Petro Field Industries Inc.
TSX VENTURE : PF

Petro Field Industries Inc.

January 30, 2007 09:51 ET

Petro Field Earns $2,414,997 in 2006

CALGARY, ALBERTA--(CCNMatthews - Jan. 30, 2007) - Petro Field Industries Inc. (TSX VENTURE:PF)("Petro Field" or the "Company") is pleased to announce the financial results for its fiscal year ended September 30, 2006. The Company achieved earnings of $2,414,997 ($0.19 per share) on sales of $35,251,565. The comparable results for fiscal 2005 were earnings of $567,508 ($0.06 per share) on sales of $21,036,806.

These remarkable increases were achieved primarily as a result of the acquisition of the operating assets of Tornado Technologies Inc. on July 6, 2006. Tornado contributed approximately $10,000,000 in sales for the short portion of the year during which it was owned and operated.

At a time when the western Canadian oil patch is experiencing a cyclical correction the Tornado acquisition provides Petro Field with additional strategic value:

- Innovative combustion products that are sold extensively in the USA as well as Canada (geographic market diversification);

- Truck mounted equipment targeted at the utility and construction industries throughout North America (product market diversification).



FINANCIAL HIGHLIGHTS (000'S - except per share amounts):

Years ended September 30, 2006 2005

Sales $ 35,252 $ 21,037

Gross Margin 23.88% 17.87%

Earnings $ 2,415 $ 568
Earnings per share $ 0.19 $ 0.06

EBITDA(1) $ 4,522 $ 1,109
EBITDA per share (basic) $ 0.36 $ 0.11


(1) EBITDA is defined as earnings before interest and bank charges,
income taxes, depreciation and amortization. EBITDA is a non-GAAP
measure.



The Company's Management Discussion & Analysis and related audited consolidated financial statements for the fiscal year ended September 30, 2006 will be available on www.sedar.com and the Company's website, www.petrofield.com, as soon as is possible.

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

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

Contact Information