Fortune Petroleum Expects $530,000 Loss in Quarter
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Fortune Petroleum Corp., an independent oil and gas exploration company headquartered in Agoura Hills, announced that it expects to report a loss of $530,000 for the second quarter that ended June 30.
Fortune attributed the expected loss to two charges that overwhelmed what would have been a small profit. The charges include a $225,000 severance package awarded to Daniel E. Pasquini, the company’s former president who resigned in June, and a $315,000 accelerated loss associated with an exploratory project.
Pasquini, 51, resigned following a disagreement with the board of directors over the proposed sale of the company’s California properties, which once accounted for 80% of the company’s revenue. The company said recently that a majority of the board now favors selling its California holdings to focus on ventures in other states, including Texas, which is expected to produce 75% of the company’s revenue this year.
Pasquini, a geologist, remains with the company as a consultant. Tyrone J. Fairbanks, 37, has been named Fortune’s president.
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