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Fairmount announces 72% increase in production and filing of third quarter report for the three and nine months ended December 31, 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, Feb. 21 /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 nine months ended December 31, 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\nestimated and anticipated production levels, development plans, drilling\nlocations, and capital expenditures, constitute forward looking information\nwhich are subject to risks and uncertainties. See "Forward - Looking\nInformation".\n\n\nCurrent Company Production from All Areas:\n\n\nCurrent production is estimated at 635 boe/day representing a 72%\nincrease in production over the average production for the third quarter ended\nDecember 31, 2007 of 369 boe/day. Another 145 boe/day is anticipated to come\non production by the end of February.\n\n\nThird Quarter Highlights:\n\n- Production increased 30% as compared to the third quarter of last\n year from an average of 284 boe/day in the third quarter of last year\n to 369 boe/day in the third quarter of this year.\n\n- New Gold Creek well (0.30 net) drilled during the quarter was tested\n at a combined flow rate of 900 mcf/day plus 60 bbl/day of natural gas\n liquids.\n\n- Completed a private placement of 3,572,000 common shares on a flow-\n through basis at a price of $1.40 per Flow-Through Share for gross\n proceeds of $5,000,800 on November 15, 2007.\n\n- $4,000,000 increase in revolving operating demand loan facility to\n $14,000,000 for general corporate purposes, including capital\n expenditures. Non-revolving acquisition and development demand loan\n facility for up to $4,000,000 also renewed.\n\n- Subsequent to quarter end the Company drilled one (one net)\n successful natural gas well in a new exploration area. Additional\n drilling is planned after spring break up to delineate this\n discovery.\n\nOperations\n\n-------------------------------------------------------------------------\n Three Months Ended\n December September June March\n 31, 30, 30, ...