first mountain presentation

CORPORATE PRESENTATION

1FIRST MOUNTAIN EXPLORATION LTD.

NOVEMBER 2011

FM_Nov Corp – Nov.3, 2011

DisclaimerAdvisory Regarding Forward Looking Information and Statements

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

More particularly and without limitation, this presentation contains forward looking statements and information concerning: a potential acquisition of a public company; the estimated closing exchange ratio for the shares issued for the acquisition; development and drilling programs, plans and opportunities; expected finding and development costs and onstream costs; future development and growth opportunities; cash flow, net asset value and reserves life; the anticipated benefits of the acquisition including increased long-term stability, operating efficiencies and capital market access; and plans to transition into future business model.

The forward-looking statements and information in this presentation are based on certain key expectations and assumptions made by First Mountain, including completion of the acquisition on the timing planned; prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future well production rates; reserve and resource volumes; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner of regulatory, stock exchange and other required approvals. 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. There is no certainty that First Mountain will achieve commercially viable production from its undeveloped lands and prospects.

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 failure to obtain the necessary regulatory, stock exchange and other regulatory approvals and on the timelines it has planned, the risk that some other condition to the closing of the offering and the acquisition is not satisfied; 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 estimates; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation or petroleum and natural gas and 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; stock market volatility; and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations.

Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this presentation are made as of the date hereof and First Mountain undertake 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.

Boe Advisory The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A Boe conversion ratio of six thousand cubic feet per barrel (6 Mcf: 1

Bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

CAPITALIZATION

Current Shares Outstanding (Inc. Slave Lake) 15,251,302

Total Fully Diluted 15,251,302

Bank Debt 0

Cash $2 Million

Management Ownership 10 %

CAPITALIZATION & FINANCING

FINANCING

2010 $300,000 Flow-through $0.35 857,143 Shares

2011 $140,000 Insiders $0.10 1,400,000 Shares

2011 $3,381,288 Investment $0.35 9,660,825 Shares

2011 Slave Lake Purchase $0.45 3,333,333 Shares

Total $3,821,288 Total 15,251,302 Shares


MANAGEMENT & BOARD OF DIRECTORS

MANAGEMENT

William Ambrose, President & CEO

Brad Barton, VP Engineering and Operations

Janet Scase, CFO

Brian Watts, Exploration Manager


BOARD OF DIRECTORSWilliam Ambrose – Promoter

Brad Barton - Engineer

Dr. Arthur Halleran – Geologist

Wayne Murphy - Businessman

Mr. Ambrose has over 35 years of experience in Canada and the United States in the oil and gas industry. The following is a summary of his experience and the stock price of the companies he was associated with:First Mountain Exploration Ltd. – Founder, President and CEO

Private - $0.35

Triple Crown Petroleum Ltd. – Founder, President & CEOIPO Price - $0.20 to $0.35

Petro Uno Resources Ltd. – Founder, President & CEO (Merged into Renegade Petroleum Ltd.)IPO Price - $0.20 to $0.90

Renegade Petroleum Ltd. – Founder & DirectorIPO Price - $1.40 to $2.64

Renegade Oil and Gas Ltd. - Founder, Director & Chairman (Merged into Legacy Oil + Gas Inc.)Private - $1.00 to $3.00

Rocky Mountain Energy Corp. – Founder, President & Director (Merged into Enterra Energy Trust)IPO Price - $0.34 to $6.10

Universal Fuels – Founder, President & DirectorStock Price - $2.00 to $8.10

Mark Resources – Founder and Director (Merged into Enerplus Resources)IPO Price - $0.25 to $46.00

WILLIAM AMBROSE

★ Current Market Value of the above companies exceeds $5.5 Billion.


Mr. Barton is a Professional Engineer with 15 years of varied experience in petroleum engineering, specializing in day to day operations, regulatory compliance and management functions.Petro Uno Resources Ltd. - Engineering Manager

Underground Energy - Consultant

Glamis Resources Ltd. - VP of Engineering, contributed to company growth though drilling success.

Bachelor of Administration Degree (1992) and a Bachelor of Applied Science Degree (1996) from the University of Regina.

BRAD BARTON – VP OF OPERATIONS


JANET SCASE - CFOMs. Scase is a Chartered Accountant with 14 years of accounting and finance experience in theCanadian oil and gas industry.

ProspEx Resources Ltd. - Controller

Esprit Exploration Ltd. - Manager of Financial Reporting

Canadian Hunter Exploration Ltd. – Senior Financial Accountant

PriceWaterhouseCoopers LLP. – Senior Accountant

BRIAN WATTS – EXPLORATION MANAGER

Mr. Watts has 40 years of experience working in various geological and management rolls in the oil and gas industry. Some highlights of his career are:

Camel Oil & Gas Ltd. - Vice President – Exploration

Tarragon Oil and Gas Limited - Exploration Manager

Spire Energy Ltd.- Vice President Exploration

Quintana Minerals Resources Corp. - President


FAUST PROSPECT -TECHNICAL TEAM

Technical Team That Developed Faust Prospect

Steve Benediktson – Geologist, 30+ years experience

Gary Martin – Geophysicist, 30+ years experience

Greg Johnson – Landman, 30+ years experience

Barry Biosvert – Field Contact, 25 years experience


COMPANY MAKING PROSPECT

FAUST – SLAVE LAKE

100% working interest in 75 ½ sections of conventional exploration

5 seismically defined drilling opportunities

CASH FLOW OPPORTUNITY

BUCK LAKE

50% working interest in ¾ section of Cardium

Earning well to be drilled Q4 2011


FAUST

FAUST - SLAVE LAKE

75 ½ sections of conventional exploration (48,000 acres)

Multiple stacked zones

Scalable discoveries:• Potential for multi-well pools• Potential for water flood and polymer flood

GLJ Petroleum Consultants (“GLJ”) resource evaluation.


FAUST

MULTIPLE STACKED ZONES

3 wells test 5 prospects / each prospect is a company maker

Well 1 Well 2 Well 3

Bluesky 1 Bluesky 2 Bluesky 3

Pekisko

Keg River11FIRST MOUNTAIN EXPLORATION LTD.

FAUST


R11 R10 R9W5

R11

T73

T72

T71

R10 R9W5

T73

T72

T71 Land purchased October, 2011, for consideration of:1.5 Million Cash3.3 Million SharesGORR

FAUST

GLJ Prospect Resource Report – July 2010

Formation Gross Company Unrisked Prosp

Resource

Peak Prod

Future Undiscounted

Capital

F&D OP Cost at Peak

Prod

Oil mmbbls

Gas and Oil mmBOE

BOE/d MM$ $/BOE $/BOE

Bluesky 1 5.0 6.5 2,900 95 15.00 5.00

Bluesky 2 2.3 3.0 1,920 69 23.00 6.00

Bluesky 3 1.0 1.3 715 26 20.00 9.00

Pekisko 1.2 2.3 1,040 33 15.00 9.00

Keg River 9.8 3,000 18 2.00 9.00

Total 9.5 22.9

*currently being updated


BUCK LAKE

BUCK LAKE

¾ section

4 Cardium locations (1.5 net)

Conglomerate lag should improve IPs

★Anticipated IP:200 bbls/d

★Anticipated UR:120 bbls

★Management estimate


SHARE ISSUANCEhareFlow-through shares $5 Million

Common shares $5 Million

Total Financing $10 Million

PROPOSED FINANCING


USE OF PROCEEDSDrilling $ 5 Million

Acquisitions $ 4 Million

Seismic $ 1 Million

$ 10 Million

CONCLUSION

Team with a proven track record

Exciting conventional exploration block:• Large land position• Multiple exploration targets per well• Scalable discoveries• GLJ Resource Evaluation

Resource play potential

Continuing to evaluate drilling opportunities and acquisitions

Potential to discover a large company size pool


FIRST MOUNTAIN EXPLORATION LTD.1050, 521 – 3RD AVENUE SW

Calgary, ABT2P 3T3

CONTACT

William Ambrose, President & [email protected](403) 453-2266 ext. 224

Erin Plante, Executive [email protected](403) 453-2266 ext. 221
