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SUPPLEMENT NO. 3 TO ORIGINAL PROSPECTUS
FILED BY FORTUNE PETROLEUM CORPORATION
DATED FEBRUARY 28, 1997
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.
Supplement No. 3 Filed April 21, 1997
