Petro Field Industries Inc.
TSX VENTURE : PF

Petro Field Industries Inc.

February 26, 2007 09:15 ET

Petro Field Earns $775,866 in 3 Months Ended December 31, 2006

CALGARY, ALBERTA--(CCNMatthews - Feb. 26, 2007) - Petro Field Industries Inc. ("Petro Field" or the "Company")(TSX VENTURE:PF) announces its financial results for the first quarter of the 2007 fiscal year. In the three month period ended December 31, 2006 the Company earned $775,866 ($0.05 per share) on sales (from continuing operations) of $12,996,286. In the 2005 period the Company earned $492,877 ($0.05 per share) on sales of $7,191,555.

It is important to note that for the first time a Petro Field financial report contains the results of Tornado Technologies Canada Inc. for the entire period covered by the report (Q1, 2007).

While your management is satisfied with these results we expect to do better in the future. This quarter saw the western Canadian oil patch enter into the correction phase of its business cycle. In addition, the Company experienced unexpected product delivery delays when a critical supplier incurred quality control problems.

Despite these concerns Petro Field continued to benefit from the diversification achieved in its acquisition of Tornado Technologies Inc., namely access to a substantially larger US market and sales to industries in addition to oil and gas. We also expect to benefit from ongoing efforts to streamline our joint operations and our product offering.



FINANCIAL HIGHLIGHTS (000'S - except per share amounts):

3 months ended December 31, 2006 2005

Sales $12,996 $7,192

Earnings(1) $ 776 $ 493
Earnings per share $ 0.05 $ 0.05

EBITDA(2) $ 1,714 $ 814
EBITDA per share $ 0.10 $ 0.08

(1) includes earnings from discontinued operations of $26.
(2) EBITDA is defined as earnings before interest and bank charges, income
taxes, depreciation and amortization. EBITDA is a non-GAAP measure.


The Company's Management Discussion & Analysis and related unaudited consolidated financial statements for the three month period ended December 31, 2006 will be available on www.sedar.com and the Company's website, www.petrofield.com, as soon as is possible.

Petro Field Industries Inc. is a Calgary, Alberta-based designer and fabricator of innovative industrial combustion systems, oil and gas processing equipment and truck-mounted industrial vacuum equipment.

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

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