FFM

Formation Fluid Management Inc. ("Formation Fluids") (TSX VENTURE:FFM) or ("the
Company") today announced that as a result of an internal review it will restate
its annual consolidated financial statements as at June 30, 2011 and management
discussion and analysis for the year then ended. The restatement is required as
a result of an internal review that resulted in the Company's discovery of theft
of cash by a former employee of the company. The employee used a combination of
falsified purchase orders and supplier invoices, forged signatures and altered
cheques, and altered bank statements to divert funds into her personal bank
account. The Company is vigorously pursuing recovery of the funds from both the
former employee and the bank that processed the transactions. Since the outcome
of these claims is currently not reasonably measurable, the Company has expensed
the amounts. In the event that the Company is able to recover a portion or all
of the funds, the Company will recognize the recovery in the period that the
final determination of the amount is made.


The restatement has resulted in a reduction of the Company's recorded amounts
for receivables, prepaid expenses and equipment totaling $104,254; a
reclassification of amounts of several of the Company's expense items totaling
$84,462; and a provision for contingency of $188,716; resulting in a reduction
in the loss for the year of $104,254. The Company has also discovered an
additional theft of $18,311 in the first quarter of fiscal 2012 which will be
recorded as an additional provision for contingency until recoverability is
determined. The total amount of the theft was $207,027.


Full details are available in the Company's filings on SEDAR at
http://www.sedar.com. 


About Formation Fluids

Formation Fluid Technology has developed a waste water treatment plant that uses
a proprietary process to clean waste water. The system is mobile and can be
scaled to process required volumes. This system treats water to meet or exceed
CCME Guidelines (Canadian Environmental Quality Guidelines), resulting in
reusable water that can be used for: Boilers, Frac Water, Water Floods, and
Drilling Operations. Formation Fluids is seeking to service a significantly
underdeveloped segment within the oil and gas industry; its waste water
treatment system is intended to cost effectively deal with produced water while
satisfying the need to reuse and recycle an increasing valuable resource. For
more information, please visit: www.formationfluid.com or contact Investor
Relations at 403 887-8874.


On behalf of the Board of Directors

Wayne Smith, Chief Financial Officer

FORWARD LOOKING INFORMATION

Certain information in this news release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties and
assumptions. This forward-looking information includes, among other things,
information with respect to the Company's beliefs, plans, expectations,
anticipations, estimates and intentions. The words "may", "could", "should",
"would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect",
"intend", "plan", "target" and similar words and expressions are used to
identify forward-looking information. The forward-looking information in this
news release describes the Company's expectations as of the date of this news
release.


The results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events. Material
factors which could cause actual results or events to differ materially from
such forward-looking information include, among others, risks arising from
general economic conditions and adverse industry events, risks arising from
operations generally, reliance on contractual rights such as licenses and leases
in the conduct of its business, reliance on key personnel, market acceptance of
the Company's products and services, the need to protect intellectual property
and other proprietary rights, possible failure of the business model or business
plan or the inability to implement the business model or business plan as
planned, fluctuations in the cost of materials, competition, environmental
matters, and insurance or lack thereof.


The Company cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking information to make
decisions, investors and others should carefully consider the foregoing factors
and other uncertainties and potential events. The Company has assumed a certain
progression, which may not be realized. It has also assumed that the material
factors referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject to change
and there can be no assurance that such assumptions will reflect the actual
outcome of such items or factors.


THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

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