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Fairmount Announces Increased Production at Gold Creek and Updates Drilling Program.
Fairmount Announces Increased Production at Gold Creek and Updates Drilling Program..
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, Oct. 18 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the\n"Company") (TSX-V - FMT) is pleased to announce the tie in of the previously\nannounced (January 2007) well in the Gold Creek area of Alberta and provide an\nupdate on current production and the status of activities in the Gold Creek\narea.\n\n\nFairmount interest at Gold Creek\n\n\nThe Gold Creek area is located on the southern flank of the Peace River\nArch, near Grande Prairie, Alberta. Fairmount has working interests ranging\nfrom 30% to 66% in 17 contiguous sections of land in the Gold Creek area.\nFairmount is the operator of all of its Gold Creek wells. Based on the results\nof the five wells drilled to date on this property, geologic mapping, and/or\n3D seismic, Fairmount has identified an additional 8 drilling locations on\nexisting Company lands.\n\n\nTie in of existing well and increase in production\n\n\nIn January, 2007, as part of a four well drilling program, Fairmount\nsuccessfully completed a multi zone natural gas well in the Gold Creek area.\nThe well (0.30 net) was completed and tested in two prospective zones. Based\non preliminary testing results, the first zone flowed at a final gas rate of\n3.5 mmcf/day and 155 bbls/day condensate for a total of 738 boe/day (gross)\nafter a 3 day period. The second zone flowed at a final gas rate of 3.0\nmmcf/day and 180 bbls/day condensate for a total of 680 boe/day after a 4 day\nperiod. The combined total flow rates during the respective test periods was\n6.5 mmcf/day of natural gas and 335 bbls/day of condensate for a total of\napproximately 1,400 boe/day (gross).\n\n\nTie in of this well had been delayed pending the acquisition of\nsufficient processing capacity. During the summer, Fairmount, along with\npartners, entered into an agreement with the current operator of the gathering\nand compression facilities to acquire a working interest in the compression\nfacilities by paying to increase the compression and throughput capability of\nthe facilities. Fairmount is pleased to announce the completion of the tie in\noperations. One of the zones from this well is now on production at a gross\nrate of 500 mcf/day and 45 bbls/day of associated liquids. The w...