First Mountain Exploration Ltd.

June 26, 2014 19:55 ET

First Mountain Exploration Ltd. Announces Proposed Sale of Assets

CALGARY, ALBERTA--(Marketwired - June 26, 2014) -


First Mountain Exploration Ltd. ("First Mountain" or the "Company") (TSX VENTURE:FMX) announces that it has entered into an arm's length transaction to sell certain petroleum and natural gas leases located in the Atlee Buffalo area of Alberta to an arm's length oil and gas producing company (the "Purchaser") for an aggregate purchase price of CDN$510,000 (the "Transaction").

The net proceeds from the Transaction will be added to the working capital of the Company for business development. The proposed Transaction is expected to constitute a Reviewable Transaction of the Company as defined in Policy 5.3 of the TSX Venture Exchange ("TSXV") Corporate Finance Manual.

There will be no finder's fees paid in connection the Transaction and the expected closing date for the Transaction is mid-July or such later date as the Company and Purchaser agree. The completion of the Transaction is subject to the approval of the TSXV and all other necessary regulatory approval. The Transaction will be an arm's length transaction as the directors, officers and principal shareholders of the Company currently have no interest in the Purchaser.

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

Forward-looking statements:

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. More particularly and without limitation, this press release contains forward looking statements and information concerning managements expected time of completion of the Transaction, the expected use of proceeds of the Transaction and the anticipated approval of the Transaction by the TSXV.

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 Ltd.
    William Slipp
    President and Director
    (403) 453-2266 ext. 227