Keeper announces financial results for Q2 2007



    Trading Symbol: KEE:TSX-VEN
    Shares Outstanding: 32,298,075

    CALGARY, Aug. 28 /CNW/ - Keeper Resources Inc. is pleased to announce the
release of its second quarter consolidated financial statements and management
discussion and analysis for the six months ended June 30, 2007.
    Revenue from petroleum and natural gas sales of $792,784 for the three
months ended June 30, 2007 and $1,624,563 for the six months ended June 30,
2007 are comparable to $701,760 for the three months ended June 30, 2006 and
$1,536,961 for the six months ended June 30, 2006. Oil and gas production for
the three and six months ended June 30, 2007 averaged 178 BOE/d and 184 BOE/d,
respectively, as compared to 171 BOE/d and 179 BOE/d for the three and six
months ended June 30, 2006.
    Funds from operations were $153,882 for the three months ended June 30,
2007 and $368,469 for the six months ended June 30, 2007, compared to a
$243,094 for the three months ended June 30, 2006 and $445,936 for the six
months ended June 30, 2006. See note 1 under the table "Selected Financial
Information". The net loss for the three months ended June 30, 2007 was
$(115,825) and $(346,012) for the six months ended June 30, 2007, compared to
a net loss of $(91,145) for the three months ended June 30, 2006 and
$(214,566) for the six months ended June 30, 2006.

    
    Selected Financial Information:
    -------------------------------------------------------------------------
                        Three months ended June 30  Six months ended June 30
                        -----------------------------------------------------
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------
    Statement of
     Operations and Deficit
    Petroleum & natural
     gas revenue             $792,784     $701,760   $1,624,563   $1,536,961
    Net petroleum & natural
     gas revenue(1)          $476,228     $434,690     $927,247     $874,606
    Net P&NG revenue
     $ / boe                   $29.39       $28.00       $27.81       $26.99
    Daily sales volumes
     (boe 6:1)                    178          171          184          179
    Loss for the period     $(115,825)    $(91,145)   $(346,012)   $(214,566)
    Loss per share - basic          -            -       $(0.01)      $(0.01)

    Statement of Cash Flows
    Funds from operations(1) $153,882     $243,094     $368,469     $445,936
    Weighted average
     number of shares -
     basic                 29,821,900   28,983,585   29,805,546   28,942,023
    -------------------------------------------------------------------------
                                                        June 30, December 31,
                                                           2007         2006
    -------------------------------------------------------------------------
    Balance Sheet
    Working capital                                  $2,973,775     $890,520
    Total assets                                    $13,234,393  $11,989,604
    Equity instruments                              $13,075,353  $10,323,175
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Notes:

    (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
increases 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: info@keeperresources.com;
Paul Lipoth, Corporate Relations, Telephone: (403) 265-3365 ext. 233,
Facsimile: (403) 265-2223, Email: paul@keeperresources.com

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KEEPER RESOURCES INC.

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