FairWest Energy Corporation Closes Sale of $2,000,000 of Secured Subordinated Convertible Debentures



    TSX: FEC

    CALGARY, Dec. 14 /CNW/ - FairWest Energy Corporation (TSX:FEC)
("FairWest") has closed the sale of $2,000,000 of Series 1, 14% Secured
Subordinated Convertible Debentures ("Debentures"). The Debentures are
convertible into Common Shares of FairWest at any time after March 1 2008 to
maturity on October 31, 2009. The conversion price in effect shall be $0.45
for each Common Share to be issued upon the conversion of Debentures, being a
conversion rate of approximately 2,222.22 Common Shares for each $1,000
principal amount of Debenture. Interest will be paid monthly to
debentureholders.

    FairWest (TSX:FEC) is a Calgary, Alberta based junior oil and gas company
engaged in the acquisition, exploration, development and production of crude
oil and natural gas in the provinces of Alberta and Saskatchewan.

    Statements in this release which describe FairWest's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of FairWest to be materially
different from any future results, performances or achievements expressed in
or implied by such forward-looking statements. FairWest may update or revise
any forward-looking statements, whether as a result of new information, future
events or changing market and business conditions.




For further information:

For further information: James G. Gettis, President and Chief Executive
Officer, FairWest Energy Corporation, (403) 264-4949, (403) 269-1761 (FAX);
Marion D. Mackie, Chief Financial Officer, FairWest Energy Corporation, (403)
264-4949, (403) 269-1761 (FAX)

Organization Profile

FAIRWEST ENERGY CORPORATION

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