FairWest Energy Corporation

FairWest Energy Corporation

October 31, 2007 17:37 ET

FairWest Energy Corporation Sells Net Smelter Return for $1.875 Million U.S.

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2007) - 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.

Contact Information

  • FairWest Energy Corporation
    James G. Gettis
    President and Chief Executive Officer
    (403) 264-4949
    FairWest Energy Corporation
    Marion D. Mackie
    Chief Financial Officer
    (403) 264-4949
    (403) 269-1761 (FAX)