TORONTO, April 10 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE)
announced today results for the year ended December 31, 2006. Pacific Stratus
reported a loss of $5.4 million or $0.24 per share for the year on production
of 391,766 barrels and revenue of $17.5 million as compared to a loss of
$1.7 million or $0.19 per share in the previous year, in which no production
or revenues were recorded. In the fourth quarter of 2006, the company reported
production of 189,101 barrels for revenues of $10.9 million, and a net loss of
$2.1 million or $0.07 per share, as compared to net earnings of $91,000 or
$0.01 per share in the fourth quarter of 2005, in which no production or
revenues were recorded.
With the acquisition of producing assets in July 2006, the company
transitioned from being an exploration-only company to a producing one. With
the La Creciente gas discovery in November 2006, the company expects to be an
even more significant producer in 2007. Recently, the company also announced
the successful drilling of the Mauritia Norte-1 well, with production test
results expected to be announced shortly.
Complete Financial Statements and Management's Discussion and Analysis
are available from our website under "Investor Info" or on SEDAR at
Pacific Stratus Energy is a Canadian-based oil and gas company that
initiated operations in 2004. The company is focused on identifying attractive
opportunities primarily within the upstream Sub Andean basins. Pacific Stratus
has a current net production of 2,200 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under
dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has
offices in Toronto, Caracas and Bogota. Further information is available on
our website at www.pacificstratus.com.
This press release may contain forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Manfred Kruger, Vice President - Investor
Relations, (416) 362-7735, firstname.lastname@example.org