2937077 Canada Inc. Announces Fiscal 2006 Results



    CALGARY, April 27 /CNW/ - 2937077 Canada Inc. ("2937077" or the
"Company") is pleased to announce its financial and operating results for the
year end December 31, 2006. All amounts stated herein are denominated in US
dollars, unless otherwise stated.

    
    Financial

                                                Year ended        Year ended
                                               December 31,      December 31,
                                                      2006              2005
    -------------------------------------------------------------------------
    ($thousands, except per share amounts)

    Revenue                                          2,804             4,126
    Net loss                                        14,182            13,129
    Net loss per share - basic and diluted            0.32              0.31
    As at the date above:
      Working capital surplus (deficiency)          (4,497)            8,339
      Long-term debt                                     -             1,667
      Shareholders' equity (deficiency)             (4,497)            9,369
      Total assets                                   1,195            15,232
    -------------------------------------------------------------------------
    

    Operations

    On November 27, 2006, the Company completed a plan of arrangement (the
"Arrangement") (see Plan of Arrangement in Management's Discussion and
Analysis for a more detailed description of the transaction). Upon completion
of the Arrangement, the Company had no employees and did not conduct any
significant operations from November 27, 2006 to December 31, 2006. The
revenue and net loss amounts above are for the year ended December 31, 2006
and include the results of the limited operations conducted after the
completion of the Arrangement.
    Subsequent to year end, the Company closed a private placement of
7,701,998 Class A and 4,111,735 Class B common shares for gross proceeds of
approximately Cdn $17.7 million and introduced a new management team for the
purpose of reorienting the Company as an oil and gas exploration and
development company. With the proceeds of the private placement, management
intends to pursue opportunities to acquire and develop oil and gas properties
in western Canada.
    The Company's complete financial statements and management's discussion
and analysis for the year ended December 31, 2006 can be viewed on SEDAR at
www.sedar.com or can be obtained by contacting the Company representative
below.





For further information:

For further information: 2937077 Canada Inc., Greg Cave, President and
Chief Operating Officer, Tel: (403) 650-9229

Organization Profile

2937077 CANADA INC. (PIPER RESOURCES)

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