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Fairmount announces substantial increase in reserves and filing of reserves data under NI 51-101
Fairmount announces substantial increase in reserves and filing of reserves data under NI 51-101.
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 18 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the\n"Company") (TSX-V - FMT) is pleased to announce a 116% increase in proved plus\nprobable oil and natural gas reserves and present a summary of its oil and gas\nreserves reported under NI 51-101. Fairmount has filed its Statement of\nReserves Data, which includes reserves data and other oil and gas information\nfor the period ended March 31, 2007 and the reports as mandated by National\nInstrument 51-101 with Canadian securities regulatory authorities. For a\ncomplete copy of Fairmount's Statement of Reserves Data in accordance with NI\n51-101 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 -\nLooking Statements".\n\n\nHighlights\n\n\n- Proved Reserves increased 111% from 614,000 boe at March 31, 2006 to\n 1,293,000 boe at March 31, 2007.\n\n- Proved plus Probable Reserves increased 116% from 951,000 boe at\n March 31, 2006 to 2,052,000 boe at March 31, 2007.\n\n- Before tax present value of Proved Reserves discounted at 10%\n increased 104% from $10,729,000 at March 31, 2006 to $21,931,000 at\n March 31, 2007.\n\n- Before tax present value of Proved plus Probable Reserves discounted\n at 10% increased 90% from $15,613,000 at March 31, 2006 to\n $29,658,000 at March 31, 2007.\n\n\nRESERVES\n\n\nThe following information is extracted from the reserve report prepared\nfor the Company by its independent reservoir evaluators, GLJ Petroleum\nConsultants as at March 31, 2007.\n\n\nReserves Summary as at March 31, 2007\n\n-------------------------------------------------------------------------\n Light/ Light/\n Medium Medium Natural Natural\n Oil Oil Gas Gas NGLs NGLs Total Total\n Gross Net Gross Net Gross Net Gross Net\n (mbbls) (mbbls) (mmcf) (mmcf) (mbbls) (mbbls) (mboe) (mboe)\n-------------------------------------------------------------------------\nProved\n Producing 41 36 2,924 2,153 288 196 817 591\n-------------------------------------------------------------------------\...