Paris announces financial and operating results for the three months ended February 28, 2009


    CALGARY, April 30 /CNW/ - Paris Energy Inc. ("Paris" or the "Company")
(TSXV: PI) announces its financial and operating results for the three months
ended February 28, 2009.
    Production in the first quarter 2009 was substantially improved over the
prior year period, but the challenges of Fiscal 2008 continued through the
first quarter of 2009. Although there was a slight recovery in crude oil
prices, natural gas prices remained depressed. As Paris' production is
primarily natural gas, low gas prices had a significant negative effect on the
    The Company completed an impairment test at the end of the quarter using
management's estimate of future prices as at February 28, 2009, which resulted
in an impairment charge of $536,000. Although offset by significant reductions
in overhead costs and capital expenditures, the Company reports a loss for the
period of $697,000 compared to a loss of $91,000 in the comparable period
    In the three-month period ending February 28, 2009, natural gas
production commenced from a recompleted well in the Killam area. This well was
originally completed as an oil well, but production rates were disappointing,
and following resolution of lease issues, the well was recompleted as a gas
well in the Lower Glauconite formation in early December 2008. Production from
the well has averaged over 300 Mcfd since the recompletion.
    The Company has identified and acquired several exploration and
development prospects, but none have imminent drilling commitments. Management
plans to wait out the current cycle of low commodity prices and scarce
investment capital. These projects will be re-evaluated when project economics
    Management's goal during this period of low product prices is to maintain
production and to minimize costs, particularly overhead costs, wherever
possible. This should permit the Company to keep its affairs in order until
the energy business recovers. We also continue to investigate opportunities to
grow the Company to increase value to the shareholders. Options include asset
or corporate acquisitions, mergers or a combination with other entities,
additional financings or use of the Company as a platform for an international
    The Company announces that Patrick T. McCarthy, Q.C. has resigned from
the Board of directors of Paris Energy Inc. due to other business commitments.
The Company would like to thank Mr. McCarthy for his contribution to the
Company during these difficult times.

    Summary of Results

                                                          Three Months Ended
                                                                 February 28
                                                          2009          2008
      Total revenue                               $    128,802  $     44,810
      Cash flow from (used for) operations        $      2,359  $    (77,238)
        per share, diluted                        $       0.00  $      (0.01)
      Loss for the period                         $   (697,043) $    (91,439)
        per share, diluted                        $          -  $          -
      Capital expenditures                        $    138,374  $    832,129
      Working capital surplus (deficiency)        $   (524,627) $    654,389

      Total shares outstanding at period end         9,552,347     9,552,347

        Gas (Mcfd)                                       329.8          17.0
        Oil (Bpd)                                          0.2           2.0
        NGL (Bpd)                                          2.8           1.0
        BOEd (6 Mcf = 1 Bbl)                   57.9           5.8

      Product Prices
        Gas ($/Mcf)                               $       5.95  $       7.60
        Oil ($/Bbl)                               $      29.93  $      83.66

    Further information relating to Paris may be found on


    TSX Venture : PI

    Forward Looking Statements

    Certain statements contained in this press release constitute
forward-looking statements. The use of any of the words "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should",
"believe" and "confident" and similar expressions are intended to identify
forward-looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
    Paris believes that the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon. These
statements speak only as of the date of this press release. Paris undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
expressly required by applicable securities laws.
    Where amounts are expressed on a barrel of oil equivalent (boe) basis,
natural gas volumes have been converted to barrels of oil at six thousand
cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly
if used in isolation. A boe conversion of six thousand cubic feet per barrel
is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead.
References to oil in this discussion include crude oil and natural gas liquids

For further information:

For further information: John G. F. McLeod, President, PARIS ENERGY
INC., 2000, 633 - Sixth Avenue S.W., Calgary, Alberta, T2P 2Y5, Telephone:
(403) 264-5545, Fax: (403) 261-4072; Robert W. Lamond, Chairman of the Board,
PARIS ENERGY INC., 1800, 633 - Sixth Avenue S.W., Calgary, Alberta, T2P 2Y5,
Telephone: (403) 269-9889, Fax: (403) 269-9890

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