CALGARY, Oct. 31 /CNW/ - FairWest Energy Corporation (TSX:FEC)
("FairWest") is pleased to announce the sale of its 1.5% interest in a net
smelter return on the Benso Concession, Ghana ("NSR") for $1.875 million US.
The funds are being held in escrow pending certain conditions including the
registration of the royalty in Ghana. Release from escrow is anticipated to be
on or before November 30, 2007.
The NSR was a gold mining asset held by Fairstar Explorations Inc.
("Fairstar") prior to the amalgamation of Western Energy Corporation and
Fairstar. The funds from the sale of this asset will be directed towards
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.
For further information:
For further information: James G. Gettis, President and Chief Executive
Officer, FairWest Energy Corporation, (403) 264-4949; Marion D. Mackie, Chief
Financial Officer, FairWest Energy Corporation, (403) 264-4949, (403) 269-1761