PetroReal Energy Inc.

December 01, 2008 18:07 ET

PetroReal Energy Inc. Files Third Quarter Results

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2008) - PetroReal Energy Inc. (TSX VENTURE:PNI) ("PetroReal" or "the Company") today announces its financial and operating results for the three months and nine months ended September 30, 2008. The unaudited financial statements, notes and Management Discussion and Analysis for the period ended September 30, 2008 are filed on Sedar at

Highlights of the financial results include petroleum and natural gas sales of $1,671,181 and $472,536 for the nine months and three months ended September 30, 2008 respectively as compared to $752,990 and $415,814 for the same periods in 2007. Increased revenue is due primarily to production acquisitions in Alberta as well as increased market prices of oil and gas. Increases in revenue were evident although the Company's production for the Louisiana properties were shutin for a month during the hurricane season. The Company incurred a net loss of $602,404 and $524,293 for the nine months and three months ended September 30, 2008 respectively as compared to a net loss of $588,186 and net income of $14,917 for the same periods in 2007. With the costs of the Annual and Special Shareholders meeting being expensed in the third quarter of 2008, the Company will be able to focus on lowering costs. Net capital expenditures were $90,715 for the nine months ended September 30, 2008.

About PetroReal Energy Inc.

The Corporation is a Calgary based, emerging, TSX Venture Exchange listed company that is focused on exploration, development and production of crude oil and natural gas, primarily in North America. The Company operations are located in central and southern Alberta, southwestern Saskatchewan and Louisiana in the USA.

Forward-Looking Statements

This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect the Company's operations or financial results, are included in the Company's reports on file with Canadian securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.

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

Contact Information

  • PetroReal Energy Inc.
    Ernst Schlotter
    President and Director
    (403) 269-2044
    (403) 269-2042 (FAX)
    PetroReal Energy Inc.
    460, 734 - 7th Avenue S.W.
    Calgary, Alberta T2P 3P8