Business
Fairmount announces filing of annual financial statements and NI 51-101 Reserves Data for the year ended March 31, 2008.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STAT...
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, June 27 /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 year ended March 31, 2008. For a complete copy of\nFairmount's annual financial statements and management's discussion and\nanalysis ("MD & A") and Fairmount's Statement of Reserves Data in accordance\nwith NI 51-101 with the related reports please visit www.sedar.com. Certain\ninformation contained in this news release, including reserves and present\nvalue of future net revenues, development plans, drilling locations, and\nanticipated production from Gold Creek and Harmattan, constitute forward\nlooking information which are subject to risks and uncertainties. See "Forward\n- Looking Information".\n\n\nHighlights:\n\n- Cash flow from operations of $1,443,059 or $0.10 per share for the\n year.\n\n- Production has increased 53% over last year from an average of\n 251 boe/day in 2007 to 383 boe/day in 2008.\n\n- Substantially all of the increase in reserves was achieved through\n the drill bit.\n\n- Before tax present value of Gross Proved plus Probable reserves\n discounted at 10% and using forecast prices and costs increased 43%\n from $29,658,000 at March 31, 2007 to $42,373,000 at March 31, 2008.\n\n- Gross Proved plus Probable reserves increased 25% from 2,052,000 boe\n at March 31, 2007 to 2,562,000 boe at March 31, 2008.\n\n- Before tax present value of Gross Proved reserves discounted at 10%\n and using forecast prices and costs increased 22% from $21,931,000 at\n March 31, 2007 to $26,707,000 at March 31, 2008.\n\n- Gross Proved reserves increased 16% from 1,293,000 boe at\n March 31, 2007 to 1,495,000 boe at March 31, 2008.\n\nOperations\n\n-------------------------------------------------------------------------\n Three Months Ended\n Year Ended\n March March December September June\n 31, 31, 31, 30, 30,\n 2008 2008 2007 2007 2007\n-------------------------------------------------------------------------\nWells drilled\n - gross 6 2 3 0 1\n-------------------------------------------------------------------------\nWells drilled\n - net 2.9 1.0 1.8 0.0 0.1\n----------------------...