SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

November 26, 2008 09:30 ET

SKANA Reports Financial Results for Q2

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2008) - SKANA Capital Corp. ("SKANA") (TSX VENTURE:SKN) announces release of its unaudited consolidated interim financial statements for the three-month period and six-month period ended September 30, 2008. For the three-month period ended September 30, 2008, SKANA had a consolidated loss of $2,372,161 ($0.04 basic and diluted loss per common share related to continuing operations and $0.00 basic and diluted loss per common share related to discontinued operations) compared to consolidated loss of $2,328,374 ($0.04 basic and diluted loss per common share related to continuing operations and $0.01 basic and diluted loss per common share related to discontinued operations) for the comparative period in 2007. For the six-month period ended September 30, 2008, SKANA had a consolidated loss of $1,100,528 ($0.02 basic and diluted loss per common share related to continuing operations and $0.01 basic and diluted loss per common share related to discontinued operations) compared to consolidated loss of $1,092,828 ($0.01 basic and diluted loss per common share related to continuing operations and $0.01 basic and diluted loss per common share related to discontinued operations) for the comparative period in 2007.

As at September 30, 2008 SKANA had cash and cash equivalents of $12,039,704 and carried its marketable securities at fair value of $17,903,000. SKANA maintains all of its cash, cash equivalents and short term investments with Schedule A banks.

SKANA further announces that through a series of transactions, it has acquired ownership of 1,200,000 common shares of Rainy River Resources Ltd. ("Rainy River"), 3,000,000 shares of Roadrunner Oil and Gas Inc. ("Roadrunner") and 13,000,000 shares of Ryland Oil Corp. ("Ryland") as at September 30, 2008 through the facilities of the TSX Venture Exchange. These transactions were made for investment purposes and SKANA could increase or decrease its investments in Rainy River, Roadrunner and / or Ryland depending on market conditions or any other relevant factor.

SKANA's unaudited consolidated interim financial statements and management discussion and analysis ("MD&A") for the first quarter of fiscal 2008 have been filed on SEDAR and are available for download at www.sedar.com.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.

Forward Looking Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of SKANA. Actual results realized may vary materially from the information provided in this release. As a result, there is no representation by SKANA that actual results realized in the future will be the same in whole or in part as those presented herein.

The TSX Venture Exchange has in no way passed upon the merits of this press release and has neither approved nor disapproved its content. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman
    (604) 669-4899