First Mountain Exploration Inc.
TSX VENTURE : FMX

November 17, 2015 17:13 ET

First Mountain Exploration Inc. Announces Filing of Third Quarter Financial Results

CALGARY, ALBERTA--(Marketwired - Nov. 17, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

First Mountain Exploration Inc. ("First Mountain" or the "Company") (TSX VENTURE:FMX) announces financial results for its third quarter ended September 30, 2015. The unaudited condensed interim financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR and can be viewed at www.sedar.com.

FINANCIAL OVERVIEW

Certain selected financial and operational information for the quarter ended September 30, 2015 is set out below and should be read in conjunction with the Corporation's unaudited condensed interim financial statements and related MD&A. The following table provides a summary of key financial results for the three and nine months ended September 30, 2015 and 2014:

Three months ended September 30, Nine months ended September 30,
2015 2014 2015 2014
Financial $ $ $ $
Oil and gas sales 29,144 151,139 70,833 526,391
Funds used in operations (1) 94,342 113,315 238,821 298,386
Net loss and comprehensive loss 106,901 151,934 289,475 1,693,805
Capital expenditures - - 76,104 496,394
Working capital 376,044 300,208 376,044 300,208
Operating
Average daily production
Oil (bbl/d) 5 10 3 14
Natural gas liquids (bbl/d) 0 1 0 3
Natural gas (mcf/d) 7 83 8 88
Total (boe/d) 6 25 5 32
Netback ($/boe)
Oil and gas sales 47.70 64.70 50.02 60.76
Royalties (4.49) (0.62) (4.66) (3.26)
Operating expenses (83.47) (56.50) (71.44) (42.30)
Transportation expenses (2.66) (11.50) (6.09) (7.25)
Operating netback(1) ($/boe) (42.92) (3.92) (32.17) 7.95

Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

A Note regarding Forward Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information.

Although First Mountain believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because First Mountain can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations, actual production from the acquired assets may be greater or less than estimates; failure to obtain the necessary regulatory approval, stock exchange and other regulatory approvals on the timelines planned. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on First Mountain's future operations and such information may not be appropriate for other purposes.

The forward-looking statements and information contained in this press release are made as of the date hereof and First Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • First Mountain Exploration Inc.
    William Slipp
    President and Director
    (403) 453-2266 ext.227