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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        D.C. 20549 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
        Exchange Act of 1934 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
        of report (Date of earliest event reported): December 9,
        2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <hr style="COLOR: #000000" align="center" noshade size="1" width="20%">
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORTUNE
        OIL &amp; GAS, INC.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>(Exact
        name of registrant as specified in Charter)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nevada</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>000-51484</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>88-0393369</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>(State
                  or other jurisdiction of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>incorporation
                  or organization)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>(Commission
                  File No.)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>(IRS
                  Employee Identification
                  No.)</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">305-1676
        Martin Drive</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">White
        Rock, British Columbia</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Canada,
        V4A 6E7</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>(Address
        of Principal Executive Offices) </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">604-531-0385</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong>(Issuer
        Telephone number) </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <hr style="COLOR: #000000" align="center" noshade size="2" width="100%">
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        Form
        8-K and other reports filed by Fortune Oil &amp; Gas, Inc. (the "Registrant" or
        the &#8220;Company&#8221;) from time to time with the Securities and Exchange Commission
        (collectively the "Filings") contain forward looking statements and information
        that are based upon beliefs of, and information currently available to, the
        Registrant's management as well as estimates and assumptions made by the
        Registrant's management. When used in the Filings the words "anticipate",
        "believe", "estimate", "expect", "future", "intend", "plan" or the negative
        if
        these terms and similar expressions as they relate to the Registrant or the
        Registrant's management identify forward looking statements. Such statements
        reflect the current view of the Registrant with respect to future events
        and are
        subject to risks, uncertainties, assumptions and other factors relating to
        the
        Registrant's industry, operations and results of operations and any businesses
        that may be acquired by the Registrant. Should one or more of these risks
        or
        uncertainties materialize, or should the underlying assumptions prove incorrect,
        actual results may differ significantly from those anticipated, believed,
        estimated, expected, intended or planned.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>8.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
        Events</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        October 26</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        2005,
        the Company&#8217;s wholly owned subsidiary Indo-Pacific Resources (Java) Ltd.
        (&#8220;IPRJ&#8221;) received a written Notice of Dilution (the &#8220;Dilution Notice&#8221;) from
        Camar Resources Canada Inc. (the Company&#8217;s joint venture partner and owner of
        the 70% working interest in the Bawean PSC and hereinafter &#8220;CRC&#8221;). The Dilution
        Notice was prepared by CRC under the terms of a Dilution and Carried Interest
        Agreement between IPR and CRC (the &#8220;Dilution Agreement&#8221;) that was entered into
        in connection with the sale of the 70% interest in the Bawean PSC to CRC.
        Among
        other things, the Dilution Agreement provides certain mechanisms, under specific
        circumstances, whereby IPR&#8217;s 30% interest in the Bawean PSC can be &#8220;diluted&#8221; and
        transferred to CRC. In no event can IPR&#8217;s interest fall below a 5% carried
        interest under the terms of the Dilution Agreement. Under the terms of the
        Dilution Agreement, CRC would have the right to transfer, by way of exercising
        a
        power of attorney, IPR&#8217;s interests in the Bawean PSC to itself or to a third
        party.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company and IPR vigorously dispute the validity and enforceability of the
        Dilution Notice and CRC&#8217;s proposed actions to exercise the power of attorney.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Dilution Notice alleges that due to IPR&#8217;s failure to reimburse the payment of
        certain indebtedness paid by CRC, and the outright failure of the Company
        to pay
        certain indebtedness under the Asset Purchase Agreement (between CRC and
        IPR,
        entered into in connection with the transfer of the interests under the Bawean
        PSC to CRC), CRC is entitled to exercise its rights under the Dilution
        Agreement. The indebtedness at issue involves certain trade debts paid by
        CRC
        and the validity and method of such payments, among other things, under the
        terms of the Asset Purchase Agreement between the parties. The Dilution Notice
        alleges that IPR&#8217;s interests in the Bawean PSC be diluted by 22.88%. If the
        dilution were to take place, IPR&#8217;s interests under the Bawean PSC would be
        reduced from 30% to 7.12%.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 22, 2005, the Company filed a claim against CRC and its indirect
        parent, Medco International Ventures Ltd. (&#8220;Medco&#8221;) in the Court of Queen&#8217;s
        Bench of Alberta, Judicial District of Calgary; Action No. 0501-16525 (the
        &#8220;Claim&#8221;), challenging the Dilution Notice and seeking to enjoin Medco and CRC
        from acting under the Dilution Agreement and transferring any of IPR&#8217;s interests
        in the Bawean PSC. An interlocutory injunction application by IPR on the
        matter
        was heard on December 5, 2005. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        December 5, 2005, the Court adjourned IPR&#8217;s interlocutory injunction
        application, but as a condition of the adjournment entered an order that
        CRC
        shall not transfer, encumber, sell or assign any of the Bawean PSC interests
        until after there is a full trial on the merits of the Claim, currently
        scheduled for March 6, 2006. The Court&#8217;s order also states, among other things,
        that CRC shall proceed expeditiously to bring the Camar Oil Field &#8220;on stream.&#8221; A
        copy of the Court&#8217;s Order is attached hereto as an Exhibit to this Current
        Report. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
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        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, the Court&#8217;s Order provides that assuming the Camar Oil Field resumes
        production prior to the final disposition of the Claim, all revenues
        attributable to IPR and the Company up to the amount of the interests in
        dispute
        (22.18%) are to be deposited with the Court. Such revenues are to be held
        and
        credited towards the final trial on the Claim.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While
        the
        Company believes this matter will be fully resolved in a manner not adverse
        to
        the Company, the Company cannot control the outcome of the Claim and cannot
        determine presently what losses, if any, it may sustain.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9.01
        </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
        Statements and Exhibits</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        Financial Statements of Businesses Acquired.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        Pro
        Forma Financial Information</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Order
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        </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        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 hereunto
        duly authorized. </font></div>
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              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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                  Oil &amp; Gas, Inc.</font></div>
              </td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;James
                B. Wensveen</font></td>
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                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chief
                Executive Officer</strong></font></td>
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                December 14, 2005</font></td>
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{"company-data": {"conformed-name": "FORTUNE OIL & GAS INC", "cik": "0001119949", "assigned-sic": "1311", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51484", "film-number": "051264456"}, "business-address": {"street1": "305-1656 MARTIN DRIVE", "city": "WHITE ROCK", "state": "A1", "zip": "V4A-6E7", "phone": "(604) 531-0385"}, "mail-address": {"street1": "305-1656 MARTIN DRIVE", "city": "WHITE ROCK", "state": "A1", "zip": "V4A-6E7"}}
Unassociated Document
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): December 9,
        2005
FORTUNE
        OIL & GAS, INC.
(Exact
        name of registrant as specified in Charter)
Nevada
000-51484
88-0393369
(State
                  or other jurisdiction of
incorporation
                  or organization)
(Commission
                  File No.)
(IRS
                  Employee Identification
                  No.)
305-1676
        Martin Drive
White
        Rock, British Columbia
Canada,
        V4A 6E7
(Address
        of Principal Executive Offices)
604-531-0385
(Issuer
        Telephone number)
This
        Form
        8-K and other reports filed by Fortune Oil & Gas, Inc. (the "Registrant" or
        the "Company") from time to time with the Securities and Exchange Commission
        (collectively the "Filings") contain forward looking statements and information
        that are based upon beliefs of, and information currently available to, the
        Registrant's management as well as estimates and assumptions made by the
        Registrant's management. When used in the Filings the words "anticipate",
        "believe", "estimate", "expect", "future", "intend", "plan" or the negative
        if
        these terms and similar expressions as they relate to the Registrant or the
        Registrant's management identify forward looking statements. Such statements
        reflect the current view of the Registrant with respect to future events
        and are
        subject to risks, uncertainties, assumptions and other factors relating to
        the
        Registrant's industry, operations and results of operations and any businesses
        that may be acquired by the Registrant. Should one or more of these risks
        or
        uncertainties materialize, or should the underlying assumptions prove incorrect,
        actual results may differ significantly from those anticipated, believed,
        estimated, expected, intended or planned.
Item
8.01
Other
        Events
On
        October 26
th
,
        2005,
        the Company's wholly owned subsidiary Indo-Pacific Resources (Java) Ltd.
        ("IPRJ") received a written Notice of Dilution (the "Dilution Notice") from
        Camar Resources Canada Inc. (the Company's joint venture partner and owner of
        the 70% working interest in the Bawean PSC and hereinafter "CRC"). The Dilution
        Notice was prepared by CRC under the terms of a Dilution and Carried Interest
        Agreement between IPR and CRC (the "Dilution Agreement") that was entered into
        in connection with the sale of the 70% interest in the Bawean PSC to CRC.
        Among
        other things, the Dilution Agreement provides certain mechanisms, under specific
        circumstances, whereby IPR's 30% interest in the Bawean PSC can be "diluted" and
        transferred to CRC. In no event can IPR's interest fall below a 5% carried
        interest under the terms of the Dilution Agreement. Under the terms of the
        Dilution Agreement, CRC would have the right to transfer, by way of exercising
        a
        power of attorney, IPR's interests in the Bawean PSC to itself or to a third
        party.
The
        Company and IPR vigorously dispute the validity and enforceability of the
        Dilution Notice and CRC's proposed actions to exercise the power of attorney.
The
        Dilution Notice alleges that due to IPR's failure to reimburse the payment of
        certain indebtedness paid by CRC, and the outright failure of the Company
        to pay
        certain indebtedness under the Asset Purchase Agreement (between CRC and
        IPR,
        entered into in connection with the transfer of the interests under the Bawean
        PSC to CRC), CRC is entitled to exercise its rights under the Dilution
        Agreement. The indebtedness at issue involves certain trade debts paid by
        CRC
        and the validity and method of such payments, among other things, under the
        terms of the Asset Purchase Agreement between the parties. The Dilution Notice
        alleges that IPR's interests in the Bawean PSC be diluted by 22.88%. If the
        dilution were to take place, IPR's interests under the Bawean PSC would be
        reduced from 30% to 7.12%.
On
        November 22, 2005, the Company filed a claim against CRC and its indirect
        parent, Medco International Ventures Ltd. ("Medco") in the Court of Queen's
        Bench of Alberta, Judicial District of Calgary; Action No. 0501-16525 (the
        "Claim"), challenging the Dilution Notice and seeking to enjoin Medco and CRC
        from acting under the Dilution Agreement and transferring any of IPR's interests
        in the Bawean PSC. An interlocutory injunction application by IPR on the
        matter
        was heard on December 5, 2005.
On
        December 5, 2005, the Court adjourned IPR's interlocutory injunction
        application, but as a condition of the adjournment entered an order that
        CRC
        shall not transfer, encumber, sell or assign any of the Bawean PSC interests
        until after there is a full trial on the merits of the Claim, currently
        scheduled for March 6, 2006. The Court's order also states, among other things,
        that CRC shall proceed expeditiously to bring the Camar Oil Field "on stream." A
        copy of the Court's Order is attached hereto as an Exhibit to this Current
        Report.
In
        addition, the Court's Order provides that assuming the Camar Oil Field resumes
        production prior to the final disposition of the Claim, all revenues
        attributable to IPR and the Company up to the amount of the interests in
        dispute
        (22.18%) are to be deposited with the Court. Such revenues are to be held
        and
        credited towards the final trial on the Claim.
While
        the
        Company believes this matter will be fully resolved in a manner not adverse
        to
        the Company, the Company cannot control the outcome of the Claim and cannot
        determine presently what losses, if any, it may sustain.
Item
9.01
Financial
        Statements and Exhibits
(a)
        Financial Statements of Businesses Acquired.
Not
        applicable.
(b)
        Pro
        Forma Financial Information
Not
        applicable.
(c)
        Exhibits.
Number
Item
99.1
Order
        Dated December 5, 2005 by the Court of Queen's Bench of Alberta, Judicial
        District of Calgary
SIGNATURES
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 hereunto
        duly authorized.
Fortune
                  Oil & Gas, Inc.
By:
/s/ James
                B. Wensveen
Chief
                Executive Officer
Dated:
                December 14, 2005