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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): April 15, 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
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(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
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On April 15, 1997, Fortune Petroleum Corporation ("Fortune") suspended
drilling operations on its Wynn #1 well in the South Lake Arthur Field,
Jefferson Davis Parish, Louisiana, upon the determination that the well has
crossed a fault and failed to reach the primary objective target. Fortune
believes that the well may have encountered potential hydrocarbons in a
shallower reservoir; however, the working interest partners do not currently own
any rights to such reservoir. The operator is in discussion with the owner of
the shallow reservoir in an attempt to negotiate a mutually acceptable farmout
of that reservoir. Such discussions have not yet been completed and there can be
no assurance that such an agreement will ever be reached. If the parties are
unable to negotiate a farmout, Fortune expects that the well will be plugged and
abandoned by the working interest owners. Fortune's cost of drilling and
plugging and abandoning the well is estimated to be $380,000 to its 12.5%
working interest.
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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
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Dean W. Drulias
Executive Vice President and
General Counsel
Date: April 18, 1997
