FirstGrowth Capital Inc.

FirstGrowth Capital Inc.

June 04, 2007 09:53 ET

FirstGrowth Capital Announces First Quarter Revenue in Excess of $5 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2007) - FirstGrowth Capital Inc. (TSX VENTURE:FGC) (FRANKFURT:G8Q) is pleased to announce the first quarter financial results and revenues of $5,036,980 for the period ending March 31, 2007.

"We are delighted with the continued growth of our subsidiary, Kinetex Inc.," commented Gil Schneider, Firstgrowth's president and CEO. "Our crews are currently operating at near capacity. We continue to see strong demand for our digital 3D seismic imaging services in the oil & gas and energy resource industries and are confident this demand will put us well within reach of our projected revenues of $9 million for the first half of 2007."

The company has mobilized a third crew to meet current demands and allow for the expansion of contracts. This is expected to further increase profits in the third and fourth quarters of 2007.

Selected Financial Highlights of First Quarter Results

March 31, 2007
Gross Revenue $ 5,036,980
Net Revenue $ 1,777,221
Operating Expenses $ 1,315,038
Interests Earned $ 10,605
Profit (loss) before Non-controlling Interest $ 472,788
EPS $ 0.01

The complete financials are available on Sedar and on the company website at

Ongoing Projects

Kinetex's oil and gas crew has been operating in Alberta on various programs including a traditional series of digital 3D surveys for exploration and development on behalf of a senior oil and gas trust in Central Northern Alberta and assisted with detailed survey work on the Leismer Oil Sands Leases (located 150km south of Fort McMurray) in support of the SAGD (Steam-Assisted Gravity Drainage) program being developed by Korea National Oil Corporation. SAGD holds the promise of underground bitumen recovery with minimal environmental surface impact when compared with conventional oil sands mining.

Kinetex's second crew has been hard at work breaking new ground in the resource industry, specifically in uranium exploration. Two notable projects of late have been digital 3D seismic acquisition of targets for Hathor Exploration and Cameco Corporation.

Despite challenging weather conditions consisting of long periods of less than -40 degrees C temperatures, a crew of up to 55 people undertook a state-of-the-art survey on Hathor's 90%-owned, 502 hectare Midwest NE uranium property. Using radio telemetry-based Input/Output, advanced VectorSeis® technology, more than 20 million high-frequency, "Digital 3-Component Full Wave" seismic traces were acquired from approximately 249 line kilometres of survey. The Midwest NE survey's goal was to guide the future framework of multi-disciplinary exploration efforts, especially the selection of diamond drill targets.

In March Kinetex was engaged by Cameco Corporation to complete a program to support further uranium exploration and development over the Millennium Deposit - widely considered to be one of the most significant basement-hosted discoveries in the last 30 years. The high resolution digital 3D imaging survey over the proposed mine site involved the collection of over 15 terabytes (15,000 gigabytes) of data of during a period of 30-35 days. It is anticipated that this seismic work will not only assist in exploration efforts but also the refinement of future engineering development programs and a greater collaboration between exploration and mining groups.

About FirstGrowth Capital Inc.

FirstGrowth is an oil, gas and mineral exploration services company currently focused on the organic growth of its subsidiary, Kinetex Inc. (98.6 percent owned). Kinetex is a Calgary-based integrator of applied sciences to the resource industry including both oil & gas exploration and development and mining exploration. One of Kinetex's primary services is targeted implementation and optimization of seismic imaging using cutting edge technology--the VectorSeis® Recording System and Digital 3 Component Full Wave imaging. Kinetex is well positioned to become an industry leader in North America for providing full-wave seismic imaging services.


Gilbert Schneider, President

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The company seeks safe harbour.

Contact Information

  • FirstGrowth Capital Inc.
    Gil Schneider
    (604) 484-5761
    Investor Relations:
    Ascenta Capital Partners Inc.
    Bruce Korhonen
    (604) 684-4743 ext. 230