CALGARY, ALBERTA–(Marketwired – Nov. 27, 2014) – First Mountain Exploration Inc. (“First Mountain” or the “Company“) (TSX VENTURE:FMX) announces financial results for its third quarter ended September 30, 2014. The unaudited condensed interim financial statements and management’s discussion & analysis (“MD&A”) have been filed on SEDAR and can be viewed at www.sedar.com.
The following represent the highlights of First Mountain’s operations for the quarter ended September 30, 2014.
- The Company continued its strategic review process to identify, examine and consider a range of strategic alternatives available to First Mountain with a view to maximizing shareholder value. This process could result in a sale of the Company, a sale of a material portion of the Company’s assets, a merger, business combination or a corporate reorganization, among other alternatives.
- The Company closed the sale of its working interest in three producing wells and 1,120 gross acres of land in the Atlee Buffalo area of Alberta for net proceeds of $510,000 before closing adjustments.
- The Company completed the two and one half (2.5) to one (1) common share consolidation which reduced the number of outstanding shares from 41,851,534 to 16,740,614. The consolidation also resulted in the Company changing its name from First Mountain Exploration Ltd. to First Mountain Exploration Inc.
- Mr. Douglas M. Stuve was appointed as a Director of the Company. Mr. Stuve is a Partner with Burstall Winger Zammit LLP, Barristers & Solicitors and has been since 1998.
- Mr. Donald J. Brown was appointed as a Director of the Company. Mr. Brown was formerly the President and CEO of Elkwater Resources Ltd.
Certain selected financial and operational information for the quarter ended September 30, 2014 is set out below and should be read in conjunction with the Corporation’s unaudited condensed interim financial statements and related MD&A. The following table provides a summary of key financial results for the three and nine months ended September 30, 2014 and 2013:
|Three months ended September 30,||Nine months ended September 30,|
|Oil and gas sales||151,139||210,709||526,391||329,695|
|Funds used in operations||113,315||79,141||298,386||360,820|
|Net loss and comprehensive loss||151,934||190,599||1,693,805||598,475|
|Average daily production|
|Natural gas liquids (bbl/d)||1||3||3||3|
|Natural gas (mcf/d)||83||62||88||51|
|Oil and gas sales||64.70||67.77||60.76||56.47|
|Operating netback ($/boe)||(3.92||)||25.43||7.95||24.14|
A Note regarding Forward Looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “will”, “expects”, “believe”, “plans”, “potential” and similar expressions are intended to identify forward-looking statements or information.
Although First Mountain believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because First Mountain can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations, actual production from the acquired assets may be greater or less than estimates; failure to obtain the necessary regulatory approval, stock exchange and other regulatory approvals on the timelines planned. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on First Mountain’s future operations and such information may not be appropriate for other purposes.
The forward-looking statements and information contained in this press release are made as of the date hereof and First Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
First Mountain Exploration Inc.
President and Director
(403) 453-2266 ext.227