FairWest Energy Announces Third Quarter Financial Results

FairWest Energy Corporation ("FairWest" or the "Company") (TSX VENTURE:FEC)
announces that the Company has filed its Unaudited Financial Statements and
Management's Discussion and Analysis ("Financials") for the three and nine
months ended September 30, 2012 on SEDAR. The full text of the Financials can be
found at www.sedar.com and on the Company's website at www.fairwestenergy.com.


The Financials have been prepared on a going concern basis which assumes that
the Company will be able to realize its assets and discharge its liabilities in
the normal course of business for the foreseeable future. There is currently
significant doubt as to the ability of the Company to continue as a going
concern. The Company has retained advisors to assist in assessing strategic
alternatives. Should the Company not be able to continue as a going concern, it
will be necessary to restate the Company's assets and liabilities on a
liquidation basis resulting in further impairments and write-downs which could
be material.


About FairWest Energy 

FairWest (TSX VENTURE:FEC) is a Calgary, Alberta based junior oil and gas
company engaged in the acquisition, exploration, development and production of
crude oil, natural gas and natural gas liquids in the provinces of Alberta and
Saskatchewan.


READER ADVISORY

This news release may contain certain forward-looking statements, including, but
not limited to, management's assessment of future plans and operations, the
Company's future default under the Series 1 and Series 2 Debentures. Such
statements involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control. Such risks and uncertainties
include, without limitation, risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, delays resulting from or
inability to obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact of general
economic conditions in Canada, the United States and overseas, industry
conditions, changes in laws and regulations (including the adoption of new
environmental laws and regulations) and changes in how they are interpreted and
enforced, increased competition, the lack of availability of qualified personnel
or management, fluctuations in foreign exchange or interest rates, stock market
volatility and market valuations of companies with respect to announced
transactions and the final valuations thereof and obtaining required approvals
of regulatory authorities. The Company's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits, including the amount
of proceeds, that the Company will derive therefrom. Readers are cautioned that
the foregoing list of factors is not exhaustive. All subsequent forward-looking
statements, whether written or oral, attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements contained in
this news release are made as at the date of this news release and the Company
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.


319,654,775 Common Shares Issued

FOR FURTHER INFORMATION PLEASE CONTACT: 
FairWest Energy Corporation
Vern Fauth
Chief Executive Officer
[phone]
[phone] (FAX)
[e-mail]


FairWest Energy Corporation
Douglas O. McNichol
President and Chief Operating Officer
[phone]
[phone] (FAX)
[e-mail]


FairWest Energy Corporation
Marion D. Mackie
Chief Financial Officer
[phone]
[phone] (FAX)
[e-mail]