CALGARY, ALBERTA--(CCNMatthews - June 14, 2006) - FairWest Energy Corporation (TSX:FEC) ("FairWest") and Blue Parrot Energy Inc. ("Blue Parrot") announce that of the 8 well joint venture drilling program in Antelope, Alberta, 4 gas wells have been drilled and cased. The remaining wells will be drilled by the middle of July. FairWest and Blue Parrot each have a 50% interest in the joint venture. FairWest is the operator.
Pursuant to the terms of a joint venture agreement, ExploreCo Energy Inc. ("Exploreco") has participated for 25% of FairWest's interest (net 12.5%) in the Antelope area. This participation relates to the first 4 wells that have been drilled and will extend to the balance of the anticipated drilling program. FairWest owns 25% of the outstanding shares of ExploreCo.
Completion of the first gas well will commence in the upcoming week. James G. Gettis, President of FairWest, stated: "We view Antelope as a new core area and are encouraged by the seismic and geological interpretations undertaken prior to drilling". Completion results will be available by mid August.
Four additional wells are planned and will be drilled by mid-July. All successful wells are expected to be tied in by the end of September 2006.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
FairWest Energy Corporation
James G. Gettis
President and Chief Executive Officer
Blue Parrot Energy Inc.