Westmount Energy Limited("Westmount" or the "Company") Interim Results The Company is pleased to announce its Interim Results for the period ended 31 December 2012. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders. CHAIRMAN'S REVIEW Over the past six months your board have been actively engaged in negotiations and discussions with various potential investors and companies who were either interested in injecting new capital or merging their companies with Westmount with a view to creating increased shareholder value. The process is ongoing. This process has confirmed your board's view that the Company remains an attractive investment vehicle notwithstanding its relatively small capitalization. It has no permanent overhead commitments such as staff or office space and the operating costs are tightly controlled. In an effort to preserve our capital base, Gerry Walsh and Tom O'Gorman who joined the board in November 2011 have waived their Directors' fees from 1 January 2013 and Peter Richardson and I have reduced our fees by fifty per cent from the same date. This has the effect of reducing the Company's overhead by some £87,500 per annum. Investments. There has been no substantial movement in the investment portfolio since 1 July 2012, except for a reduction of our holding of Falkland Oil & Gas for a profit of £69,000. Our investments are all reasonable liquid and thus when a suitable opportunity arises we see no difficulty in realising them. Future Strategy. Your board is very conscious of the need to create real value for our shareholders and we are renewing our efforts in 2013 to achieve this result. The core value of your Company remains very attractive and your Directors are clearly mindful of their responsibility to see that this is achieved. Mervyn Bradlow Chairman Date: 20 March 2013 |