Petro Field Industries Inc.
TSX VENTURE : PF

Petro Field Industries Inc.

May 12, 2006 11:17 ET

Petro Field Earns $898,945 in First Half of 2006

CALGARY, ALBERTA--(CCNMatthews - May 12, 2006) - Petro Field Industries Inc. (TSX VENTURE:PF) (the "Company"), a manufacturer of production equipment for the western Canadian oil and gas industry, continued its impressive performance in the second quarter of 2006. Earnings for the quarter ended March 31, 2006 were $406,068 ($0.04 per share) on sales of $8,062,187. For the comparable period in 2005 earnings were $158,796 ($0.02 per share) on sales of $6,625,617.

For the six month period earnings were $898,945 ($0.08 per share) on sales of $15,253,742. The comparable numbers for 2005 were $378,503 ($0.04 per share) on sales of $12,359,889. Thus, earnings increased by 137.5% in the first six months of 2006 over the same period in 2005.



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

3 months ended 6 months ended
March 31 March 31
2006 2005 2006 2005

Sales $8,062 $6,626 $15,524 $12,360

Earnings $ 406 $ 159 $ 899 $ 379
Earnings per share $ 0.04 $ 0.02 $ 0.08 $ 0.04

EBITDA (1) $ 716 $ 278 $ 1,529 $ 545
EBITDA per share $ 0.06 $ 0.03 $ 0.14 $ 0.05

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


These results reflect the success of the Company's various strategies concerning growth and improving profitability. Shareholders will be very interested to know that the Company achieved a Gross Margin of 21.50% in the 2006 period compared to a Gross Margin of 15.87% in the first six months of 2005.

The Company expects to be able to report the completion of two important initiatives in the near future:

- A $6.5 million private placement.
- A $7.6 million acquisition of an oil and gas engineering and services business.

Petro Field Industries Inc. is a Calgary, Alberta-based fabricator of oil and natural gas production equipment. The Company also purchases, refurbishes as necessary, and sells used production equipment.

The Company's Management Discussion & Analysis and related Financial Statement for the three and six month periods ended March 31, 2006 will be available on www.sedar.com and the Company's website, www.petrofield.com, in several days time.

Petro Field Industries Inc. is a Calgary, Alberta - based fabricator of oil and natural gas production equipment. The Company also purchases, refurbishes as necessary, and sells used production equipment.

This News Release contains forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of Petro Field to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, fluctuations in the markets for oil and gas and related products and services, political and economic conditions, the demand for the products and services provided by Petro Field, industry competition and Petro Field's ability to attract and retain both customers and key personnel.

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

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