CALGARY, Dec. 13 /CNW/ - FairWest Energy Corporation ("FairWest")
(TSX:FEC) has closed and received the proceeds of the previously announced
sale of its 1.5% interest in a net smelter return on the Benso Concession,
Ghana ("NSR") for $1.875 million US. The NSR was a gold mining asset held by
Fairstar Explorations Inc. ("Fairstar") prior to the amalgamation of Western
Energy Corporation and Fairstar to form FairWest.
FairWest has also closed the private placement of 6,500,000 Flow Through
Common shares ("FT Shares") for total consideration of $1,462,500.
The above closings, together with existing credit lines with Canadian
financial institutions, are sufficient to finance FairWest's working capital
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, (403) 264-4949, (403) 269-1761