Fair Sky Resources Inc.
TSX VENTURE : FSK

Fair Sky Resources Inc.

May 19, 2006 16:32 ET

Fair Sky Announces Testing & Tie-ins of Wells Drilled During Q1 2006

CALGARY, ALBERTA--(CCNMatthews - May 19, 2006) -

(Not intended for Dissemination in the United States)

Fair Sky Resources Inc. (TSX VENTURE:FSK) ("Fair Sky" or the "Corporation") is very pleased with the preliminary results of its drilling program through the first quarter of 2006. Of the five wells drilled before break-up in late March, one well was abandoned and four were cased.

In the Peace River Arch area, a Gilwood oil well (100% working interest subject to an 8% Gross Overriding Royalty) has been swab tested at approximately 400 boes/day gross and should be tied in by late May.

In the Rimby area, a Colony gas well (65% working interest) was tested at more than 3 mmcf/day of raw gas. This well is being pipelined and should also be on production by late May. Fair Sky expects this well to commence production at a rate of +1 mmcf/day of sales gas.

Well logs from the second well drilled and cased (65% working interest) in the Rimby area indicate three potentially productive zones in the Mannville formation which have not yet been tested due to road bans and ground conditions. Further testing of this well will commence as soon as equipment availability and ground conditions allow.

The last cased well drilled in the Morinville area (60% working interest), has encountered light oil after perforating in the Sparky formation which will be further evaluated as soon as equipment is available.

Presently Fair Sky has approximately 200,000 gross acres of developed and undeveloped lands, consisting of purchased and farm-in acreage. Production at the end of March 2006 was approximately 275 Boes/d. These new wells will add production to the company. Additional drilling activity will commence in June 2006 equipment and conditions allowing.

ADVISORY: Natural gas volumes have been converted to barrels ("bbl") of oil equivalent ("boe") using six thousand cubic feet ("mcf") of natural gas equal to one boe. This conversion conforms to NI51-101. Use of the term boe may be misleading, particularly if used in isolation. A boe conversion ration of 6 mcf to 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. With respect to exploration and development costs, the aggregate of the exploration and development costs incurred for the indicated period and the change during that period in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that period.

Certain information in this news release, including management's assessment of future plans and operations, number of locations in drilling inventory and wells to be drilled, timing of drilling and tie-in of wells, productive capacity of the new wells and productive capacity from different wells, costs, timing and other matters, may constitute forward-looking statements under applicable securities laws. Such forward looking statements necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, wells not performing as expected. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Fair Sky's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website at www.sedar.com . The forward-looking statements contained in this news release are made as at the date of this news release and Fair Sky does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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