FFM Successfully Completes First Commercial Contract

Formation Fluid Management Inc. (TSX VENTURE:FFM) ("Formation Fluids") or ("the
Company") is pleased to announce that further to its news release of October 20,
2011 it has successfully completed its first commercial contract under an
agreement with a large Canadian oil & gas producer ("Partner") based in Calgary,
Alberta. The Formation Fluids Mobile Water Treatment Unit exceeded all
performance requirements and surpassed Alberta Environmental Standards.


In accordance with the contract, Formation Fluids cleaned and returned the water
to its natural source with minimal impact to the environment. Prior to
treatment, the water was tested by an independent laboratory and found to have
total dissolved solids ("TDS") of 6,970 mg/L and a contaminant level of 3,520
mg/L. Per the contract, the Company's Partner required that the contaminant
level be reduced to below 230 mg/L. The final results were again tested by an
independent laboratory and the TDS level was reduced to an average of 40 mg/L
over nine samples and the contaminant level was reduced to below 10 mg/L. This
was achieved while operating under adverse weather conditions and in
temperatures substantially below the designed temperature range for the Mobile
Water Treatment Unit. 


This project has provided an excellent field demonstration of Formation Fluids
technology and capabilities while generating revenue for the Company. We have
included a photo of the two trailers comprising the Mobile Treatment Unit on
site along with the storage tanks used for this project so everyone can see the
mobile nature of our system.


To view the photo associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/FFMstoragetank.jpg.


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 Toll Free. 


On behalf of the Board of Directors 

Chance Radford, Chief Operating 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.
Formation Fluid Management Inc. (TSXV:FFM)
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