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Fairmount announces 43% increase in production and filing of second quarter report for the three and six months ended September 30, 2007
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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, Nov. 28 /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 and six months ended September 30, 2007. For a\ncomplete copy of Fairmount's second quarter report including financial\nstatements and management's discussion and analysis ("MD & A") please visit\nwww.sedar.com. Certain information contained in this press release, including\ndevelopment plans, drilling locations, and capital expenditures, constitute\nforward looking statements which are subject to risks and uncertainties. See\n"Forward - Looking Statements".\n\n\nHighlights:\n\n- Production has increased 43% as compared to the second quarter of\n last year from an average of 250 boe/day in the second quarter of\n last year to 357 boe/day in the first quarter of this year, based on\n a conversion rate of six thousand cubic feet of natural gas to one\n barrel of oil.\n\n- Current production is estimated at 360 boe/day with another\n 290 boe/day estimated behind pipe awaiting tie-in this fall.\n\n- Infrastructure program at Gold Creek largely complete with all wells\n tied in and compression expansion scheduled for completion by\n mid-January.\n\n- Increased ownership at Gold Creek by acquiring the working interest\n share of a minor partner in two wells and some land in the Gold Creek\n area.\n\n- Subsequent to quarter end, on November 15, 2007, completed a private\n placement of 3,572,000 common shares on a flow-through basis at a\n price of $1.40 per Flow-Through Share for gross proceeds of\n $5,000,800.\n\n\nOperations\n\n-------------------------------------------------------------------------\n Three Months Ended\n September June March December\n 30, 30, 31, 31,\n 2007 2007 2007 2006\n-------------------------------------------------------------------------\nWells drilled - gross 0 1 3 6\n-------------------------------------------------------------------------\nWells drilled - net 0.0 0.1 1.6 1.9\n-------------------------------------------------------------------------\nNatural gas production\n - mcf/day 1,333 1,402 1,000 865\n---------------------------------------------------...