CALGARY, March 3, 2014 /CNW/ - First Mountain Exploration Ltd. ("First
Mountain" or the "Company") (TSX Venture: FMX) wishes to advise that
production testing by the Company in the Atlee Buffalo area of Alberta
of the Glauconite formation at its recently drilled horizontal well,
FMEL 03HZ ATL-BUFF 14-20-21-5W4M (the "Well"), has been completed and
the Well has been placed on production. First Mountain has an 85%
working interest in the Well.
The test was conducted over a 93 hour period and produced approximately
140 barrels of oil gross, as well as, 128 barrels gross of load fluid.
Over the final nine hours of the test, the Well produced at a rate of
approximately 63 barrels of oil per day gross, with minor amounts of
The Well was placed on production on February 16, 2014. Severe cold
weather has resulted in intermittent production, however, while on
production the rates are consistent with the test results.
The results of the Well substantiate the further development of the
prospect through horizontal drilling.
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.
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. More particularly and
without limitation, this press release contains forward looking
statements and information concerning the success of the Well and
future development of the prospect.
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.
The well test results disclosed in this news release represent
short-term results, which may not necessarily be indicative of
long-term well performance or ultimate hydrocarbon recovery therefrom.
The term "barrels of oil equivalent" or "boe" may be misleading,
particularly if used in isolation. A "boe" conversion ratio of 6 Mcf:1
bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency
at the wellhead.
SOURCE: First Mountain Exploration Ltd.
For further information:
Chief Executive Officer and Director
First Mountain Exploration Ltd.
Telephone: (403) 453-2266