First Mountain Exploration Ltd. Announces Executive Appointment and Granting of Options and Provides Operational Update
CALGARY, Oct. 23, 2013 /CNW/ - First Mountain Exploration Ltd. ("First Mountain" or the "Company") (TSX Venture: FMX) announces Mr. Bill Slipp has been appointed as First Mountain's President. Mr. Slipp is a landman with over 35 years of experience in the oil and gas industry. In connection with Mr. Slipp accepting the position of President, he has resigned from his position with First Mountain as Vice-President, Business Development and Land. William Ambrose, will remain influential in the direction and day to day operations of the Company, on a full time basis, as the Chief Executive Officer and Chairman of the board of directors of the Company (the "Board of Directors").
In addition, the Board of Directors has approved the granting of an aggregate of 1,250,000 incentive stock options (the "Options") to certain employees and consultants of the Company, subject to regulatory and TSX Venture Exchange approval. The Options were issued with an exercise price of $0.09 per share.
First Mountain is in the process of acquiring surface leases and licensing two horizontal glauconite wells in the Atlee Buffalo area. The first well is expected to spud on or about December 1, 2013. First Mountain has an 85% working interest in the property and has identified 7 to 10 horizontal development drilling locations.
As announced on October 15, 2013, First Mountain closed a non-brokered private placement issuing 12.4 million shares for gross proceeds of $1.1 million. Proceeds will be used in drilling and development of the Atlee Buffalo properties.
A Note regarding Forward Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of First Mountain have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
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. More particularly and without limitation, this press release contains forward looking statements and information concerning the acquisition of surface leases, licensing wells and the expected spud date of certain wells.
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.
SOURCE First Mountain Exploration Ltd.For further information:
Chief Executive Officer and Director
First Mountain Exploration Ltd.
Telephone: (403) 453-2266