Fortune Petroleum’s Revenues, Losses Dip

Fortune Petroleum Corp., an Agoura Hills petroleum exploration and production company, reported a narrowed loss despite lower revenues for the second quarter that ended June 30.

The company posted a loss of $430,000 in the second quarter, compared to a $529,000 loss reported in the same three-month period a year earlier. Revenues in the second quarter tumbled to $710,000, down 24% from $931,000 a year earlier.

For the first six months of the year, the company posted a loss of $839,000 on revenues of $1.43 million, compared to a loss of $664,000 on revenues of $1.74 million in the corresponding period of 1994.

The company attributed the decline in revenues to lower natural gas prices, the closing of one of the company’s fields because of a storm-damaged access road, and two onetime charges totaling $180,000.