International PetroReal Oil Corporation

International PetroReal Oil Corporation

December 05, 2007 17:10 ET

International PetroReal Reports Strong Q3 Financial and Operating Results

CALGARY, ALBERTA--(Marketwire - Dec. 5, 2007) - International PetroReal Oil Corporation (TSX VENTURE:IPO) today reported strong financial and operating results for the three months ending September 30, 2007. During this time, the Company achieved a profit for the first time since 2005. For the period, net profit was $14,917 on revenues of $415,814 compared to a loss $172,368 on revenues of $204,457 last year. On a per diluted share basis, net profit was $0.01 for Q3 compared to a loss of $0.03 last year. Earnings before interest, taxes, depreciation, depletion, and amortization ("EBITDA") increased to a profit of $198,709 compared to a loss of $858,503 last year.

For the first nine months of FY2007, net loss was trimmed to $588,186 on revenues of $752,990 compared to a loss of $972,498 on revenues of $492,650 last year. On a per diluted share basis, net loss was $0.01 per share for the first nine months compared to a loss of $0.03 per share last year.

Mark Hlady, International PetroReal's President, said, "Our rigorous cost cutting program, implemented during the past twelve months, has now begun to bear fruit. At the same time, our production in Louisiana, the West Bay Oil Field, and Clovelly is producing to our satisfaction."

Mr. Hlady added: "On November 8, 2007, we successfully closed the acquisition of eleven producing and non-producing properties in Alberta, Canada. This acquisition provides the Company with an immediate net cash flow of approximately $60,000 per month, effective October 1, 2007. We expect to increase net cash flow substantially in the quarters to come."

In addition, the Company is practically debt free. During the past twelve months, International PetroReal successfully negotiated a debt-for-share settlement with former convertible debenture holders, of whom 100% agreed and accepted in October. The transaction received regulatory approval, however shareholder approval is pending."

International PetroReal Oil Corporation is an oil and gas exploration and development company whose primary focus is the acquisition of producing properties with upside potential and whose aim is building a premier upstream production corporation.

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

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