of
potentially productive interval, approximately 62 feet in the Sanders and
approximately 87 feet in the Carter. Fortune has been advised by the operator
that completion operations will begin in about two to three weeks beginning in
the Upper Lewis, which will be perforated, then acidized, and then tested. The
Sanders and Carter sands will be perforated after the Upper Lewis is determined
to be, or ultimately becomes, economically unproductive. The Sanders and Carter
sands will require frac jobs when they are completed. Fortune&#146;s estimated
cost to acquire, drill and complete this well will total approximately $150,000,
of which $125,000 has already been expended during drilling and acquisition
phases.  Fortune owns a 20% working interest in the West Pointe Prospect.</P>

<P><B>Texas Gulf Coast and State Waters Activity:</B></P>

<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>LA ROSA - REFUGIO COUNTY, TEXAS - ONSHORE:</U></B></P>

<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-well
Re-completion Program:</B>&nbsp;&nbsp;&nbsp;&nbsp;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 by this
reprocessing. The operator has proposed the first five new prospects from this
data. Fortune and its partners will start by spudding three new exploration
wells, and a rig has been scheduled to commence drilling the first location in
mid-July. It is anticipated that the three prospects will be drilled
consecutively. The operator has reserved the right to keep the rig for the next
two additional exploration prospect wells proposed in the field depending upon
the logging results of the first three. Fortune owns an 18.75% working interest
in the five new prospects in the La Rosa Field and will spend approximately
$36,000 on the drilling of each well. Additionally, an ongoing recompletion
program is continuing in some of the La Rosa fields existing wells.</P>

<P><B>ANNUAL MEETING RESULTS</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
also announced today that the two directors standing for re-election, Martin
Lacoff and John McConnaughy, Jr., were re-elected to new terms expiring in 2002
and 2004, respectively, and that Grant Thornton, LLP was confirmed as
Fortune&#146;s independent public accountants for the year ending December 31,
2001.</P>

<HR>
<PAGE>


<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<HR>
<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>


<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=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;Executive Vice President</TD>
</TR>
</TABLE>



<P ALIGN=LEFT>Date:&nbsp;&nbsp;&nbsp;June 29, 2001</P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "pr05.htm", "description": "EXPLORATION UPDATE", "secsgml_size_bytes": 8568}]
{"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": "1671285"}, "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"}}
Exploration Program 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): June 29, 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
JUNE
29, 2001 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB
SYMBOL: FPXA)
today provided this exploration program update and
results from its Annual Shareholders Meeting held June 19, 2001:
Mississippi Onshore Activity:
WEST POINTE PROSPECT - CLAY COUNTY, MISSISSIPPI:
Dill
#13-9 Well:
Final logging results of the Dill #13-9 well, the initial
exploratory well at the West Pointe Prospect, indicate that the well encountered
apparent pay in three principal exploration formation objectives, the Upper
Lewis, Sanders and Carter sands totaling 161 feet. Fortune and its partners have
elected to run casing and complete the well. Starting from the bottom up, two
lobes of sand in the Upper Lewis formation encountered approximately 12 feet of
potentially productive interval, approximately 62 feet in the Sanders and
approximately 87 feet in the Carter. Fortune has been advised by the operator
that completion operations will begin in about two to three weeks beginning in
the Upper Lewis, which will be perforated, then acidized, and then tested. The
Sanders and Carter sands will be perforated after the Upper Lewis is determined
to be, or ultimately becomes, economically unproductive. The Sanders and Carter
sands will require frac jobs when they are completed. Fortune's estimated
cost to acquire, drill and complete this well will total approximately $150,000,
of which $125,000 has already been expended during drilling and acquisition
phases.  Fortune owns a 20% working interest in the West Pointe Prospect.
Texas Gulf Coast and State Waters Activity:
LA ROSA - REFUGIO COUNTY, TEXAS - ONSHORE:
Multi-well
Re-completion Program:
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 by this
reprocessing. The operator has proposed the first five new prospects from this
data. Fortune and its partners will start by spudding three new exploration
wells, and a rig has been scheduled to commence drilling the first location in
mid-July. It is anticipated that the three prospects will be drilled
consecutively. The operator has reserved the right to keep the rig for the next
two additional exploration prospect wells proposed in the field depending upon
the logging results of the first three. Fortune owns an 18.75% working interest
in the five new prospects in the La Rosa Field and will spend approximately
$36,000 on the drilling of each well. Additionally, an ongoing recompletion
program is continuing in some of the La Rosa fields existing wells.
ANNUAL MEETING RESULTS
Fortune
also announced today that the two directors standing for re-election, Martin
Lacoff and John McConnaughy, Jr., were re-elected to new terms expiring in 2002
and 2004, respectively, and that Grant Thornton, LLP was confirmed as
Fortune's independent public accountants for the year ending December 31,
2001.
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
Executive Vice President
Date:   June 29, 2001