Kabe Exploration Inc. (KABXD: OTCBB) today announced its intention to hire Fortune Oil and Gas as the operator for its oil and gas assets on a turn-key basis. Fortune Oil and Gas (FOGC) currently operates two subsidiaries, Cressent Energy Inc., in Texas, and Alta Mining Inc, in British Columbia, Canada. Cressent Energy Inc. is an independent oil and gas company actively engaged in the exploration, development and production of oil and gas in the state of Texas.
“Hiring Fortune Oil and Gas is a significant piece of our overall strategy to bolster revenues while minimizing costs. Fortune has an excellent track record with rehabilitating oil and gas properties and then managing them for long-term production.”
Under the terms of the contract, Fortune will be tasked with all aspects of bringing Kabe's oil and gas properties into full production in a cost effective and environmentally conscious manner.
Kabe's president, Erik Ulsteen, commented, "Hiring Fortune Oil and Gas is a significant piece of our overall strategy to bolster revenues while minimizing costs. Fortune has an excellent track record with rehabilitating oil and gas properties and then managing them for long-term production."
Mr. Ulsteen added that the company also intends to hire Sal Mazzullo, an expert geologist, as a consultant on drilling and development. Mr. Mazzullo received his BS and MS degrees in geology from Brooklyn College, and his Ph.D in geology in 1974 from Rensselaer Polytechnic Institute. His petroleum industry experience includes working with Texaco Research Laboratory, and he was later a manager of Stratigraphic Exploration for Union Texas Petroleum Corp. He will be working with Kabe and Fortune to help maximize the companies' drilling and production efforts.
Source: Business Wire
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