<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): February 20, 2002</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   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>

<PAGE>

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

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FEBRUARY
20, 2002 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB
SYMBOL: FPXA) </B>today announced it has acquired an operating working interest
in a large ongoing Texas onshore exploration program that could have a
significant impact on the Company, as well as an interim financing, and two
previously unannounced exploration well discoveries.</P>

<P><B><U>New Texas Onshore Exploration Program</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
has acquired a 25% working interest and a co-operating position in a large-scale
onshore oil and gas exploration and development program in Texas. The
centerpiece of this program will utilize a large onshore Texas seismic database
comprising approximately 50,000 linear miles and contained within approximately
105 counties of the Texas Gulf Coast, East Texas, and South Texas. Fortune and
its partners believe reprocessing the data with state of the art technology will
significantly enhance the data quality and, in fact, the results from processing
the first ten percent of the data have yielded 30 new prospects. Fortune will
operate 50% of the prospects delineated in the program and its partner, Prime
Energy Corporation (NASDAQ: PNRG), which has also acquired a 25% working
interest, will operate the balance of the prospects. The remaining 50%
non-operating working interest is owned by four unaffiliated entities providing
the capital for the seismic reprocessing phase which commenced in March 2001.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
and Prime will be in charge of leasing the prospects that are identified and
will control and operate the drilling, completion, development and production
phases of each prospect in the program. Fortune anticipates that its share of
this initial operating phase may require an additional capital investment of up
to $3,000,000 during the first twelve months of the program, after which Fortune
believes the program will be self-funding, based on reasonable success levels.
Fortune believes at least 250 prospect leads may be identified from the
reprocessed data that should in turn generate a minimum of 50 drillable
prospects over the next few years. Fortune has found that most of the current
prospects are supported with risk reducing seismic attributes and range from
2,000 to 14,000 feet in depth. The targeted Texas trends of the data are
primarily the Yegua, Vicksburg, Wilcox and Frio, all in areas of developed
infrastructure. The Company expects that drilling could commence by the middle
of this first year.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
seismic data reprocessing oversight and prospect generation of the program is
being undertaken and managed by a newly formed entity called Cymraec, Inc.
Cymraec was formed by three individuals with over sixty years of combined
experience in the industry with major oil and gas companies and large
independents. The reprocessing of the data commenced last year, occurs in
continuous stages, and must be completed by September 30, 2003. The success of
the program will depend, in part, on the ability of Cymraec, Fortune and Prime
to identify and lease prospects from the reprocessed data, as well as on the
success of exploration drilling.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
financed its initial acquisition of the working interest in the Program with
short term financing of $500,000, described below, while it is arranging
additional capital for its portion of the anticipated costs of the Program.</P>

<HR>
<PAGE>


<P><B>Financing Arrangements</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to finance its acquisition of a 25% working interest in the Texas Onshore
Exploration Program, the Company obtained $500,000 in interim financing through
a combination of notes and preferred stock from various investors including:
members of management (Mssrs. Fairbanks, Drulias and Lacoff); current
shareholders (Barry Blank, as well as Renaissance Capital Growth and Income Fund
and Renaissance Growth and Income Trust, PLC, collectively,
&#147;Renaissance&#148;); C. K. Cooper &amp; Company, Inc., Fortune&#146;s
financial advisor; and certain other investors not previously associated with
the Company. The interest rate on the notes and the dividend on the preferred
stock is 10% per annum, payable quarterly, and the financing comes due in 180
days. The financing may be prepaid at any time without penalty. As additional
consideration for providing the financing, the investors will receive warrants
to purchase shares of common stock at an amount and premium to current share
price which depends on when the financing is repaid.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance,
which provided approximately half of the financing, also received a contingent
put right (the &#147;Put&#148;) which, if it becomes effective, would give
Renaissance the right to require Fortune to repurchase all of their Fortune
common stock for their original purchase price (approximately $1,090,000), but
only if they are not repaid at the due date or if the Company encumbers any of
its properties (other than the Cadiz property in Bee County, Texas, which
secures the notes). Fortune may sell properties to repay the financing prior to
the due date without triggering the Put. If Renaissance is repaid within 180
days, the Put will not become effective or have any impact on the Company.</P>

<P><B><U>Financial Advisor</U></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Natural Resources
has engaged C. K. Cooper &amp; Company
as financial advisor to assist in the formation of capital to
help the Company fund its obligations in the Texas Onshore
Exploration Program.   C.  K. Cooper &amp; Company is an investment
banking boutique headquartered in Irvine, California.  As a full
service firm, C. K. Cooper &amp; Company is widely regarded for its
industry and company specific research focusing on &#147;Micro-Cap&#148;
oil and gas exploration and production companies.  C. K. Cooper &amp;
Company provides a full range of investment banking services to
smaller energy issuers.  In 2001, the firm was involved in over
$300 million worth of investment banking transactions.  For more
information about C. K. Cooper &amp; Company, please visit its web
site at www.ckcooper.com or contact 888-477-9301.</P>

<P><B>Executive&#146;s Remarks</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald
Nowak, Fortune&#146;s new President and Chief Operating Officer, stated
&#147;Based on reprocessing results to date, Fortune expects that the seismic
data could yield in excess of fifty drillable prospects to the Company over the
next few years. It is anticipated that prospects should range in size from 1
Bcfe to 100 Bcfe opportunities. We have already begun to build an operations
team. If all goes well, we could drill approximately six to ten wells the first
twelve months, and approximately 15 to 20 development and
exploration/exploitation wells in the second year.&#148; Tyrone J. Fairbanks,
Fortune&#146;s Chairman and Chief Executive Officer, added &#147;This is the
culmination of a five month negotiated effort to put Fortune into a unique first
class operating position of a large scale exploration program that could bring
significant impact to shareholder value. Furthermore, Fortune raised an
additional $500,000 from directors, management, principal shareholders and
others to fund its entrance into the Exploration Program and the next few months
of the Program&#146;s costs. C.K. Cooper and Company is assisting the Company to
arrange additional financing for the balance of our anticipated exploration and
development costs associated with our interest for the following twelve months.
The Company anticipates thereafter the Program could be self-funding from cash
flow.&#148; </P>


<HR>
<PAGE>

<P><B>Exploration Discoveries and Other Properties Update</B></P>

<P><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Rosa Proprietary 3D
Seismic Exploration Program, Refugio County, Texas</I></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
La Rosa C-12 well was spud on December 11, 2001 and logged on January 13, 2002
as a discovery. Preliminary log evaluation indicated that the well has
approximately 20 feet of aggregate pay sand in multiple zones. The well was put
on production on February 18, 2002, at approximately 140 barrels of oil per day,
the maximum allowable by the state, and 200 mcfd of natural gas. Fortune owns an
18.75% working interest in the well and incurred approximately $56,000 for its
share of drilling and completion costs.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
La Rosa C-10 well was spud on August 4, 2001 and logged on August 16, 2001 as a
new discovery. Log evaluation indicates that the well has an aggregate 89 feet
of pay sand in multiple zones. The well is currently producing approximately
400,000 cubic feet of gas per day. Fortune owns an 18.75% working interest in
the well; its share of the drilling and completion cost was approximately
$53,000.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
La Rosa C-11 well was spud on July 28, 2001 and plugged in August 2001. Fortune
owned an 18.75% working interest in the well and its share of the drilling cost
was approximately $30,000.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recompletions
of other La Rosa wells in 2001 have resulted in additional production, and more
are planned. The partners have also reprocessed the proprietary 3D seismic data
acquired over the field to better define the additional exploration and
development targets. The discoveries at the La Rosa C-12 and C&#160;-10 are
attributed to the reprocessed seismic.</P>

<P><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gamble Gully Prospect &#150;
Live Oak County, Texas</I></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Gamble Gully Gas Unit #6 was spud on October 4, 2001 and logged as a potential
discovery on November 12, 2001. Attempts to complete this well have been
unsuccessful thus far; however, the partners are continuing to try to establish
production. Fortune&#146;s cost on this well have approximated $107,000 through
December 31,2001.</P>


<P><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>West Point &#150; Clay
County, Mississippi</B></I></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
West Point Dill #13-9, the initial exploratory well at the West Point Prospect,
was spud May 10, 2001 and logged on July 16, 2001. Logging results indicated
that the well encountered apparent pay in multiple formations. Attempts to
complete the deeper potentially productive zones have been unsuccessful. The
operator is currently studying a completion in another sand. Fortune incurred
approximately $174,000 through December 31, 2001 to acquire, drill and complete
this well. Fortune owns a 20% working interest in the West Point Prospect.</P>

<P><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Espiritu Santo Bay
Proprietary 3D Seismic Exploration Joint Venture, Offshore Calhoun County, Texas</B></I></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune
and its partners are continuing to work the 3-D seismic data and refine our
shallow and deep prospects in Espiritu Santo Bay. The operator and another
partner are continuing efforts to farmout their interest in certain of their
deep rights. To Fortune&#146;s knowledge, no new progress has been made in such
farmout efforts.</P>


<HR>
<PAGE>

<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:  Tyrone J. Fairbanks<BR>
Chairman and CEO<BR>(281)  872-1170</P>


<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/ Ronald P. Nowak</U><BR></TD>
</TR>

<TR>
     <TD WIDTH=50%> </TD><TD WIDTH=50%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Ronald P. Nowak<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Operating Officer</TD>
</TR>
</TABLE>



<P ALIGN=LEFT>Date:&nbsp;&nbsp;&nbsp;February 20, 2002</P>

</BODY>
</HTML>
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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): February 20, 2002
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
FEBRUARY
20, 2002 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (NASDAQ OTC BB
SYMBOL: FPXA)
today announced it has acquired an operating working interest
in a large ongoing Texas onshore exploration program that could have a
significant impact on the Company, as well as an interim financing, and two
previously unannounced exploration well discoveries.
New Texas Onshore Exploration Program
Fortune
has acquired a 25% working interest and a co-operating position in a large-scale
onshore oil and gas exploration and development program in Texas. The
centerpiece of this program will utilize a large onshore Texas seismic database
comprising approximately 50,000 linear miles and contained within approximately
105 counties of the Texas Gulf Coast, East Texas, and South Texas. Fortune and
its partners believe reprocessing the data with state of the art technology will
significantly enhance the data quality and, in fact, the results from processing
the first ten percent of the data have yielded 30 new prospects. Fortune will
operate 50% of the prospects delineated in the program and its partner, Prime
Energy Corporation (NASDAQ: PNRG), which has also acquired a 25% working
interest, will operate the balance of the prospects. The remaining 50%
non-operating working interest is owned by four unaffiliated entities providing
the capital for the seismic reprocessing phase which commenced in March 2001.
Fortune
and Prime will be in charge of leasing the prospects that are identified and
will control and operate the drilling, completion, development and production
phases of each prospect in the program. Fortune anticipates that its share of
this initial operating phase may require an additional capital investment of up
to $3,000,000 during the first twelve months of the program, after which Fortune
believes the program will be self-funding, based on reasonable success levels.
Fortune believes at least 250 prospect leads may be identified from the
reprocessed data that should in turn generate a minimum of 50 drillable
prospects over the next few years. Fortune has found that most of the current
prospects are supported with risk reducing seismic attributes and range from
2,000 to 14,000 feet in depth. The targeted Texas trends of the data are
primarily the Yegua, Vicksburg, Wilcox and Frio, all in areas of developed
infrastructure. The Company expects that drilling could commence by the middle
of this first year.
The
seismic data reprocessing oversight and prospect generation of the program is
being undertaken and managed by a newly formed entity called Cymraec, Inc.
Cymraec was formed by three individuals with over sixty years of combined
experience in the industry with major oil and gas companies and large
independents. The reprocessing of the data commenced last year, occurs in
continuous stages, and must be completed by September 30, 2003. The success of
the program will depend, in part, on the ability of Cymraec, Fortune and Prime
to identify and lease prospects from the reprocessed data, as well as on the
success of exploration drilling.
Fortune
financed its initial acquisition of the working interest in the Program with
short term financing of $500,000, described below, while it is arranging
additional capital for its portion of the anticipated costs of the Program.
Financing Arrangements
In
order to finance its acquisition of a 25% working interest in the Texas Onshore
Exploration Program, the Company obtained $500,000 in interim financing through
a combination of notes and preferred stock from various investors including:
members of management (Mssrs. Fairbanks, Drulias and Lacoff); current
shareholders (Barry Blank, as well as Renaissance Capital Growth and Income Fund
and Renaissance Growth and Income Trust, PLC, collectively,
"Renaissance"); C. K. Cooper & Company, Inc., Fortune's
financial advisor; and certain other investors not previously associated with
the Company. The interest rate on the notes and the dividend on the preferred
stock is 10% per annum, payable quarterly, and the financing comes due in 180
days. The financing may be prepaid at any time without penalty. As additional
consideration for providing the financing, the investors will receive warrants
to purchase shares of common stock at an amount and premium to current share
price which depends on when the financing is repaid.
Renaissance,
which provided approximately half of the financing, also received a contingent
put right (the "Put") which, if it becomes effective, would give
Renaissance the right to require Fortune to repurchase all of their Fortune
common stock for their original purchase price (approximately $1,090,000), but
only if they are not repaid at the due date or if the Company encumbers any of
its properties (other than the Cadiz property in Bee County, Texas, which
secures the notes). Fortune may sell properties to repay the financing prior to
the due date without triggering the Put. If Renaissance is repaid within 180
days, the Put will not become effective or have any impact on the Company.
Financial Advisor
Fortune Natural Resources
has engaged C. K. Cooper & Company
as financial advisor to assist in the formation of capital to
help the Company fund its obligations in the Texas Onshore
Exploration Program.   C.  K. Cooper & Company is an investment
banking boutique headquartered in Irvine, California.  As a full
service firm, C. K. Cooper & Company is widely regarded for its
industry and company specific research focusing on "Micro-Cap"
oil and gas exploration and production companies.  C. K. Cooper &
Company provides a full range of investment banking services to
smaller energy issuers.  In 2001, the firm was involved in over
$300 million worth of investment banking transactions.  For more
information about C. K. Cooper & Company, please visit its web
site at www.ckcooper.com or contact 888-477-9301.
Executive's Remarks
Ronald
Nowak, Fortune's new President and Chief Operating Officer, stated
"Based on reprocessing results to date, Fortune expects that the seismic
data could yield in excess of fifty drillable prospects to the Company over the
next few years. It is anticipated that prospects should range in size from 1
Bcfe to 100 Bcfe opportunities. We have already begun to build an operations
team. If all goes well, we could drill approximately six to ten wells the first
twelve months, and approximately 15 to 20 development and
exploration/exploitation wells in the second year." Tyrone J. Fairbanks,
Fortune's Chairman and Chief Executive Officer, added "This is the
culmination of a five month negotiated effort to put Fortune into a unique first
class operating position of a large scale exploration program that could bring
significant impact to shareholder value. Furthermore, Fortune raised an
additional $500,000 from directors, management, principal shareholders and
others to fund its entrance into the Exploration Program and the next few months
of the Program's costs. C.K. Cooper and Company is assisting the Company to
arrange additional financing for the balance of our anticipated exploration and
development costs associated with our interest for the following twelve months.
The Company anticipates thereafter the Program could be self-funding from cash
flow."
Exploration Discoveries and Other Properties Update
La Rosa Proprietary 3D
Seismic Exploration Program, Refugio County, Texas
The
La Rosa C-12 well was spud on December 11, 2001 and logged on January 13, 2002
as a discovery. Preliminary log evaluation indicated that the well has
approximately 20 feet of aggregate pay sand in multiple zones. The well was put
on production on February 18, 2002, at approximately 140 barrels of oil per day,
the maximum allowable by the state, and 200 mcfd of natural gas. Fortune owns an
18.75% working interest in the well and incurred approximately $56,000 for its
share of drilling and completion costs.
The
La Rosa C-10 well was spud on August 4, 2001 and logged on August 16, 2001 as a
new discovery. Log evaluation indicates that the well has an aggregate 89 feet
of pay sand in multiple zones. The well is currently producing approximately
400,000 cubic feet of gas per day. Fortune owns an 18.75% working interest in
the well; its share of the drilling and completion cost was approximately
$53,000.
The
La Rosa C-11 well was spud on July 28, 2001 and plugged in August 2001. Fortune
owned an 18.75% working interest in the well and its share of the drilling cost
was approximately $30,000.
Recompletions
of other La Rosa wells in 2001 have resulted in additional production, and more
are planned. The partners have also reprocessed the proprietary 3D seismic data
acquired over the field to better define the additional exploration and
development targets. The discoveries at the La Rosa C-12 and C -10 are
attributed to the reprocessed seismic.
Gamble Gully Prospect –
Live Oak County, Texas
The
Gamble Gully Gas Unit #6 was spud on October 4, 2001 and logged as a potential
discovery on November 12, 2001. Attempts to complete this well have been
unsuccessful thus far; however, the partners are continuing to try to establish
production. Fortune's cost on this well have approximated $107,000 through
December 31,2001.
West Point – Clay
County, Mississippi
The
West Point Dill #13-9, the initial exploratory well at the West Point Prospect,
was spud May 10, 2001 and logged on July 16, 2001. Logging results indicated
that the well encountered apparent pay in multiple formations. Attempts to
complete the deeper potentially productive zones have been unsuccessful. The
operator is currently studying a completion in another sand. Fortune incurred
approximately $174,000 through December 31, 2001 to acquire, drill and complete
this well. Fortune owns a 20% working interest in the West Point Prospect.
Espiritu Santo Bay
Proprietary 3D Seismic Exploration Joint Venture, Offshore Calhoun County, Texas
Fortune
and its partners are continuing to work the 3-D seismic data and refine our
shallow and deep prospects in Espiritu Santo Bay. The operator and another
partner are continuing efforts to farmout their interest in certain of their
deep rights. To Fortune's knowledge, no new progress has been made in such
farmout efforts.
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:  Tyrone J. Fairbanks
Chairman and 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/ Ronald P. Nowak
Ronald P. Nowak
President and Chief Operating Officer
Date:   February 20, 2002