JED Oil Inc. Announces Fourth Quarter and Year End Financial Results

    (Vice-President Appointment, Filing of Oil & Gas Disclosure and Office
Move Also Announced)

    (all amounts expressed in U.S. Dollars)

    CALGARY, ALBERTA, March 30 /CNW/ - JED Oil Inc. (AMEX:   JDO) ("JED" or the
"Company") today announced financial results for the fourth quarter and year
ended December 31, 2006.

    2006 Compared to 2005 Highlights

    --  Revenue rose 161% to over $25.2 million from $9.6 million;

    --  Funds from operations increased 12% to approximately $5.8 million;

    --  Net loss of $77.5 million primarily due to non-cash write-downs of
Oil & Gas Assets in Q3'06;

    --  Non-cash write down of $49.5 million in Canadian assets and $16.4
million in impaired US assets; and,

    --  Management reducing overhead expenses and implementing asset
rationalization and reinvestment program to enhance future cash flows.

    Summarized Financial and Operational Data
    (in 000's except for volumes and per share amounts)
    All financial results are in accordance with US GAAP

                 Q4 ended  Q4 ended         Year ended   Year ended
                  Dec. 31   Dec. 31            Dec. 31     Dec. 31
                    2006       2005  Change       2006        2005  Change
    --------------------- ---------- ------ ----------- ----------- ------
    Crude oil
     and natural
     gas liquids
     (bbls/d)        368        324    +14%        638         458    +39%
    Natural gas
     (mcf/d)       5,457      1,636   +234%      6,015       1,040   +478%
     (BOE/d)       1,278        596   +114%      1,640         631   +160%
     (BOE/d)         965      1,562    -38%        965       1,562    -38%

     revenue      $4,881     $2,631    +86%    $25,253      $9,659   +161%
    Funds from
     operations  ($1,731)    $1,220    n.a.     $5,827      $5,224    +12%
    Fund from
     per share -
     (1)(2)       ($0.12)     $0.08    n.a.      $0.39       $0.36     +8%
    Fund from
     per share -
     (1)(2)       ($0.12)     $0.08    n.a.      $0.39       $0.34    +15%
    Net income
     (loss)     ($16,450)     ($302)   n.a.   ($77,559)     $1,143    n.a.
    Net income
     (loss) per
     share -
     basic(1)     ($0.11)    ($0.02)   n.a.     ($5.21)      $0.08    n.a.
    Net income
     (loss) per
     share -
     diluted(1)   ($0.11)    ($0.02)   n.a.     ($5.21)      $0.07    n.a.

    Crude oil
     and natural
     gas liquids
     - $/bbl      $46.60     $39.81    +17%     $50.60      $40.11    +26%
    Natural gas
     - $/mcf       $6.34      $9.61    -34%      $5.97       $7.78    -23%
     - $/BOE      $40.49     $47.97    -16%     $41.47      $41.92     -1%
     costs -
     $/BOE         $5.47     $10.29    -47%      $7.80       $6.14    +27%
     netbacks -
     $/BOE        $26.91     $28.05     -4%     $25.36      $28.61    -11%

    (1) All per share information has been adjusted to reflect the 3-for-2
     stock split effected on October 12, 2005.
    (2) Funds from operations and funds from operations per share are non-
     GAAP measures and may not be comparable to the calculation measures
     from other entities.

    The Company's financial statements have been prepared on a going concern
basis which presumes that JED Oil will be able to realize assets and discharge
liabilities in the normal course of business for the foreseeable future. Due
to the Company's reported net loss it will require additional funds to
maintain operations and discharge liabilities as they become due, as further
discussed below. These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

    As at December 31, 2006, the Company has recorded significant non-cash
write-downs which do not have an immediate cash flow effect, however, they do
reflect the ability of the underlying assets to produce cash flow in the
future based on current year-end pricing for oil and gas. The write-downs in
Q3 2006 was caused by higher than anticipated production declines in natural
gas producing wells which resulted in a revision to the estimated of proven
reserves for those wells.

    Management anticipates that cash flow generated by operations from these
assets over the remaining term of the Convertible Notes Payable and the
Convertible Preferred Shares Payable will not meet the amount required to
repay these obligations as they become due. Therefore, the Company has
recently offered many of the Company's oil and gas assets for sale with a plan
to re-invest the proceeds into new drilling activity in order to create
additional value and cash flow. Additionally, management has been actively
responding to these issues by cutting costs where possible including reducing
staff. A rationalization of the assets has yielded sales which have been used
to pay down liabilities incurred to develop the assets. The outcome of these
matters is dependant on factors outside of the Company's control and cannot be
predicted at this time.

    "We are aggressively pursuing drilling on our current locations,
disposing of sub-optimal oil & gas assets and sourcing new opportunities that
meet our debt obligations and future growth strategy," stated James Rundell,
President of JED.

    The Company also exchanged non-core oil and gas assets with Enterra
Energy Corp for $11.7 million in receivables owed by Enterra for 100% of
Enterra's working interest in North Ferrier and approximately 57.5% of
Enterra's interest in East Ferrier, which were valued on proven and probable
reserve values discounted at 10%. Subsequently, JED sold all of its interest
in East Ferrier in November 2006 to a third party for proceeds of $23.5
million. Sale proceeds were used to reduce outstanding payables and the
Company's operating loan payable.

    Boe's, or barrels of oil equivalent, may be misleading if used in
isolation. A boe conversion ratio of 6 mcf to 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.

    Officer Appointment

    JED also announced the appointment of Ray Schmidt as Vice-President
Engineering. Mr. Schmidt has been with JED since August 2005 and has
previously served as the Company's Manager of Operations. "Mr. Schmidt has
been fulfilling the duties of this position since the reorganization of our
staff last November and his appointment recognizes this" noted Tom Jacobsen,
Chief Executive Officer.

    Oil and Gas Disclosure Filed

    JED has filed reports required under Canadian National Instrument 51-101
about its reserves and other oil and gas information, which are included in
the Company's Annual Information Form for the year ended December 31, 2006.
These documents can be found on

    Office Move

    Effective today, JED is making the previously announced move of its
corporate offices from downtown Calgary to Didsbury, a town 50 miles north of
Calgary. The new address is Box 1420, Didsbury, AB T0M 0W0 and the telephone
is 403-335-2101. The move is part of the Company's reduction of G&A expenses.

    About JED Oil Inc.

    Established in September 2003, JED Oil Inc. is an oil and natural gas
company that commenced operations in the second quarter of 2004 and develops
and operates oil and natural gas properties in western Canada and the Rocky
Mountain states in the United States.

    This press release contains forward-looking statements. The words
"proposed", "anticipated" and scheduled" and similar expressions identify
forward-looking statements. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies which could cause actual results
to differ materially from the future results expressed or implied by the
forward-looking statements. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. Factors
that may affect future results are contained in JED's filings with the
Securities and Exchange Commission ("SEC"), which are available at the SEC's
Web site ( and JED's filings with the Alberta Securities
Commission, which are available at the Web site ( JED is
not under any obligation, and expressly disclaims any obligation, to update,
alter or otherwise revise any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of new
information, future events or otherwise.

For further information:

For further information: JED Oil Inc. Tom Jacobsen, CEO 403-335-2107
Marcia Johnston, General Counsel 403-335-2105 or Investor
Relations Counsel The Equity Group Inc. Linda Latman, 212-836-9609 Lena Cati,

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