FairWest Energy Corporation
TSX : FEC

FairWest Energy Corporation

December 14, 2007 17:20 ET

FairWest Energy Corporation Closes Sale of $2,000,000 of Secured Subordinated Convertible Debentures

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2007) - FairWest Energy Corporation (TSX:FEC) ("FairWest") has closed the sale of $2,000,000 of Series 1, 14% Secured Subordinated Convertible Debentures ("Debentures"). The Debentures are convertible into Common Shares of FairWest at any time after March 1 2008 to maturity on October 31, 2009. The conversion price in effect shall be $0.45 for each Common Share to be issued upon the conversion of Debentures, being a conversion rate of approximately 2,222.22 Common Shares for each $1,000 principal amount of Debenture. Interest will be paid monthly to debentureholders.

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.

Statements in this release which describe FairWest's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of FairWest to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. FairWest may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions.

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)