PetroFalcon Corporation

PetroFalcon Corporation

March 17, 2005 17:28 ET

PetroFalcon Corporation Year End Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PETROFALCON CORPORATION

TSX SYMBOL: PFC

MARCH 17, 2005 - 17:28 ET

PetroFalcon Corporation Year End Financial Statements

CARACAS, VENEZUELA--(CCNMatthews - March 17, 2005) - PetroFalcon
Corporation (TSX:PFC)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

PetroFalcon Corporation (the "Corporation") released its financial
statements for the year ended December 31, 2004. For the year ended
December 31, 2004, the Corporation reported net income of US $2,113,050
(earnings per share of US $0.03) compared to net income of US $533,487
(earnings per share of US $0.01) for 2003. As at December 31, 2004, the
Corporation had working capital of US $23,569,987 compared to working
capital of US $2,594,763 on December 31, 2003.

The Corporation today also filed its Annual Information Form ("AIF"),
audited consolidated financial statements and related Management's
Discussion and Analysis for the year ended December 31, 2004 with
Canadian securities regulatory authorities on the System for Electronic
Document Analysis and Retrieval ("SEDAR").

The AIF includes the disclosure and reports relating to oil and gas
reserves data and other disclosures for oil and gas activities required
pursuant to National Instrument 51-101, Standards of Disclosure for Oil
and Gas Activities, of the Canadian Securities Administrators.

Copies of the AIF, audited consolidated financial statements and related
Management's Discussion and Analysis for the year ended December 31,
2004 may be accessed electronically on SEDAR at www.sedar.com.

PetroFalcon Corporation is a natural resource company currently engaged
in oil and gas operations in Venezuela through its wholly-owned
subsidiary, Vinccler Oil and Gas, C.A. The common shares of the
Corporation trade on the Toronto Stock Exchange under the symbol "PFC".


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    PetroFalcon Corporation
    William Gumma
    (805) 684-1399
    or
    PetroFalcon Corporation
    Maria Alejandra Sosa
    (805) 684-1399 ext. 103
    www.petrofalcon.com
    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this release.