Kroes Energy Inc.

Kroes Energy Inc.

January 17, 2008 11:58 ET

Kroes Energy Inc. Announces Sale of Trinidad Interest

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2008) - Kroes Energy Inc. ("Kroes" or "the Company"), (TSX VENTURE:KRS) announced today that effective January 12, 2008 it has sold its 25% interest in the Icacos Block, Cedros Peninsula, Trinidad for US$250,000. In addition, Kroes has retained a 1% overriding royalty on any production from the Block that may be developed below 4,000 feet, subject to a cap of US$1 million. For the nine months to September 30, 2007 Kroes share of existing shallow production from the block averaged five barrels of oil per day and operating cash flow amounted to approximately $6,000.

These funds will be dedicated to Kroes' shallow gas program in western Canada where it is expected that the Company will participate in drilling up to ten wells during 2008. Production from this program in December 2007 amounted to approximately 100 barrels of oil equivalent per day.

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6MCF:1Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Kroes' control, including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition, there are risks and uncertainties associated with oil and gas operations; therefore, Kroes' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Kroes will derive from that.

To receive company news releases via e-mail, please advise and specify "Kroes Press Releases" in the subject line.

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

Contact Information