Business
Fairmount announces net income of $42,713 and filing of quarterly financial statements
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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\nDISSEMINATION IN THE UNITED STATES OF AMERICA./\n\n\nCALGARY, Nov. 26 /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, 2008. For a\ncomplete copy of Fairmount's quarterly financial statements and management's\ndiscussion and analysis ("MD&A") 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 Thorsby constitute forward-looking\ninformation which are subject to risks and uncertainties. See "Forward -\nLooking Information".\n\n\nHighlights:\n\n- Net income of $42,713 for the three months ended September 30, 2008.\n\n- Cash flow of $342,013 for the three months ended September 30, 2008.\n\n- One well drilled (0.5 net) and two wells (1.0 net) completed in\n multiple zones at Gold Creek during the quarter with tie in\n operations nearing completion.\n\n- Completed the sale of approximately 165 boe per day of production at\n Harmattan for gross proceeds of $12,000,000 in cash.\n\n- Completed the sale of approximately 45 boe per day of production at\n Crossfield for gross proceeds of $2,250,000 in cash.\n\n- Bank lines renewed at $7,000,000 for the operating revolving facility\n and $4,000,000 for the acquisition and development facility with\n drawings of $900,000 at September 30, 2008.\n\n\nOperations\n\n-------------------------------------------------------------------------\n Three Months Ended\n September June March December\n 30, 30, 31, 31,\n 2008 2008 2008 2007\n-------------------------------------------------------------------------\nWells drilled - gross 3 1 2 3\n-------------------------------------------------------------------------\nWells drilled - net 2.5 0.5 1.0 1.8\n-------------------------------------------------------------------------\nNatural gas production\n - mcf/day 914 1,412 1,439 1,307\n-------------------------------------------------------------------------\nOil production bbl/day 8 7 12 13\n-------------------------------------------------------------------------\nNGL...