Milagro Energy Inc.

Milagro Energy Inc.

March 30, 2007 14:26 ET

Milagro Energy Inc. Announces Filing of Its Annual Financial Statements, MD&A and Annual Information Form

CALGARY, ALBERTA--(CCNMatthews - March 30, 2007) - Milagro Energy Inc. (TSX:MIG) has filed its Annual Financial Statements, Management's Discussion and Analysis ("MD&A") and Annual Information Form ("AIF") for the year ended December 31, 2006 on the System for Electronic Document Analysis and Retrieval ("SEDAR"). The Annual Financial Statements, MD&A and the AIF can be found for viewing on Milagro's profile on the SEDAR website at The AIF contains additional details about Milagro's reserves as required under National Instrument 51-101.

(Unaudited) 2006 2005

Average daily production
Oil & NGLs (bbls per day) 300 340
Natural gas (mcf per day) 1,365 834
Equivalent barrels (BOE per day) 527 479

($000s except per share amounts)
Oil and gas revenue 9,507 8,361
Production and transportation expenses 5,808 3,550
Financing charges 1,896 135
Funds flow from operations, before
changes in non-cash working capital (326) 2,670
Per share - basic and diluted (0.01) 0.05
Net earnings (loss) (3,397) (103)
Per share - basic and diluted (0.06) (0.00)
Capital expenditures (net) 9,271 16,577

Milagro is an exploration and production company engaged in the acquisition, exploration, development and production of oil and natural gas reserves in western Canada.

Per barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil ("6:1"). The 6:1 conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. BOE disclosure may be misleading, particularly if used in isolation. Readers should be aware that historical results are not necessarily indicative of future performance. Funds flow from operations does not have a standardized meaning prescribed by Canadian Generally Accepted Accounting Principles ("GAAP") and therefore may not be comparable with the calculation of similar measures for other companies. Funds flow from operations as presented is not intended to represent operating profits for the period nor should it be viewed as an alternative to cash provided by operating activities, net earnings or other measures of financial performance calculated in accordance with GAAP.

Contact Information

  • Milagro Energy Inc.
    Jeffrey Rekunyk
    President & CEO
    (403) 693-4006
    Milagro Energy Inc.
    Brad Haack
    Vice-President, Finance & CFO
    (403) 693-4007