Powder River Basin Gas Corp.
OTC Bulletin Board : PRVB

Powder River Basin Gas Corp.

May 16, 2006 14:07 ET

Powder River Announces Revenues Over $6 Million-First Quarter Earnings

CALGARY, ALBERTA--(CCNMatthews - May 16, 2006) - Powder River Basin Gas Corp. (OTCBB:PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced the results of the first quarter earnings for 2006.

For the three months ended March 31, 2006 the Company reported oil and gas sales of $239,280 as compared to $76,221 for the first quarter of 2005. This represents an increase of $163,059 or 213%.

Total revenues for the first quarter ended March 31, 2006 were $6,039,280 as compared to $1,951,221 for the first quarter of 2005. This is an increase of $4,088,059 or 209%.

Net income before taxes for the first quarter is $4,483,690 as compared to $1,472,006 for the first quarter of 2005. This is an increase of $3,011,604 or 204%.

Powder River reported total expenses for production and marketing of $1,554,183 as compared to $379,909 for the first quarter of 2005. The increase in expenses is directly attributed to the increase and expansion of the Company's operations.

"We are extremely excited with the growth of Powder River Basin Gas Corp. and the first quarter earnings, which surpassed the earnings for the year 2005. We will continue our aggressive development and marketing program, and look forward to maintaining our record setting earnings for the rest of the year," stated Powder River Basin Gas Corp. CEO Brian Fox.

Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.

Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.


Contact Information