Keeper announces financial results for 2006

    Trading Symbol:  KEE:TSX-VEN
    Shares Outstanding:  29,796,175

    CALGARY, April 17 /CNW/ - Keeper Resources Inc. is pleased to announce
the release of its audited annual consolidated financial statements and
management discussion and analysis for the year ended December 31, 2006.
    Revenue from petroleum and natural gas sales increased to $2,846,868 from
$1,554,163 in 2005, for an increase of 83%. Increased revenues resulted from
increased production volumes partially offset by a decrease in natural gas
prices, with natural gas making up approximately 79% of production for the
year ended December 31, 2006. Oil and gas production averaged 173 BOE/d in
2006, as compared to 74 BOE/d in 2005 for an increase of 134%.
    Funds from operations were $633,788 in 2006 compared to $232,891 for
2005. The net loss for the year ended December 31, 2006 was $810,645, as
compared to a net loss of $235,175 for the year ended December 31, 2005.

    Selected Financial Information:
                                                      Year ended December 31
                                                         2006           2005
    Statement of Operations and Deficit
    Petroleum and natural gas revenue            $  2,846,868   $  1,554,163
    Net petroleum and natural gas revenue(1)     $  1,582,752   $    832,991
    Net P&NG revenue $/boe                       $      25.15   $      30.83
    Daily sales volumes (boe 6:1)                         173             74
    Net income (loss) for the period             $   (810,645)  $   (235,175)
    Loss per share - basic                       $      (0.03)  $      (0.01)
    Statement of Cash Flows
    Funds from operations(1)                     $    633,788   $    232,891
    Weighted average number of shares - basic      29,352,374     20,979,124
                                                  December 31    December 31
                                                         2006           2006
    Balance Sheet
    Working capital                              $    890,520   $  4,006,547
    Total assets                                 $ 11,989,604   $ 14,116,276
    Equity instruments                           $ 10,323,175   $  9,702,818
    (1) Non-GAAP financial measures - The terms "net petroleum and natural
        gas revenue" (petroleum and natural gas sales less royalties,
        production expenses and transportation costs) and "funds from
        operations" (net loss for the period adjusted for non-cash items and
        abandonment liabilities settled in the statement of operations) are
        not GAAP measures and do not have standardized meanings prescribed by
        GAAP. The Company believes that net petroleum and natural gas
        revenue and funds from operations represent indicators of the
        Company's performance and a key measure of the Company's ability to
        generate the necessary cash to fund future capital expenditures.
        These terms are not defined by Canadian GAAP and therefore are
        referred to as non-GAAP measures and therefore may not be comparable
        with the calculation of similar measures for other companies. Funds
        from operations and net petroleum and natural gas revenue as
        presented is not intended to represent operating cash flow or
        operating profits for the period nor should they be viewed as an
        alternative to cash flow from operating activities, net earnings
        (loss) or other measures of financial performance calculated in
        accordance with Canadian GAAP.

    (2) BOE Presentation - Petroleum and natural gas reserves and volumes are
        converted to a common unit of measure on a basis of six thousand
        cubic feet (Mcf) of gas to one barrel (Bbl). A BOE conversion rate
        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
        of equivalency at the wellhead.

    About Keeper Resources Inc.

    Keeper Resources Inc. is an oil and gas exploration company with
operations in Canada and Vietnam. Keeper's corporate philosophy is to develop
lower risk opportunities in Canada while at the same time participating in
higher risk, high impact international petroleum opportunities. This offers
stable revenue in Canada while exposing investors to potentially significant
increase in share value.

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

    %SEDAR: 00020120E

For further information:

For further information: Loren Komperdo, P. Geol, President, Telephone:
(403) 265-3365, Facsimile: (403) 265-2223, E-mail:;
Paul Lipoth, Ardent Capital Inc., Telephone (403) 265-3365 ext. 233,
Facsimile: (403) 265-2223, Email:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890