Petro Field Industries Inc.
TSX VENTURE : PF

Petro Field Industries Inc.

January 15, 2007 18:43 ET

Petro Field Common Shares Outstanding Reduced to 14,845,904

CALGARY, ALBERTA--(CCNMatthews - Jan. 15, 2007) - Petro Field Industries Inc. (TSX VENTURE:PF) ("Petro Field" or the "Company") announced that wholly-owned subsidiary Tornado Technologies Canada Inc. had reached an agreement to sell certain non-core assets to Prism Production Products Corp., a company owned by a former Director of Petro Field. The consideration to be received, $1,445,142.50, was to be paid by the surrender for cancellation of 1,798,000 common shares of the Company.

The approval of the TSX Venture Exchange having been received and the cancellation of the 1,798,000 common shares having occurred on January 11, 2007, this transaction has now been completed. As a result the issued and outstanding share capital of Petro Field has been reduced to 14,845,904 common shares.

The Board of Directors of Petro Field wishes to advise the Company's shareholders as well as other interested members of the public that the Company's audited financial statements for the fiscal year ended September 30, 2006 should be released in late January, 2007.

Petro Field Industries Inc. is a Calgary, Alberta-based designer and fabricator of innovative industrial combustion systems, oil and gas processing equipment and Hydro Vac trucks.

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

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