Business
Fairmount announces net income of $567,669 and filing of annual financial statements for the year ended March 31, 2007
Fairmount announces net income of $567,669 and filing of annual financial statements for the year ended March 31, 2007.
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, July 3 /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, 2007. 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 press release, including development plans,\ndrilling locations, and capital expenditures, constitute forward looking\nstatements which are subject to risks and uncertainties. See "Forward-Looking\nStatements".\n\n\nHighlights:\n\n- Net income of $1,098,989 for the quarter ended March 31, 2007 and\n $567,669 for the year ended March 31, 2007.\n\n- Cash flow from operations increased by 85% over last year to\n $1,351,645 for the year.\n\n- Production has increased 92% over last year from an average of\n 131 boe/day in 2006 to 251 boe/day in 2007.\n\n- Proved plus probable reserves increased by 1,011,000 boe or 116% over\n the prior year.\n\n- Proved reserves increased 679,000 boe or 111% over the prior year.\n\n- Substantially all of the increase in reserves was achieved through\n the drill bit.\n\n- Production growth for seven consecutive quarters.\n\n- Very successful exploration program during the year with the drilling\n of 27 wells (9.9 net) with a success rate of 85%.\n\n- Current production is estimated at 400 boe/day with another\n 300 boe/day estimated behind pipe awaiting tie-in this fall.\n\n- Bank lines increased from $9.25 million to $14.0 million effective\n June 20, 2007.\n\nOperations\n\n-------------------------------------------------------------------------\n Three Months Ended\n Year Ended\n March March December September June\n 31, 2007 31, 2007 31, 2006 30, 2006 30, 2006\n-------------------------------------------------------------------------\nWells drilled\n - gross 27 3 6 5 13\n-------------------------------------------------------------------------\nWells drilled\n - net 9.9 1.6 1.9 0.8 5.6\n---------------------------------------------------------------------...