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): May 16, 2000
FORTUNE NATURAL RESOURCES CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 1-12334 95-4114732
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(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
MAY 16, 2000 - HOUSTON, TEXAS - FORTUNE NATURAL RESOURCES CORPORATION (OTC
BB SYMBOL: FPXA) today announced that it added two new members to its Board of
Directors. John E. "Jack" McConnaughy, Jr. and Martin "Marty" Lacoff were
appointed to fill two vacant seats on the board of directors. Mr. McConnaughy
and Mr. Lacoff will serve subject to confirmation of the Company's shareholders
at its annual meeting in 2001.
Mr. McConnaughy currently serves as Chairman and Chief Executive Officer of
JEMC Corporation, a personal holding company which he founded in 1985. His
distinguished career includes positions of management with Westinghouse Electric
and the Singer Company, as well as service as a director of numerous public and
private companies. In addition, he served as Chairman and CEO of Peabody
International Corp. and Chairman and CEO of GEO International Corp. During his
tenure at Peabody, Mr. McConnaughy built the sales of the company from $23
million to $850 million, ranking 8th of the Fortune 500 Companies in growth of
earnings per share during that period. He was also named Outstanding Chief
Executive Officer for the environmental control industry for 1975, 1976, and
1978 by Financial World Magazine. He retired from Peabody in February 1986 and
GEO in October 1992.
Mr. McConnaughy brings a rich background of executive and financial
expertise to Fortune. He holds a B.A. of Economics from Denison University, in
addition to having earned an M.B.A. in Marketing and Finance at Harvard's
Graduate School of Business Administration. He is also an experienced director,
having served on numerous company boards, including Texstar Corporation, First
Bank Corp. (New Haven), Moore McCormack Resources, and Peabody International
Corp. In addition to Fortune, Mr. McConnaughy currently serves as a Director on
six boards including Wave Systems, Inc. (NASDAQ NM: WAVX), Mego Financial Corp.
(NASDAQ NM: MEGO), Riddell Sports, Inc. (AMEX: RDC), Levcor International, Inc.
(OTC BB: LEVC), DeVlieg Bullard, Inc. (OTC BB: DVLGQ), and PetsChoice, Ltd., a
private company. He also serves on the Board of Trustees and Executive Committee
of the Strang Cancer Prevention Center and as Chairman of the Board for the
Harlem School of the Arts.
Mr. Lacoff currently serves as the president of M&C Consulting, Inc., a
position he has held since founding the company over five years ago. M&C
Consulting provides financial consulting to corporations and other
organizations. Mr. Lacoff formerly served as President and Vice Chairman of
Walker Energy Partners which became Texas Meridian Resources Corporation and is
now called Meridian Resources Corporation. Prior to that, Mr. Lacoff served as
President and Chairman of both LaClare Petroleum Inc. and LaClare Securities
Inc., which raised and invested approximately $250 million for direct investment
in oil and gas industry projects. Mr. Lacoff serves on the board of directors of
several private companies, none of which are affiliated with the energy
industry.
Mr. Lacoff received his B.S. degree in engineering from Rensselaer
Polytechnic Institute and his MBA in finance from the William E. Simon Graduate
School of Business Administration at the University of Rochester.
Commenting on the appointments, Tyrone J. Fairbanks, President and Chief
Executive Officer of Fortune Natural Resources Corporation, stated, "We are so
very pleased to add individuals with the knowledge and experience of Jack
McConnaughy and Marty Lacoff to our Board of Directors. Both have been
significant securities holders in our company for many years and trusted
advisors to management. Their extensive experience will benefit Fortune Natural
Resources Corporation as the Company continues the execute its business
strategy."
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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 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 latest Report on Form 10-KSB/A, 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.
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Company Contact: Angela R. McLane
Asst. to the President/CEO
(281) 872-1170
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
None.
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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/ Dean W. Drulias
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Dean W. Drulias
Executive Vice President and General Counsel
Date: May 16, 2000
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