Fortune Petroleum Lists $409,000 1st-Quarter Loss

Fortune Petroleum Corp., an Agoura Hills-based fuel exploration and production company, reported a first-quarter loss of $409,000, more than triple the $135,000 loss reported in the same three-month period a year earlier.

Fortune also posted total revenue of $724,000 in the first quarter that ended March 31, down 11% from $812,000 a year earlier. The company said the slide in revenue was due to lower natural gas prices as well as storm damage that led to the shutdown of an oil field for most of the first quarter.

The company said that on April 24 it entered an agreement with its principal lending bank in which the bank will waive recent covenant breaches by Fortune in exchange for $100,000 in principal payments during the second quarter and another principal payment on July 1. The second payment is expected to total between $300,000 and $600,000, Fortune said.