Mirage Energy Ltd.
TSX VENTURE : MGE
PINK SHEETS : MRGYF

Mirage Energy Ltd.

May 02, 2007 09:00 ET

Mirage Energy Announces its Financial and Operating Results

CALGARY, ALBERTA--(CCNMatthews - May 2, 2007) - Mirage Energy Ltd. ("Mirage" or the "Company") (TSX VENTURE:MGE)(PINK SHEETS:MRGYF) announces its financial and operating results for the period from incorporation March 17, 2006 and quarter ended December 31, 2006. As at December 31, 2006, the Company reported a cash balance of $775,285 and a working capital position of $382,729. The company had net revenues of $168,665 for the period from incorporation March 17, 2006 to December 31, 2006 and $145,812 for the three months ended December 31, 2006.

The company incurred a net loss of $782,649 for the period of incorporation March 17, 2006 to December 31, 2006 and a net loss of $238,778 for the three months ended December 31, 2006. Adjusting the net loss for non-cash items of depletion, depreciation, accretion and stock based compensation the company had a net loss of $225,886 for the period of incorporation March 17, 2006 to December 31, 2006 and $109,316 for the three months ended December 31, 2006.

Mirage raised a total of $7,915,948 through various financings during 2006. The Company incurred capital expenditures totaling $7,307,333 for the period of incorporation of March 17, 2006 to December 31, 2006 and $4,879,800 for the three month period ended December 31,2006. Mirage spent $1,253,887 on land, $5,583,123 on exploration and development drilling and $470,323 on well equipment and facilities, for the year ended December 31, 2006. During the three month period ended December 31, 2006 the company spent $476,118 on land, $4,111,125 on exploration and development drilling and $292,557 on well equipment and facilities.

The company has filed its MD&A and year end financials on SEDAR.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mirage Energy Ltd.
    Rene LaPrade
    President and CEO
    (403) 232-1359
    Email: rene@mirage-energy.ca
    or
    Mirage Energy Ltd.
    Peter J. Boswell
    Chairman
    (403) 232-1359
    Email: petebos@telusplanet.net
    or
    Mirage Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2