Platform Resources Inc. - "Alberta Oil Sands Inc" name approved at AGM; 2007 - Q1 Results



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    CALGARY, June 1 /CNW/ -

    Overview

    The Shareholders of Platform Resources Inc. approved the resolution to
change the name of the Company to "Alberta Oil Sands Inc." at its Annual
General Meeting held on May 29th, 2007. The company will adopt a new trading
symbol.
    The first quarter was a very successful start to the 2007 year for
Platform. The Company embarked on a major focus change to becoming an oil
sands company pursuing bitumen reserves in the Athabasca oil sands area of
northeast Alberta.

    
    The highlights of the quarter are as follows:

    -   On March 19, 2007, the Company closed an agreement for the
        disposition of certain properties in southeast Saskatchewan,
        including properties in the Crystal Hill and Macoun areas, for net
        cash consideration of $7.8 million.

    -   The Company paid the outstanding balances of both the bank debt and
        bridge facilities and had no debt at March 31, 2007.

    -   The Company was successful in crown land sales for a 100% working
        interest in a total of 23 sections (14,720 acres). The Company plans
        to pursue the prospective oil sand zone in the McMurray formation on
        these lands.

    Subsequent to the end of March 31, 2007:

    -   The Company closed a heavily over subscribed private placement for
        the issuance of 10 million flow-through shares for gross proceeds of
        $5.0 million.

    -   The Company acquired a 100% interest in 17 sections (10,880 acres) of
        land in the 2nd quarter of 2007.

    -   The company received an independent resource assessment report from
        Ryder Scott Petroleum Consultants on its 23 section contiguous land
        holding. The report estimates an undiscovered resource of
        1.15 billion barrel of initial bitumen in place (IBIP).

    -   An aggregate of 1,282,000 stock options to purchase common shares of
        the Company at a price of $1.91 in accordance with the terms of the
        Company's stock option plan have been granted on May 31, 2007 to the
        Company's directors, officers, employees and consultants.

    First Quarter Operating Highlights

    The following table shows the highlights of our financial and operating
results for the three months ended March 31:

    -------------------------------------------------------------------------
                                                         2007         2006
                                                     ------------------------
    Petroleum and natural gas revenue ($)             1,519,356      975,923

    Income (loss) ($)                                 1,315,540     (287,442)

    Net income (loss) per share ($) - basic and
     diluted                                               0.05        (0.01)

    Cash flow from operations ($)                       605,332      189,429

    Daily Production
    - Oil & NGL (bbls/d)                                    258          167
    - Gas (mcf/d)                                            52           78
    - BOE/d(1)                                              267          180

    Pricing
    - Oil & NGL ($/bbl)                                   65.77        59.90
    - Gas ($/mcf)                                          6.73        10.98
    - $/BOE                                               63.30        60.33
    -------------------------------------------------------------------------
    

    (1) BOEs derived by converting gas to oil in the ratio of six thousand
    cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be
    misleading, particularly if used in isolation. A BOE conversion ratio of
    6 Mcf: 1 bbl is based on an energy equivalency conversion method
    primarily applicable at the burner tip and does not represent a value
    equivalency at the wellhead.

    Outlook for 2007

    Management's focus in 2007 will be the pursuit of extensive bitumen
reserves in the Athabasca oil sands area in northeast Alberta. Platform's oil
sands prospects are southwest of Ft. McMurray, surrounded by oil sands
projects that use the SAGD (steam assisted gravity drainage) production
process. The surrounding projects are either producing or under various stages
of development. The Company now owns a 100% working interest in 2 separately
contiguous parcels covering 40 sections (25,600 acres) of oil sands rights.
    The first phase of a major delineation drilling activity will commence in
the winter of 2007/2008 with a 30 well drilling program. Platform expects this
program to cost approximately $9.0 million. In addition, 2D seismic data may
be acquired before the drilling program commences. The 2D program is expected
to cost $1.2 million. Results from this first delineation program are expected
to be available in Q2-2008. The second year of drilling, commencing January
2009, will be planned to quantify bitumen reserves for a commercial SAGD
projects, after successful results from the 2007/2008 drilling. Key personnel
have been identified and will be added to our team as required.

    (signed) "Shabir Premji"

    Executive Chairman

    May 31, 2007

    Forward-Looking Statements: This press release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law including management's assessment of Platform's
properties, production and prospects. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in the
exploration and development of oil sands properties, the uncertainties
involved in interpreting drilling results and other geological data,
fluctuating oil prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability
and costs of financing needed in the future and other factors including
unforeseen delays. As an oil sands focused enterprise, Platform faces risks,
including those associated with exploration, development, approvals and the
ability to access sufficient capital from external sources. Anticipated
exploration and development plans relating to Platform's properties are
subject to change. For a detailed description of the risks and uncertainties
facing Platform and its business and affairs, readers should refer to
Platform's annual financial statements and management discussion and analysis
for the year ended December 31, 2006, both of which are available at
www.sedar.com. Platform undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. The reader is cautioned not to place undue
reliance on forward-looking statements. Barrels of oil equivalent ("boe") may
be misleading, particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.

    Not for dissemination in the United States of America. This news release
shall not constitute an offer to sell or the solicitation of any offer to buy
securities of Platform in any jurisdiction, including the United States. The
common shares of Platform have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and have not been and will not be offered or sold
in the United States or to any U.S. person except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and
applicable state securities laws.





For further information:

For further information: Platform Resources Inc., Suite 2800, 350 - 7th
Avenue S.W., Calgary, Alberta, T2P 3N9, Shabir Premji, Executive Chairman, T:
(403) 232-3341, F: (403) 263-6702, spremji@platformresources.com, Company
website: www.platformresources.com

Organization Profile

PLATFORM RESOURCES INC.

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