Fair Sky Resources Inc.
TSX VENTURE : FSK

Fair Sky Resources Inc.

January 23, 2007 13:01 ET

Fair Sky Resources Inc. Announces Completion of Moose Jaw Drilling Program

CALGARY, ALBERTA--(CCNMatthews - Jan. 23, 2007) -

(NOT INTENDED FOR DISSEMINATION IN THE UNITED STATES)

Fair Sky Resources Inc. ("Fair Sky") (TSX VENTURE:FSK) is pleased to report that it has recently completed a four well drilling program near Moose Jaw, Saskatchewan. The company now has drilled a total of five wells in the area targeting multizone gas formations and the Bakken oil formation. All five wells were drilled, logged and cased, and are being used by the company to establish initial well control over a regional area of approximately 50 square miles. Based on information currently available to management, including gas detection and log analysis, Fair Sky is encouraged by the results of the drilling program and is continuing to work to define the geological mapping of the area. The information from the new wells will be correlated with the data from the approximately 700 kilometres of seismic the company recorded in 2006. A completion program for the four wells is being designed and is expected to be executed in Q1 2007. Up to 20 additional wells are planned for the area in 2007 depending on, among other things, the results of the completion program and the availability of capital.

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. does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fair Sky Resources Inc.
    Tim Kemp
    President, CEO
    (403) 264-5337
    or
    Fair Sky Resources Inc.
    Jasmine Smith
    Sr. Manager, Investor Relations
    Email: ir@fairskyresources.com