Milagro Energy Inc.
TSX : MIG

Milagro Energy Inc.

August 10, 2007 17:24 ET

Milagro Energy Inc. Announces Filing of Its Q2 Interim Report

CALGARY, ALBERTA--(Marketwire - Aug. 10, 2007) - Milagro Energy Inc. (TSX:MIG) has filed its Q2 Interim Report for the six months ended June 30, 2007 on the System for Electronic Document Analysis and Retrieval ("SEDAR"). The Q2 can be found for viewing on the SEDAR website at www.sedar.com



HIGHLIGHTS 2007
(Unaudited) Q2 Q1 % Change
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OPERATING
Average daily production
Oil & NGLs (bbls per day) 203 232 (13)
Natural gas (mcf per day) 1,011 972 4
Equivalent barrels (BOE per day) 371 394 (6)
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FINANCIAL
($000s except per share amounts)
Oil and gas revenue 1,730 1,823 (5)
Funds flow from operations, before
changes in non-cash working capital (579) (211) (174)
Per share - basic and diluted (0.01) - (100)
Net loss and comprehensive income (1,108) (905) (22)
Per share - basic and diluted (0.01) (0.02) 50
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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
    or
    Milagro Energy Inc.
    Travis Doupe
    Vice-President, Finance & CFO
    (403) 693-4007
    Website: www.milagroenergy.com