Business
Fairmount closes sale of non-core Harmattan property
/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\nDISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nCALGARY, Sept. 30 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the\n"Company") (TSX-V - FMT) is pleased to announce it has closed the previously\nannounced sale of its working interests in the Harmattan area of Alberta to\nPengrowth Energy Trust for aggregate gross proceeds of $12,000,000 before\nclosing adjustments.\n\n\nAbout Fairmount\n\n\nThe sale of the Harmattan property represents completion of Fairmount's\nfull cycle business model with respect to this property. Over the past four\nyears, Fairmount participated in the drilling and the construction of\ninfrastructure to bring this property onto production and create reserve\nvalue. The exploration and development opportunity for this property was\nfulfilled and its reserve value confirmed through production history. As a\nmature long life producing asset, this property no longer fit with the\nCompany's high growth business model. Proceeds from the sale of this property\nwill allow Fairmount to pay down borrowings under its operating line of credit\nand free up liquidity to fund exploration and development opportunities in the\nCompany's higher growth focus areas.\n\n\nFairmount is an emerging junior oil and gas exploration, development and\nproduction company with oil and gas properties located in Alberta, Canada.\nFairmount trades on the TSX Venture Exchange as FMT and currently has\n16,973,389 common shares outstanding.\n\n\nAdditional information regarding Fairmount can be found at their website\nwww.fairmountenergy.com and on Sedar at www.sedar.com.\n\n\nForward-Looking Information\n\n\nThis news release contains forward-looking information, including but not\nlimited to future exploration and development plans. This information relates\nto future events or the Company's future performance. All statements other\nthan statements of historical fact are forward-looking information. By its\nnature, forward-looking information involves numerous assumptions, known and\nunknown risks and uncertainties, both general and specific, that contribute to\nthe possibility that the predictions, forecasts, projections and other\nforward-looking statements will not occur.\n\n\nAlthough the Company believes that the expectations reflected in ...