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CALGARY, April 16, 2014 /CNW/ - First Mountain Exploration Ltd. ("First Mountain" or the "Company") (TSX Venture: FMX) has filed on SEDAR its audited annual financial statements ("Financial Statements") and management's discussion and analysis ("MD&A") for the year ended December 31, 2013. First Mountain has also filed its reports under section 2.1 of National Instrument 51-101 -Standards of Disclosure for Oil and Gas Activities ("NI 51-101 Filings"). Copies of the Financial Statements, MD&A and the NI 51-101 Filings of the Company are available for viewing at www.sedar.com.
The Company advises that production is temporarily shut in at its Atlee Buffalo property due to mechanical problems. The Atlee Buffalo horizontal well at 14-20-21-05W4M experienced a steady decline in production prior to ceasing production as a result of what the Company expects is a tubing leak. The Company is reviewing options to confirm and repair the problems in order to bring the wells back on production.
Further the Company announces that Janet Scase has resigned as Vice-President Finance and CFO effective April 17, 2014. The Company wishes to thank Janet for her contributions, assistance and guidance over the past 3 years and wishes her well in her future endeavors.
The Company has appointed Mr. Rick Hammermeister as Vice-President Finance and CFO effective April 17, 2014, subject to the approval of the TSX Venture Exchange.
Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) 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.
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