Comaplex Minerals Corp. Announces Six Month 2007 Results and that it has Commenced with its Underground Exploration Decline



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    CALGARY, Aug. 14 /CNW/ - Comaplex Minerals Corp. (www.comaplex.com)
(TSX:CMF) is pleased to announce its financial and operational results for the
six months ended June 30, 2007.

    
    Financial and Operational Highlights

                                Three Months Ended          Six Months Ended
                                      June 30                   June 30
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    Financial ($000,
     except $ per share)
    Revenue
      Mineral Division            407          528          496          608
      Oil and Gas Division        759          949        1,540        1,917
    Funds Flow from
     Operations(1)                687          625        1,114        1,232
      Per Share Basic            0.02         0.02         0.02         0.03
      Per Share Diluted          0.02         0.02         0.02         0.03
    Net Earnings                  270          623         (441)         820
      Per Share Basic            0.01         0.02        (0.01)        0.02
      Per Share Diluted          0.01         0.02        (0.01)        0.02
    Capital Expenditures
      Mineral Division          4,468        2,468        7,169        4,762
      Oil and Gas Division         81           71          123          129
    Total Assets
      Mineral Division                                   79,204       50,357
      Oil and Gas Division                                8,518        4,866
    -------------------------------------------------------------------------
    Oil and Gas Operations
    Barrel of Oil Equivalent
     per Day (2)                  196          342          212          325
    -------------------------------------------------------------------------

    (1) Funds flow from operations is not a recognized measure under GAAP.
    Management believes that in addition to net earnings, funds flow from
    operations is a useful supplemental measure as it demonstrates the
    Company's ability to generate the cash necessary to fund future growth
    through capital investment. Investors are cautioned, however, that this
    measure should not be construed as an indication of the Company's
    performance. The Company's method of calculating this measure may differ
    from other issuers and accordingly, it may not be comparable to that used
    by other issuers. For these purposes, the Company defines funds flow from
    operations as funds provided by operations before changes in non-cash
    operating working capital items.

    (2) BOE's are calculated using a conversion ratio of 6 MCF to 1 barrel of
    oil. The conversion is based on an energy equivalency conversion method
    primarily applicable at the burner tip and does not represent a value
    equivalency at the wellhead and as such may be misleading if used in
    isolation.
    

    Forward-looking Information

    Certain statements contained in this press release include statements
which contain words such as "anticipate", "could", "should", "expect", "seek",
"may", "intend", "likely", "will", "believe" and similar expressions, relating
to matters that are not historical facts, and such statements of our beliefs,
intentions and expectations about development, results and events which will
or may occur in the future, constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation and are based on
certain assumptions and analysis made by us derived from our experience and
perceptions. Forward-looking information in this press release includes, but
is not limited to: expected cash provided by continuing operations; future
capital expenditures, including the amount and nature thereof; gold, oil and
natural gas prices and demand; expansion and other development trends of the
precious metal industry; business strategy and outlook; expansion and growth
of our business and operations; and maintenance of existing customer, supplier
and partner relationships; supply channels; accounting policies; credit risks;
and other such matters.
    All such forward-looking information is based on certain assumptions and
analyses made by us in light of our experience and perception of historical
trends, current conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances. The risks,
uncertainties, and assumptions are difficult to predict and may affect
operations, and may include, without limitation: the risks of foreign
operations; foreign exchange fluctuations; equipment and labour shortages and
inflationary costs; general economic conditions; industry conditions; changes
in applicable environmental, taxation and other laws and regulations as well
as how such laws and regulations are interpreted and enforced; the ability of
mineral companies to raise capital; the effect of weather conditions on
operations and facilities; the existence of operating risks; volatility of
precious metals and oil and natural gas prices; precious metal and oil and gas
product supply and demand; risks inherent in the ability to generate
sufficient cash flow from operations to meet current and future obligations;
increased competition; stock market volatility; opportunities available to or
pursued by us; and other factors, many of which are beyond our control.
    Actual results, performance or achievements could differ materially from
those expressed in, or implied by, this forward-looking information and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking information will transpire or occur, or if any of them do,
what benefits will be derived therefrom. Except as required by law, Comaplex
disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or
otherwise.
    The forward-looking information contained herein is expressly qualified
by this cautionary statement.

    General Discussion
    ------------------

    The Company is pleased to report it's financial and operations results
for the first half of 2007 and the progress it has made with regard to its
exploration plans for 2007. Comaplex is especially pleased that it has
succeeded in obtaining the necessary approvals and has been able to proceed
with the commencement of its underground exploration decline during the first
week of August. At June 30, 2007 the Company had working capital of
$32,017,000 and along with the Company's funds flow is adequately financed to
complete capital projects that are budgeted at approximately $18,500,000.
    During the first half of 2007 Comaplex was successful in completing its
financing and is continuing to proceed with its 2007 program for the Meliadine
West Property.

    Meliadine West Property

    Exploration at the Meliadine West property was progressing well during
the second quarter of 2007. The following activities have been completed or
are ongoing:

    
    -   Final approvals for the underground exploration program were received
        in early August and the portal excavation was initiated shortly
        thereafter. Decline and underground work is anticipated to begin in
        mid to late September. The underground program is scheduled to run
        for approximately 9 months and is designed, among other things, to
        verify the grade and continuity of the Tiriganiaq deposit and to
        complete a bulk sample program;
    -   As of the end of the second quarter, approximately 13,000 meters of
        diamond drilling had been completed on the Tiriganiaq gold deposit.
        This was considerably more than expected and as a result Comaplex
        will be increasing the 2007 drill program from 18,000 meters to
        approximately 21,000 meters. The drill program is designed to
        increase drill density to increase total resources and to upgrade
        resource status in the Tiriganiaq deposit from an inferred category
        to indicated status. Drill assay results from the ongoing program
        have been reported in press releases as received and this will
        continue for the balance of the 2007 program;
    -   Surface exploration targeted to attempt to find the source(s) for the
        G10d garnet diamond indicator minerals on the east end of the
        Meliadine West property is ongoing and will continue into the third
        quarter. A gold prospecting and reconnaissance drilling program are
        also being completed.
    -   A scoping study on the Tiriganiaq deposit is being compiled. A
        completely re-engineered mine plan and costing analysis, from first
        principles, is being done for the deposit.
    

    Information with regard to the 2007 exploration program will continue to
be released on a timely basis throughout the year. The Company has been
pleased with the 2007 drilling results to date. Kindly refer to the 2007 press
releases for detailed results. Comaplex has a 78 percent interest in the
property with an option to increase to 80 percent. Mr. Doug Dumka, P.Geo., is
the Chief Geologist for Comaplex and is the Senior Project Geologist and
designated Qualified Person (Q.P.) for the Meliadine West Project.
    During the first half of 2007 revenues from mineral operations decreased
by $112,000 from the 2006 six month results. This reduction resulted mainly
from a decrease in gain on sale of property and investments to $101,000 in
2007 compared to $440,000 for the 2006 six month period, offset by an increase
in interest income to $352,000 from $135,000 in 2006 due to a larger cash
position in 2007.
    Net revenue for the oil and gas division decreased to $1,540,000 in the
first half of 2007 from $1,917,000 in the first half of 2006. The decrease was
primarily due to a large reduction in production volumes (offset slightly by
higher commodity prices) as well as the elimination by the Alberta Government
of the Alberta royalty tax credit (ARTC) effective January 1, 2007. Net
revenue for the second quarter of 2007 was slightly less than the net revenue
of the first quarter of 2007 due to a slight drop in commodity prices.
    Natural gas liquids and natural gas production during the six months
ended June 30, 2007, averaged 212 barrels of oil equivalent (BOE) per day.
Total production consisted of 40 barrels per day of liquids and 1,028 MCF per
day of natural gas. Average production during the corresponding 2006 six month
period was 50 barrels per day of liquids and 1,652 MCF per day of natural gas.
The decrease is predominantly due to normal production declines of
approximately 12 percent, seasonal maintenance performed in March and April at
the Company's main gas plant and a production problem relating to one of the
Company's best gas producing wells. Production for the rest of 2007 is
anticipated to recover with completion of the plant maintenance and the
repairing of the gas well.
    Natural gas prices increased on average in the first half of 2007 to
$6.85 per MCF compared to an average price in the first half of 2006 of
$5.25 per MCF ($7.33 per MCF in the second quarter of 2007 compared to $6.46
per MCF in the first quarter of 2007).
    Natural gas and natural gas liquids production costs for the first six
months of 2007 were $116,000 ($3.03 per BOE) compared to $243,000 ($3.93 per
BOE) for the first six months of 2006. The decrease in 2007 over the first six
months of 2006 was due mainly to increased third party plant processing fee
recoveries in 2007. Production costs for the second quarter of 2007 over the
first quarter of 2007 saw a large decline due to freehold mineral taxes being
paid in Q1 2007 and further third party plant processing fee recoveries in Q2
2007.
    General and administrative costs for mineral operations decreased to
$483,000 in the first six months of 2007 compared to $534,000 in the
corresponding 2006 period. The decrease was primarily due to a smaller bonus
accrual and increased capitalized administrative costs. General and
administrative expenses were lower in the second quarter of 2007 than the
first quarter of 2007 due to more administrative costs being capitalized due
to increased activity with the Meliadine project.
    The Company paid a management fee to Bonterra Energy Corp. ("Bonterra
Corp.") (Formally Comstate Resources Ltd.), a wholly owned subsidiary of
Bonterra Energy Income Trust ("Bonterra"), of $150,000 (2006 - $150,000). The
Company also shares office rental costs and reimburses Bonterra Corp. for
costs related to employee benefits and office materials. These costs have been
included in general and administrative costs. In addition Bonterra Corp. owns
689,682 (December 31, 2006 - 689,682) shares in the Company. Bonterra Corp. is
the administrator for Bonterra. Services provided by Bonterra Corp. include
executive services (president and vice president, finance duties), accounting
services, oil and gas administration and office administration. All services
performed are charged at estimated fair value.
    Foreign exchange loss has increased significantly for June 30, 2007 to
$140,000 compared to $16,000 for June 30, 2006 due to funds held in US dollars
from the sale of the Mexico property in Q1 2007. These funds are held for
future international or domestic expenditures in US dollars. The exchange rate
decreased from 1.1546 US to CDN dollars as of March 31, 2007 to 1.0654 US to
CDN dollars on June 30, 2007 (a 7% decrease from the first quarter 2007).
    Stock based compensation increased to $672,000 in the first six months of
2007 from $61,000 for the first six months of 2006. The increase was due
primarily to the granting of 1,818,000 stock options in October, 2006.
    Depletion, depreciation and accretion expense decreased to $321,000 for
the first six months of 2007 compared to $391,000 for the first six months of
2006. The decrease was due primarily to lower oil and gas production volumes
in 2007. Second quarter 2007 DD&A costs were approximately the same as for the
first quarter of 2007.
    The Company reviews the carrying value of its mineral properties on an
ongoing basis and reduces the cost of properties if it is determined that the
property values are lower than the property cost. No amounts were written off
in 2007 or 2006.
    Comaplex has no current income tax expense. Comaplex has sufficient tax
pools to ensure that no current income taxes are payable. The tax pool
balances at June 30, 2007 totalled $81,046,000 and consist of the following
pool balances.

    
                                                      Rate of
                                                    Utilization
                                                         %          Amount
    -------------------------------------------------------------------------
    Undepreciated capital costs                          10-100  $   507,000
    Foreign exploration expenses                             10      921,000
    Share issue costs                                        20    1,614,000
    Earned depletion expenses (successored)                  25    2,299,000
    Canadian development expenditures                        30   16,935,000
    Non-capital loss carryforward                           100    6,750,000
    Canadian exploration expenditures (successored)         100   33,368,000
    Canadian exploration expenditures                       100   18,652,000
    -------------------------------------------------------------------------
    

    The ability to claim the above successored amounts is restricted to
income from 56 percent of the Meliadine property. In addition to the above
federal and provincial income tax pools, the Company has approximately
$1,021,000 of attributable crown royalty deduction available to apply against
Alberta taxable income.
    The Company had a net loss of $441,000 for the first six months of 2007
compared to $820,000 of net income in the corresponding 2006 period. The
decrease over the 2006 first half is predominantly due to a reduction in the
gain on sale of investments and decreased natural gas production volumes.
Also, a significant increase in stock base compensation and foreign exchange
loss occurred as the Canadian dollar strengthened against the US dollar.
Second quarter 2007 net earnings increased by $981,000 over the first quarter
2007 amount due primarily to increased interest income on the funds received
from an equity issue late in the first quarter of 2007 and a significantly
lower future income tax provision in the second quarter.
    On January 1, 2007 the Company adopted the new accounting standards
regarding the accounting for financial instruments. On adoption, the Company
increased its investments by $3,105,000 representing the difference between
recorded cost and the fair value of the investments. This adjustment resulted
in a further increase in the future income tax liability and accumulated other
comprehensive income of $510,000 and $2,595,000 respectively. Other
comprehensive income for the first half of 2007 included an increase in the
unrealized gain on investment of $718,000 net of $122,000 in income tax and a
transfer of a realized gain on investment to net income of $80,000 net of
$14,000 in income tax.
    Funds flow from operations decreased in the first six months of 2007 to
$1,114,000 from $1,232,000 for the 2006 comparable period. The decrease was
due primarily to decreased oil and gas revenue offset by increased interest
revenue. Quarter over quarter saw an increase of $260,000 due to higher
interest income.
    The following reconciliation compares funds flow to the Company's cash
flow from operating activities as calculated according to Canadian generally
accepted accounting principles:

    
    Six Months Ended June 30                               2007         2006
    -------------------------------------------------------------------------
    Cash flow from operating activities             $ 1,396,000  $ 1,766,000
    Items not affecting funds flow
      Accounts receivable                               421,000     (203,000)
      Prepaid expenses                                   21,000     (198,000)
      Accounts payable and accrued liabilities         (735,000)    (133,000)
      Asset retirement obligations settled               11,000            -
    -------------------------------------------------------------------------
    Funds flow for the period                       $ 1,114,000  $ 1,232,000
    -------------------------------------------------------------------------
    

    At June 30, 2007, the Company had a working capital position of
$32,017,000 (December 31, 2006 - $10,308,000). The Company completed a private
placement on March 23, 2007 resulting in the issuance of 6,000,000 common
shares at a price of $4.45 per common share for gross proceeds of $26,700,000.
The Company paid a commission of 5.75 percent of the gross proceeds
($1,535,000) plus legal, accounting and commission costs of approximately
$208,000.
    The Company currently has a projected capital expenditure budget of
$17,500,000 for the Meliadine West and East projects. A further $200,000 is
planned to be spent on miscellaneous other mineral exploration plays in 2007.
In addition, Comaplex has been informed by the operator of the Garrington
Elkton property that the Company's share of a proposed capital program will be
approximately $800,000. This program was delayed in 2006 and has been budgeted
for 2007. All planned expenditures will be funded from existing working
capital, anticipated cash flow from oil and gas operations and investment
income.

    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    Additional information relating to the Company may be found on
WWW.SEDAR.COM and by visiting our website at www.comaplex.com.


    
    COMAPLEX MINERALS CORP.
    CONSOLIDATED BALANCE SHEETS
    -------------------------------------------------------------------------
    As at June 30, 2007 (unaudited) and December 31, 2006

                                                           2007         2006
    -------------------------------------------------------------------------
    ASSETS
    Current
      Cash                                          $26,064,000  $ 4,759,000
      Accounts receivable                               783,000      362,000
      Prepaid expenses                                  172,000      151,000
      Investments (for December 31, 2006 recorded
       at cost;
        Market value - $5,637,000) (Note 2)           6,334,000    2,532,000
    -------------------------------------------------------------------------
                                                     33,353,000    7,804,000
    -------------------------------------------------------------------------
    Future Income Tax Asset                           3,484,000    4,261,000
    -------------------------------------------------------------------------
    Property and Equipment
      Mineral properties                             49,384,000   43,668,000
      Petroleum and natural gas properties and
       related equipment                              8,599,000    8,485,000
      Other                                             229,000      221,000
      Accumulated depletion, depreciation and
       amortization                                  (7,327,000)  (7,021,000)
    -------------------------------------------------------------------------
                                                     50,885,000   45,353,000
    -------------------------------------------------------------------------
                                                    $87,722,000  $57,418,000
    -------------------------------------------------------------------------
    LIABILITIES
    Current
      Accounts payable and accrued liabilities      $ 1,336,000  $   601,000
    Asset Retirement Obligations                        591,000      588,000
    -------------------------------------------------------------------------
                                                      1,927,000    1,189,000
    -------------------------------------------------------------------------
    SHAREHOLDERS' EQUITY
      Share capital (Note 3)                         71,368,000   44,922,000
      Contributed surplus                             2,012,000    1,684,000
    -------------------------------------------------------------------------
                                                     73,380,000   46,606,000
    -------------------------------------------------------------------------

      Retained earnings                               9,182,000    9,623,000
      Accumulated other comprehensive income
       (Note 4)                                       3,233,000            -
    -------------------------------------------------------------------------
                                                     12,415,000    9,623,000
    -------------------------------------------------------------------------
                                                     85,795,000   56,229,000
    -------------------------------------------------------------------------
                                                    $87,722,000  $57,418,000
    -------------------------------------------------------------------------



    COMAPLEX MINERALS CORP.
    CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                    Three Months               Six Months
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    REVENUE
    Minerals Division
      Interest            $   285,000  $    72,000  $   352,000  $   135,000
      Gain on sale of
       property and
       investments             94,000      440,000      101,000      440,000
      Mineral production
       royalty                 28,000       16,000       43,000       33,000
    -------------------------------------------------------------------------
                              407,000      528,000      496,000      608,000
    -------------------------------------------------------------------------
    Oil and Gas Division
      Oil and gas sales       835,000    1,003,000    1,697,000    2,096,000
      Royalties              (211,000)    (240,000)    (382,000)    (512,000)
      Alberta royalty tax
       credits                      -       45,000            -       98,000
      Trust distributions
       (Note 2)               135,000      141,000      225,000      235,000
    -------------------------------------------------------------------------
                              759,000      949,000    1,540,000    1,917,000
    -------------------------------------------------------------------------
                            1,166,000    1,477,000    2,036,000    2,525,000
    -------------------------------------------------------------------------
    EXPENSES
      Oil and gas production
       costs                    8,000       93,000      116,000      243,000
      General and
       administrative
        Minerals division     214,000      274,000      483,000      534,000
        Oil and gas division   44,000       30,000       82,000       60,000
      Foreign exchange
       loss                   119,000       15,000      140,000       16,000
      Stock based
       compensation           347,000       22,000      672,000       61,000
      Depletion,
       depreciation and
       accretion              165,000      213,000      321,000      391,000
    -------------------------------------------------------------------------
                              897,000      647,000    1,814,000    1,305,000
    -------------------------------------------------------------------------
    Earnings Before Taxes     269,000      830,000      222,000    1,220,000
    -------------------------------------------------------------------------
    Income Taxes (Recovery)
      Current                       -            -            -            -
      Future                   (1,000)     207,000      663,000      400,000
    -------------------------------------------------------------------------
                               (1,000)     207,000      663,000      400,000
    -------------------------------------------------------------------------
    Net Earnings (Loss)
     for the Period           270,000      623,000     (441,000)     820,000
    Retained earnings,
     beginning of period    8,912,000    7,736,000    9,623,000    7,539,000
    -------------------------------------------------------------------------
    Retained Earnings,
     End of Period        $ 9,182,000  $ 8,359,000  $ 9,182,000  $ 8,359,000
    -------------------------------------------------------------------------
    Net Earnings Per
     Share - Basic        $      0.01  $      0.02       ($0.01) $      0.02
    -------------------------------------------------------------------------
    Net Earnings Per
     Share - Diluted      $      0.01  $      0.02       ($0.01) $      0.02
    -------------------------------------------------------------------------



    COMAPLEX MINERALS CORP.
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                                   Three Months   Six Months
                                                           2007         2007
    -------------------------------------------------------------------------
    Net earnings (loss) for the period              $   270,000    ($441,000)
    -------------------------------------------------------------------------

      Unrealized gains on investments (net of tax;
       Three Months ended - $92,000, Six Months
       ended - $122,000)                                543,000      718,000
      Realized gains on investments transferred to
       net earnings (net of tax; Three Months
       ended - $14,000, Six Months ended - $14,000)     (80,000)     (80,000)
    -------------------------------------------------------------------------
    Changes in unrealized gains and losses on
     available-for-sale financial assets                463,000      638,000
    -------------------------------------------------------------------------
    Other comprehensive income                          463,000      638,000
    -------------------------------------------------------------------------
    Comprehensive income                            $   733,000  $   197,000
    -------------------------------------------------------------------------



    COMAPLEX MINERALS CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOW
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                   Three Months               Six Months
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    OPERATING ACTIVITIES
      Net earnings (loss)
       for the period     $   270,000  $   623,000    ($441,000) $   820,000
      Items not affecting
       cash
        Gain on sale of
         property and
         investments          (94,000)    (440,000)    (101,000)    (440,000)
        Stock based
         compensation         347,000       22,000      672,000       61,000
        Depletion,
         depreciation and
         accretion            165,000      213,000      321,000      391,000
        Future income
         taxes (recovery)      (1,000)     207,000      663,000      400,000
    -------------------------------------------------------------------------
                              687,000      625,000    1,114,000    1,232,000
    -------------------------------------------------------------------------
    Change in non-cash
     operating working
     capital
      Accounts receivable    (282,000)      37,000     (421,000)     203,000
      Prepaid expenses         31,000      248,000      (21,000)     198,000
      Accounts payable and
       accrued liabilities    299,000      242,000      735,000      133,000
    Asset retirement
     obligations settled       (3,000)     (17,000)     (11,000)           -
    -------------------------------------------------------------------------
                               45,000      510,000      282,000      534,000
    -------------------------------------------------------------------------
    Cash Provided By
     Operating Activities     732,000    1,135,000    1,396,000    1,766,000
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
      Issue of shares
       pursuant to private
       placement                    -            -   26,700,000            -
      Issue of shares under
       employee stock option
       plan                         -       40,000      638,000       40,000
      Share issue costs             -            -   (1,743,000)           -
    -------------------------------------------------------------------------
    Cash Provided By
     Financing Activities           -       40,000   25,595,000       40,000
    -------------------------------------------------------------------------
    INVESTING ACTIVITIES
      Mineral exploration,
       property and
       equipment
       expenditures        (4,468,000)  (2,468,000)  (7,169,000)  (4,762,000)
      Mineral exploration
       property and
       equipment disposals          -            -    1,463,000            -
      Oil and gas property
       and equipment
       expenditures           (81,000)     (71,000)    (123,000)    (129,000)
      Investments purchased         -            -            -            -
      Investments sold        143,000      456,000      143,000      456,000
    -------------------------------------------------------------------------
    Cash Used In Investing
     Activities            (4,406,000)  (2,083,000)  (5,686,000)  (4,435,000)
    -------------------------------------------------------------------------
    Net Cash Inflow
     (Outflow)             (3,674,000)    (908,000)  21,305,000   (2,629,000)
    Cash, Beginning Of
     Period                29,738,000    7,709,000    4,759,000    9,430,000
    -------------------------------------------------------------------------
    Cash, End Of Period   $26,064,000  $ 6,801,000  $26,064,000  $ 6,801,000
    -------------------------------------------------------------------------

    Cash Interest Paid    $         -  $         -  $         -  $         -
    Cash Taxes Paid       $         -  $         -  $         -  $         -



    COMAPLEX MINERALS CORP.
    NOTES TO THE CONSOLIDATED INTERIM
    FINANCIAL STATEMENTS
    -----------------------------------------------------
    Periods ended June 30, 2007 and 2006 (unaudited)

    1.  SIGNIFICANT ACCOUNTING POLICIES

        The accounting policies and methods of application followed in the
        preparation of the interim financial statements other than described
        below are the same as those followed in the preparation of the
        Company's 2006 annual financial statements. These interim financial
        statements do not include all disclosures required for annual
        financial statements. The interim financial statements as presented
        should be read in conjunction with the 2006 annual financial
        statements.

        Financial instruments - recognition and measurement

        On January 1, 2007, the Company adopted Section 3855 of the Canadian
        Institute of Chartered Accounts' ("CICA") Handbook, "Financial
        Instruments - Recognition and Measurement" and Section 3861 Financial
        Instruments - Presentation and Disclosure. It sets out the standards
        for recognizing and measuring financial instruments in the balance
        sheet and the standards for reporting gains and losses in the
        financial statements. Financial assets available for sale, assets and
        liabilities held for trading and derivative financial instruments,
        part of a hedging relationship or not, have to be measured as fair
        value.

        The Company has made the following classifications:

        -  Investments are classified as available-for-sale and will thus be
           marked-to-market through comprehensive income at each period end.

        -  Accounts receivable are classified as loans and receivables and
           are recorded at amortized cost using the effective interest
           method. Gains and losses are recognized in net earnings when the
           asset is no longer recognized.

        -  Accounts payable and accrued liabilities are classified as other
           financial liabilities and are recorded at amortized cost using the
           effective interest method. Gains and losses are recognized in net
           earnings when the liability is no longer recognized.

        The adoption of this Section is done retroactively without
        restatement of the consolidated financial statements of prior
        periods. As of January 1, 2007, the impact on the consolidated
        balance sheet of measuring the investments at marked-to-market was an
        increase of $3,105,000 to investments, a decrease in future tax asset
        of $510,000 and an increase in accumulated other comprehensive income
        of $2,595,000.

        The Company selected January 1, 2003 as its transition date for
        embedded derivatives. An embedded derivative is a component of a
        financial instrument or another contract of which the characteristics
        are similar to a derivative. This had no impact on the consolidated
        financial statements.

        Comprehensive income

        On January 1, 2007, the Company adopted Section 1530 of the CICA
        Handbook, "Comprehensive Income". It describes reporting and
        disclosure recommendations with respect to comprehensive income and
        its components. Comprehensive income is the change in shareholders'
        equity, which results from transactions and events from sources other
        than the Company's shareholders. These transactions and events
        include unrealized gains and losses from changes in fair value of
        certain financial instruments.

        The adoption of this Section implied that the Company now presents a
        consolidated statement of comprehensive income as a part of the
        consolidated financial statements.

        Equity

        On January 1, 2007, the Company adopted Section 3251 of the CICA
        Handbook "Equity" replacing Section 3250 "Surplus". It describes
        standards for the presentation of equity and changes in equity for
        reporting period as a result of the application of Section 1530
        "Comprehensive Income".

        Accounting changes

        The Company also adopted Section 1506, "Accounting Changes," the only
        impact of which is to provide disclosure of when an entity has not
        applied a new source of GAAP that has been issued but is not yet
        effective. This is the case with Section 3862, "Financial Instruments
        Disclosures" and Section 3863, "Financial Instruments Presentations"
        which are required to be adopted for fiscal years beginning on or
        after October 1, 2007. The Company will adopt these standards on
        January 1, 2008 and it is expected the only effect on the Company
        will be incremental disclosures regarding the significance of
        financial instruments for the entity's financial position and
        performance; and the nature, extent and management of risks arising
        from financial instruments to which the entity is exposed.

    2.  RELATED PARTIES

        The Company paid a management fee to Bonterra Energy Corp. (Bonterra
        Corp) (a wholly owned subsidiary of Bonterra Energy Income Trust
        (Bonterra Trust) a publicly traded oil and gas income trust on the
        Toronto Stock Exchange) a company with common directors and
        management, of $150,000 (2006 - $150,000). Services provided by
        Bonterra Corp include executive services (CEO and CFO duties),
        accounting services, oil and gas administration and office
        administration. Bonterra Corp owns 689,682 (December 31, 2006 -
        689,682) common shares in the Company. Bonterra Corp is the
        administrator of Bonterra Trust.

        As of June 30, 2007, the Company owns 204,633 (December 31, 2006 -
        204,633) units in Bonterra Trust representing approximately one
        percent of the outstanding units of Bonterra Trust. The units have an
        accounting cost of $5,828,000 (December 31, 2006 - $2,321,000) and a
        quoted market value of $5,828,000 (December 31, 2006 - $5,233,000).
        The Company received distributable income in the first six months of
        2007 of $225,000 (June 30, 2006 - $235,000).

        The Company also owns shares in Pine Cliff Energy Ltd. (Pine Cliff).
        Pine Cliff has common directors and management with the Company. The
        Company owns 277,000 (December 31, 2006 - 277,000) common shares
        representing less than one percent of the total issued and
        outstanding common shares of Pine Cliff. The shares have an
        accounting cost of $341,000 (December 31, 2006 - $42,000) and a
        quoted market value of $341,000 (December 31, 2006 - $180,000). There
        have been no transactions between Pine Cliff and the Company.

    3.  SHARE CAPITAL

        Authorized

        Unlimited number of common shares without nominal or par value

        Unlimited number of first preferred shares

        Issued
                                                                2007
        ---------------------------------------------------------------------
                                                         Number       Amount
        ---------------------------------------------------------------------
        Common Shares
        Balance, January 1, 2007                     39,451,771  $44,922,000
        Issued pursuant to private placement          6,000,000   26,700,000
        Issue costs on private placement                      -   (1,743,000)
        Issued exercise of stock options                510,200      638,000
        Transfer of contributed surplus to share
         capital                                              -      345,000
        Future tax adjustment on share issue costs            -      506,000
        ---------------------------------------------------------------------
        Balance, June 30, 2007                       45,961,971  $71,368,000
        ---------------------------------------------------------------------

        The Basic weighted average common shares for June 30, 2007 were
        44,580,230 (December 31, 2006 - 38,589,574) and the Diluted weighted
        average common shares were 45,174,415 (December 31, 2006 -
        41,875,187).

        The Company provides a stock option plan for its directors, officers,
        employees and consultants. Under the plan, the Company may grant
        options for up to 10 percent of the outstanding common shares which
        as of June 30, 2007 was 4,596,197. The exercise price of each option
        granted equals the market price of the Company's stock on the date of
        grant and the option's maximum term is five years. Options vest one-
        third each year for the first three years of the option term.

        A summary of the status of the Company's stock option plan as of
        June 30, 2007 and December 31, 2006 and changes during the six months
        ended June 30, 2007 and year ending December 31, 2006 is presented
        below:

                                June 30, 2007          December 31, 2006
    -------------------------------------------------------------------------
                                        Weighted-                 Weighted-
                                         Average                   Average
                                         Exercise                  Exercise
                            Options       Price       Options       Price
    -------------------------------------------------------------------------
    Outstanding at
     beginning of period    2,397,200  $      2.77    1,468,000  $      1.34
    Options issued            183,000         4.67    1,827,000         3.20
    Options exercised        (510,200)        1.25     (882,800)        1.25
    Options cancelled         (24,000)        3.20      (15,000)        4.00
    -------------------------------------------------------------------------
    Outstanding at end
     of period              2,046,000  $      3.31    2,397,200  $      2.77
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Options exercisable at
     end of period             44,500  $      2.79      530,200  $      1.30
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        The following table summarizes information about options outstanding
        at June 30, 2007:

                            Options Outstanding         Options Exercisable
    -------------------------------------------------------------------------
                                 Weighted-
                                  Average    Weighted-             Weighted-
    Range of           Number    Remaining    Average     Number    Average
    Exercise        Outstanding  Contractual  Exercise Exercisable  Exercise
    Prices          At 06/30/07    Life        Price   At 06/30/07   Price
    -------------------------------------------------------------------------
    $2.70               60,000   2.7 years       $2.70     40,000      $2.70
      3.20 to 3.60   1,833,000   2.6 years        3.20      4,500       3.60
      4.70 to 5.00     153,000   3.5 years        4.96          -          -
    -------------------------------------------------------------------------
    $2.70 to 5.00    2,046,000   2.7 years       $3.31     44,500      $2.79
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        The Company records a compensation expense over the vesting period
        based on the fair value of options granted to employees, directors
        and consultants.

    4.  ACCUMULATED OTHER COMPREHENSIVE INCOME

        Six months ended June 30, 2007

                                                          Other
                                                  Comprehensive
                                           Opening       Income       Ending
        Unrealized gains and losses on
         available-for-sale financial
         assets                        $ 2,595,000  $   638,000  $ 3,233,000
        ---------------------------------------------------------------------

    5.  BUSINESS SEGMENT INFORMATION

        The Company's activities are represented by two industry segments
        comprised of mineral exploration and oil and gas production:

                               Three months ended          Six months ended
                                     June 30                   June 30
                                 2007         2006         2007         2006
        Gross revenue
          Mineral
           exploration    $   407,000  $   528,000  $   496,000  $   608,000
          Oil and Gas         970,000    1,144,000    1,922,000    2,331,000
                          ------------ ------------ ------------ ------------
                          $ 1,377,000  $ 1,672,000  $ 2,418,000  $ 2,939,000
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------
        Depletion,
         depreciation,
         accretion, and
         abandonment
        Mineral
         exploration      $    33,000  $    32,000  $    66,000  $    61,000
        Oil and Gas           132,000      181,000      255,000      330,000
                          ------------ ------------ ------------ ------------
                          $   165,000  $   213,000  $   321,000  $   391,000
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------
        Net earnings (loss)
          Mineral
           exploration    $  (156,000) $   139,000  $(1,213,000) $    13,000
          Oil and Gas         426,000      484,000      772,000      807,000
                          ------------ ------------ ------------ ------------
                          $   270,000  $   623,000  $  (441,000) $   820,000
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------
        Property and
         equipment
         expenditures
          Mineral
           exploration    $ 4,468,000  $ 2,468,000  $ 7,169,000  $ 4,762,000
          Oil and Gas          81,000       71,000      123,000      129,000
                          ------------ ------------ ------------ ------------
                          $ 4,549,000  $ 2,539,000  $ 7,292,000  $ 4,891,000
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

        Total assets (2006 amounts as of
         December 31, 2006)
          Mineral exploration                       $79,204,000  $52,475,000
          Oil and Gas                                 8,518,000    4,943,000
                                                    ------------ ------------
                                                    $87,722,000  $57,418,000
                                                    ------------ ------------
                                                    ------------ ------------
    

    %SEDAR: 00001166E




For further information:

For further information: George F. Fink, President, and CEO or Garth E.
Schultz, Vice President - Finance, and CFO or Mark J. Balog, Vice President -
Exploration, Telephone: (403) 265-2846, Fax: (403) 265-7488

Organization Profile

COMAPLEX MINERALS CORP.

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