FairWest Energy Corporation
TSX : FEC

FairWest Energy Corporation

May 15, 2009 12:00 ET

FairWest Energy Corporation Announces Its Financial Results for the Period Ended March 31, 2009

CALGARY, ALBERTA--(Marketwire - May 15, 2009) - FairWest Energy Corporation (TSX:FEC) ("FairWest") is pleased to announce its financial and operational results for the three months ended March 31, 2009. The following highlights should be read in conjunction with the Management's Discussion and Analysis and the associated Financial Statements for the periods, available at www.sedar.com, on FairWest's website at www.fairwestenergy.com, or by request at the offices of FairWest.

Readers are advised that the consolidated financial statements for the period have been prepared on a going concern basis which assumes that the Company will be able to recognize its assets and discharge its liabilities in the normal course of business for the foreseeable future. Further information is available in the Management's Discussion and Analysis and Notes to the Financial Statements.



Financial Highlights March 31, 2009 March 31, 2008
(3 Months) (3 Months)
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Revenue
Petroleum and natural gas sales,
net of royalties 2,679,991 3,548,583
Other income 20,967 45,305
Gain (loss) on disposal of assets - (3,439)
Unrealized gain (loss) on financial
contract (108,730) -
-----------------------------------
2,592,228 3,590,449
-----------------------------------
Expenses
General and administrative 495,565 542,070
Stock-based compensation 73,466 85,662
Operating 1,330,824 1,518,887
Depletion, depreciation and accretion 2,641,367 3,278,885
Interest 312,953 479,167
Part XII.6 tax (12,581) 30,655
-----------------------------------
4,841,594 5,935,326
-----------------------------------
Loss before income taxes (2,249,366) (2,344,877)
Future income tax recovery 298,236 816,035
-----------------------------------
Net loss (1,951,130) 1,528,842

Funds flow from operations 574,197 1,023,109
Funds flow from operations ($/share) 0.005 0.011
Capital expenditures 3,335,154 (872,871)
Basic loss ($/share) (0.018) (0.016)


Operations Highlights March 31, 2009 March 31, 2008
(3 Months) (3 Months)
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Natural gas
Natural gas sales ($) 2,252,580 3,199,477
Volume - mcf/day 3,711 4,412
$/mcf 6.74 7.97
-----------------------------------
Oil and NGLs
Oil and NGL sales ($) 771,227 941,345
Volume - bbl/day 133 121
$/bbl 64.21 85.60
-----------------------------------
Barrel of oil equivalent
Total sales ($) 3,023,807 4,140,822
Volume - boe/day 752 856
$/boe 44.68 53.14
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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
    (403) 269-1761 (FAX)
    or
    FairWest Energy Corporation
    Marion D. Mackie
    Chief Financial Officer
    (403) 264-4949
    (403) 269-1761 (FAX)
    Website: www.fairwestenergy.com