Fm nov corp-feb._1

CORPORATE PRESENTATION

FEBRUARY 2012

2 FIRST MOUNTAIN EXPLORATION LTD.

Reader Advisories

Forward Looking Information and Forward Looking Statements

Certain statements contained in this corporate profile in respect of First Mountain Exploration Ltd. ("First Mountain) constitute forward-looking statements or information

(collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and

operations including drilling plans, potential production levels, development plans, capital expenditures, and cash flow potential. Forward-looking statements are typically

identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential",

"target" and similar words suggesting future events or future performance or may be identified by reference to a future date. In addition, statements relating to "resources" are

deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources described exist or may be

discovered in the quantities predicted or estimated.

With respect to forward-looking statements contained in this corporate profile, the Companies have made assumptions regarding, among other things: future capital expenditure

levels; future oil and natural gas prices; future oil and natural gas production levels; future exchange rates and interest rates; ability to obtain equipment and services in a timely

manner to carry out development activities; the impact of increasing competition; the ability to obtain financing on acceptable terms; and ability to add production and reserves

through exploration, development and exploitation activities. Although the Companies believe that the expectations reflected in the forward-looking statements contained in this

corporate profile, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be

correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this corporate profile, as there can be no assurance that the plans,

intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known

and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may

cause the Companies' actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or

implied by such forward-looking statements. These risks and uncertainties include, among other things, the ability of management to execute its business plan; general economic

and business conditions; the risks of the oil and natural gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas and market

demand; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; risks and uncertainties involving geology of oil and

natural gas deposits; the uncertainty of reserves estimates and reserves life; the ability of the Companies to add production and reserves through acquisition, development and

exploration activities; the Companies' ability to enter into or renew leases; potential delays or changes in plans with respect to exploration or development projects or capital

expenditures; the uncertainty of estimates and projections relating to production (including decline rates), costs and expenses; fluctuations in oil and natural gas prices, foreign

currency exchange rates and interest rates; risks inherent in the Companies' marketing operations, including credit risk; uncertainty in amounts and timing of royalty payments;

health, safety and environmental risks; risks associated with unexpected potential future law suits and regulatory actions against the Companies; and uncertainties as to the

availability and cost of financing. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.


Any financial outlook or future oriented financial information in this corporate profile, as defined by applicable securities legislation, has been approved by management of the

respective Companies. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current

expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

The forward-looking statements contained in this corporate profile speak only as of the date of this corporate profile. Except as expressly required by applicable securities laws,

the Companies do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements contained in this corporate profile are expressly qualified by this cautionary statement. The information contained in this corporate profile does

not purport to be all-inclusive or to contain all information that a prospective investor may require. Prospective investors are encouraged to conduct their own analysis and

reviews of the Companies, and of the information contained in this corporate profile. Without limitation, prospective investors should consider the advice of their financial, legal,

accounting, tax and other advisors and such other factors they consider appropriate in investigating and analyzing the Companies.

Prospective Resources Disclosure

This corporate presentation includes a "best" estimate of prospective resources in respect of First Mountain's 75.5 contiguous acres located in the Faust area of Alberta. The

Resource Estimate has been prepared by GLJ Petroleum Consultants Ltd., independent resource evaluators for First Mountain, in a report dated November , 2011 and effective

October 31, 2011 in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. "Prospective resources" are those quantities of petroleum

estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an

associated chance of discovery and a chance of development. There is no certainty that any portion of the prospective resources will be discovered and, if discovered, there is no

certainty that it will be commercially viable to produce any portion of those (discovered) resources. The "best estimate" is considered to be the best estimate of the quantity that

will actually be recovered. In terms of prospective resources, it is equally likely that the actual quantities recovered will be greater or less than the best estimate. If probabilistic

methods are used, there should be at least a 50 percent probability that the quantity actually recovered will equal or exceed the best estimate. The estimates of resources for

individual properties may not reflect the same confidence level as estimates of resources for all properties, due to the effects of aggregation.

Barrels of Oil Equivalent

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading,

particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does

not represent a value equivalency at the wellhead.

December 22, 2011, First Mountain Exploration Ltd. (“First Mountain”) (TSX Venture: FMX) became a publicly traded Alberta based oil and gas exploration, development and acquisition company through the reverse takeover of Triple Crown Petroleum Ltd.

Company making opportunity in the Slave Lake area of Alberta

100% working interest in 75.5 contiguous sections of exploration acreage at Faust

12.2mmboe Prospective Resource (“Best” Estimate ) and net present value before tax discounted at 10% of $73.8MM (GLJ, October 31, 2011)

First of 3 well program expected to spud the week of February 6, 2012

Near term production and cash flow opportunity

First Mountain has successfully conducted fracture stimulation and flow testing of 50% working interest cardium light oil well

Well is currently being equiped while in a 14 day shut in period as per EUB regulation

Seeking opportunities to expand the exploration and development base

Management team with a history of shareholder value creation

INTRODUCTION


CAPITALIZATION AND FINANCIAL INFORMATION


CAPITALIZATION AMOUNT (MILLIONS) AVERAGE EXERCISE PRICE

Common Shares (1) 29.5

Warrants 1.5 $ 0.65

Incentive Options 2.8 $ 0.56

Agent Compensation Options 0.8 $ 0.45

FINANCIAL INFORMATION

Bank Debt $ 0

Working Capital ~ $ 5 Million

(1) Insider Ownership 10%


PRICE # OF SHARES

FIRST MOUNTAIN PRIVATE COMPANY

$300,000 Flow-through Initial Capital $0.35 857,143

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

$3,351,888 Financing $0.35 9,576,825

$1,500,000 Slave Lake Purchase $0.375 4,000,000

FIRST MOUNTAIN (TSX VENTURE: FMX)

$2,618,139 Flow-through $0.60 4,363,565

$3,093,500 Share Units(1) $0.50 6,187,000

Total 29,468,534

SHARE ISSUANCES

(1) Units comprised of one common share and one half of one warrant

MANAGEMENT & BOARD OF DIRECTORS

MANAGEMENT

William Ambrose, President and CEO

Brad Barton, VP, Engineering and COO

Janet Scase, VP, Finance and CFO

Brian Watts, Exploration Manager


BOARD OF DIRECTORS

William Ambrose – Chairman Petro Uno Resources Ltd., Renegade Petroleum Ltd., Renegade Oil & Gas Ltd., Rocky Mountain Petroleum Corp., Universal Fuels, Mark Resources

Brad Barton – Engineer Petro Uno Resources Ltd., Underground Energy, Glamis Resources Ltd.

Dr. Arthur Halleran – Geologist Canacol Energy Inc., Hygait Resources Ltd., Rally Energy Corp., Rocky Mountain Energy Corp., Canoro Resources Ltd., Chevron Canada Capital Co., Trivalence Mining Corporation and Petro Uno Resources Ltd.

Sara Pettigrew – Engineer Apache Corp., BP Canada

Wayne Murphy – Businessman HR Doane, Brooklyn Alta Inc, Hames Energy Inc, Score Equipment Rentals Inc.

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:

Petro Uno Resources Ltd. - Founder, President & CEO (Merged into Renegade Petroleum Ltd.)

Renegade Petroleum Ltd. - Founder & Director

Renegade Oil and Gas Ltd. - Founder, Director & Chairman (Merged into Legacy Oil + Gas Inc.)

Rocky Mountain Energy Corp. - Founder, President & Director (Merged into Enterra Energy Trust)

Universal Fuels - Founder, President & Director

Mark Resources - Founder and Director (Merged into Enerplus Resources)

WILLIAM AMBROSE – President and CEO


Current Market Value of the above companies exceeds $6 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, P. Eng – VP, Engineering and COO


JANET SCASE, CA – VP, Finance and CFO Ms. Scase is a Chartered Accountant with 14 years of accounting and finance experience in the Canadian 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 and Gas - Vice President – Exploration

Tarragon Oil and Gas - Exploration Manager

Spire Energy - Vice President Exploration

Quintana Mineral Resources Corp. - President


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

TECHNICAL TEAM- FAUST ASSET VENDORS

COMPANY MAKING OPPORTUNITY - FAUST

FAUST - SLAVE LAKE

100% working interest in 75 ½ sections of conventional exploration (48,000 acres)

Multiple stacked zones, with five seismically defined exploration targets

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

flood

Land purchased October, 2011, for consideration of: $1.5 Million cash and 4.0 Million Shares and a GORR of 6.5%

Resource evaluation by GLJ Petroleum Consultants (“GLJ”)


ALBERTA

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 River


FAUST GLJ Prospective Resource Summary – October 31, 2011

Company Interest Best Estimate Prospective Resource(1)

Formation Oil/NGL (mmbbls)

Total (mmboe)

Before Tax NPV

($mm)

F&D Costs ($/boe)

Peak Annual Avg.

Prod’n (boe/d)

Before Tax NPV10 ($MM)

Bluesky 1 2.8 3.6 23.6 25.6 2,001 6.13

Bluesky 2 2.1 2.7 15.9 25.4 1,525 6.07

Bluesky 3 0.9 1.2 6.1 26.46 769 5.58

Pekisko 1.1 2.1 16.9 20.78 1,271 7.79

Keg River 0.1 2.6 11.3 7.17 1,773 8.75

Total 6.9 12.1 73.8

First Mountain Exploration Ltd.’s Faust Property

13 FIRST MOUNTAIN EXPLORATION LTD. (1) See “Prospective Resource Disclosure” under Reader Advisories

NEAR TERM CASH FLOW OPPORTUNITY - BUCK LAKE

BUCK LAKE

Opportunity to earn 50% working interest in ¾ section of Cardium rights

4 Cardium locations (1.5 net)

Non-operated earning well has been drilled, completed and fractured. Well is currently shut-in for 14 day build up

Management estimates that conglomerated top layer should support IPs of 200 bbls/d and EUR of 120,000 bbls per well


Existing wells

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


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

Calgary, AB T2P 3T3

CONTACT

William Ambrose, President & CEO [email protected] (403) 453-2266 ext. 224 Erin Plante, Executive Assistant [email protected] (403) 453-2266 ext. 232 Sarah Matthews, Administrative Assistant [email protected] (403) 453-2266 ext. 221 ATB Financial Calgary, Alberta 403-974-5700 Burnet, Duckworth & Palmer LLP Calgary, Alberta (403) 260-0253 KPMG LLP. Calgary, Alberta (403) 691-8001
