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): June 4, 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


        Fortune  Petroleum  Corporation  ("Fortune"),  effective  June 4,  1997,
exercised its right under the February 13, 1995 exploration agreement between it
and  Zydeco  Exploration,  Inc.  to have all  unexpended  capital  contributions
returned to Fortune. Under the terms of the agreement, Fortune has contributed a
total of $4,800,000  for the leasing of acreage,  the payment of lease  rentals,
the  acquisition  and  processing of seismic data, and other  specified  related
expenses over leads and prospects developed by Zydeco in the Transition Zone and
Timbalier Trench areas of offshore Louisiana.  At March 31, 1997,  approximately
$2,238,000 remained unspent.

        Fortune is entitled  to the return of the balance of the unspent  funds,
after a reserve has been  established for any allowable  expenses which may have
been incurred but unpaid prior to the time of Fortune's  election.  Fortune will
thereafter  retain its current  undivided 50% working interest in and to each of
the existing exploration  prospects to which the exploration agreement currently
applies,   subject  to  a  possible   reduction   of  interest   under   certain
circumstances.  Fortune  does not believe that any  reduction in interest  which
might occur as the result of the terms of the agreement  will be material to any
individual  exploration  prospect,  since it has never intended to retain a full
50% working interest in any of these prospects for drilling purposes.



                                       2
<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:  June 16, 1997
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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): June 4, 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

        Fortune  Petroleum  Corporation  ("Fortune"),  effective  June 4,  1997,
exercised its right under the February 13, 1995 exploration agreement between it
and  Zydeco  Exploration,  Inc.  to have all  unexpended  capital  contributions
returned to Fortune. Under the terms of the agreement, Fortune has contributed a
total of $4,800,000  for the leasing of acreage,  the payment of lease  rentals,
the  acquisition  and  processing of seismic data, and other  specified  related
expenses over leads and prospects developed by Zydeco in the Transition Zone and
Timbalier Trench areas of offshore Louisiana.  At March 31, 1997,  approximately
$2,238,000 remained unspent.

        Fortune is entitled  to the return of the balance of the unspent  funds,
after a reserve has been  established for any allowable  expenses which may have
been incurred but unpaid prior to the time of Fortune's  election.  Fortune will
thereafter  retain its current  undivided 50% working interest in and to each of
the existing exploration  prospects to which the exploration agreement currently
applies,   subject  to  a  possible   reduction   of  interest   under   certain
circumstances.  Fortune  does not believe that any  reduction in interest  which
might occur as the result of the terms of the agreement  will be material to any
individual  exploration  prospect,  since it has never intended to retain a full
50% working interest in any of these prospects for drilling purposes.

                                       2
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:  June 16, 1997