Candax Energy Inc.

Candax Energy Inc.

May 15, 2006 16:26 ET

Candax Reports Q1 2006 Results

TORONTO, ONTARIO--(CCNMatthews - May 15, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States.

Candax Energy Inc. (TSX:CAX)("Candax") today reported a first quarter 2006 profit of Cdn$1.6 million ($0.01 per common share) compared to a loss of Cdn$0.5 million in the first quarter of 2005.

Revenues of Cdn$9.4 million were earned from the sale of approximately 134,900 barrels in the quarter, resulting in a pre-tax profit of Cdn$3.7 million. Production in the first quarter was 58,852 barrels as no production was recorded from the El Bibane field that is being redeveloped. Additionally, no revenue was recorded for the company's share in the idled SEEB power generation facility as it depends on gas from the El Bibane field. The first quarter Financial Statements and Management Discussion & Analysis may be viewed online at

Candax Energy Inc. is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships as well as extensive management experience.

Certain statements in this News Release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

Contact Information

  • Candax Energy Inc.
    John Clarke
    Executive Vice President, Corporate
    (416) 361-2824
    (416) 364-5400 (FAX)
    Pro-Edge Consultants Inc.
    Fred Cowans or Tracy Weslosky
    Managing Partners
    (866) 544-9622 or (416) 581-0177