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Fairmount announces 114% increase in production and filing of first quarter report for the three months ended June 30, 2007
Fairmount announces 114% increase in production and filing of first quarter report for the three months ended June 30, 2007.
About this update from Fuerte Metals Corporation
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES OF AMERICA./\n\n\nCALGARY, Aug. 9 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the\n"Company") (TSX-V - FMT) is pleased to present a summary of its operating and\nfinancial results for the three months ended June 30, 2007. For a complete\ncopy of Fairmount's first quarter report including financial statements and\nmanagement's discussion and analysis ("MD & A") please visit www.sedar.com.\nCertain information contained in this press release, including development\nplans, drilling locations, and capital expenditures, constitute forward\nlooking statements which are subject to risks and uncertainties. See\n"Forward-Looking Statements".\n\n\nHighlights:\n\n- Production has increased 114% as compared to the first quarter of\n last year from an average of 182 boe/day in the first quarter of last\n year to 390 boe/day in the first quarter of this year, based on a\n conversion rate of six thousand cubic feet of natural gas to one\n barrel of oil.\n\n- Eight consecutive quarters of production growth.\n\n- Current production is estimated at 425 boe/day with another\n 300 boe/day estimated behind pipe awaiting tie-in this fall.\n\n- Bank lines increased from $9.25 million to $14.0 million during the\n quarter.\n\n- 5 well drilling program to commence mid September\n\n\nOperations\n-------------------------------------------------------------------------\n Three Months Ended\n\n June March December September\n 30, 31, 31, 30,\n 2007 2007 2006 2006\n-------------------------------------------------------------------------\nWells drilled - gross 1 3 6 5\n-------------------------------------------------------------------------\nWells drilled - net 0.1 1.6 1.9 0.8\n-------------------------------------------------------------------------\nNatural gas production -\n mcf/day 1,402 1,000 865 857\n-------------------------------------------------------------------------\nOil production bbl/day 30 15 25 23\n-------------------------------------------------------------------------\nNGL production bbl/day 127 107 114 84\n-------------------------------------------------------------------------\nAverage daily production -\n boe/day 390 289 284 250\n-----------------------------------------------...