FairWest Energy Corporation
TSX : FEC

FairWest Energy Corporation

November 14, 2005 11:30 ET

FairWest Energy Corporation Announces September 30, 2005 Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - FairWest Energy Corporation (TSX:FEC) ("FairWest") is pleased to announce its financial and operational results for the four months and ten months ended September 30, 2005. This message 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 or by request at the offices of FairWest.



The highlights of financial and operational results are as follows:

Financial Highlights

Periods Ended
-----------------------------------------
September 30, September 30, November 30,
2005 2005 2004
($) (4 Months) (10 Months) (2 Months)
------------------------------------------------------------------------
Revenue
Petroleum and natural gas
sales, net of royalties 1,529,763 2,517,217 85,711
Other income 228,134 326,059 98,176
-----------------------------------------
Total Revenue 1,757,897 2,843,276 183,887
-----------------------------------------
Expenses
Depletion, depreciation
and amortization 1,011,077 1,534,943 56,653
Operating costs 350,742 608,505 30,624
Interest and bank charges 91,414 92,122 16,076
General and administrative
expense 251,944 560,592 134,764
Management fees - 10,479 -
Future income tax (recovery) (1,509,199) (2,423,199) -
-----------------------------------------
Total expenses 195,978 383,442 238,117
-----------------------------------------
Net income (loss) 1,561,919 2,459,834 (54,230)
-----------------------------------------
-----------------------------------------

Funds flow from operations 861,107 1,368,888 (43,166)
Capital expenditures 24,451,612 28,354,068 5,749,333

Share Data:
Common shares outstanding 48,128,228 48,128,228 15,664,601
Warrants 1,100,000 1,100,000 -
Options 378,579 378,579 -
Weighted common shares
- basic 36,804,223 26,204,697 3,004,645
Weighted - diluted 37,840,936 26,875,680 3,004,645


Highlights of Operations


Periods Ended
-----------------------------------------
September 30, September 30, November 30,
2005 2005 2004
(4 Months) (10 Months) (2 Months)
------------------------------------------------------------------------
Natural gas
Natural gas sales ($) 1,472,318 2,356,859 58,981
Volume - mcf 162,504 289,408 7,504
Volume - mmcf/day 1,332 952 123
$/mcf 9.06 8.14 7.86
------------------------------------------------------------------------
Oil and NGLs
Oil and NGL sales ($) 550,072 879,626 51,479
Volume - bbl 8,662 15,504 1,038
Volume - bbl/day 71 51 17
$/bbl 63.50 56.74 49.59
------------------------------------------------------------------------
Barrel of oil equivalent
Total sales ($) 2,022,390 3,236,485 110,460
Volume - boe 35,746 63,840 2,289
Volume - boe/day 293 210 38
$/boe 56.58 50.70 48.26
------------------------------------------------------------------------
------------------------------------------------------------------------


FairWest Energy Corporation is a Calgary, Alberta based company engaged in the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta and Saskatchewan.

Contact Information

  • FairWest Energy Corporation
    James G. Gettis
    President and Chief Executive Officer
    (403) 264-4949 or (514) 695-8080
    or
    FairWest Energy Corporation
    Marion D. Mackie
    Chief Financial Officer
    (403) 264-4949 or (514) 695-8080
    or
    FairWest Energy Corporation
    Larry Nachshen
    Chairman of the Board
    (403) 264-4949 or (514) 695-8080
    (403) 269-1761 or (514) 695-8011 (FAX)