Glamis Resources Ltd.

Glamis Resources Ltd.

April 27, 2007 14:09 ET

Glamis Releases 2006 Audited Financial Statements and Reserve Summary

CALGARY, ALBERTA--(CCNMatthews - April 27, 2007) -


Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce that it has filed with applicable Canadian securities regulatory authorities its audited 2006 financial statements, independent engineering reserve report and related Management Discussion and Analysis. These filings are available for review at or

2006 Corporate Highlights

- Closed Glamis' initial public offering on April 20, 2006 with gross proceeds of $10.25 million

- Commenced trading on the TSX Venture Exchange on May 1, 2006 under the symbols GLM.A and GLM.B

- Closed the acquisition of Breakside Energy Ltd. on August 10, 2006

- Drilled 7 (5.5 net) wells for the year ended December 31, 2006 achieving a 57% success rate.

- Discovered a new oil pool at Hanna, AB.

- Exited 2006 with approximately 240 boepd net production

- Through a combination of acquisition and drilling Glamis ended the year with proved plus probable reserves of 617,000 boe comprised of 90% oil and 10% natural gas

- Exited the year with a strong balance sheet, $5.07M cash and working capital with no debt.

Three Twelve
months months
ended ended
December December
Financial Highlights 31, 2006 31, 2006
P&NG Revenue 710,013 1,198,350
Operating Netback 163,825 412,498
Other revenue (interest) 81,560 239,133
Funds form operations (29,980) (30,495)
Net earnings (loss) (318,829) (408,016)

Weighted average(1) outstanding
Class A shares - basic 21,425,000 15,025,411
Funds flow from operations Per share - basic ($0.00) ($0.00)
Earnings (loss) per Share - basic ($0.01) ($0.03)

(1) Per share amounts have been calculated on the weighted average number of
shares outstanding after giving effect to the potential conversion of
Class B shares into Class A shares at 10:1 based on the December 31,
2006 closing price of Class A shares of $1.00

2006 Year End Reserves Summary

Glamis is pleased to provide a summary of its reserves evaluation as of December 31, 2006 as prepared by GLJ Petroleum Consultants Ltd. ("GLJ"), the Company's independent reserves evaluator. The reserves evaluation follows the first partial year of operations for Glamis.

Gross Company Interest Reserves (as at Dec. 31/06)
(before deduction of royalties payable, not including royalties receivable)

Gas Oil Oil Eq.
MMcf Mbbl Mboe
Proved Producing 9 426 428
Proved Developed Non-producing 223 20 57
Total Proved 232 446 484

Probable Producing 4 104 104
Probable Non-producing 111 10 28
Total Probable 116 113 133

Total Proved Plus Probable 348 559 617

Subsequent to December 31, 2006 Glamis has discovered three new pools for a total of 145,000 boe proven plus probable reserves based on internal estimates.

FORWARD LOOKING STATEMENTS: Certain information regarding Glamis in this news release including management's assessment of future plans and operations, timing of drilling and tie-in of wells, productive capacity of the new wells and productive capacity from different wells, expected production rates, drilling success rates, dates of commencement of production, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect Glamis' operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( Furthermore, the forward looking statements contained in this news release are made as at the date of this news release and Glamis does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The term BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

In this press release "Company Interest before Royalty" is the working interest reserves plus royalty interest reserves before royalty burdens payable are deducted. Glamis' reserves have been prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") in Canada.

Glamis Resources Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. Glamis' Class A Shares and Class B Shares trade on the TSX Venture Exchange under the symbols GLM.A and GLM.B. Glamis has 15,105,000 Class A Shares and 922,500 Class B Shares outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

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