Rage Energy Ltd.
TSX VENTURE : RAG

November 30, 2006 11:44 ET

Rage Releases Third Quarter Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 30, 2006) - Rage Energy Ltd. ("Rage" or the "Company") (TSX VENTURE:RAG) is pleased to announce their financial and operating results for the three and nine months ended September 30, 2006. The Financial Statements and corresponding Management's Discussion and Analysis have been filed on SEDAR and are available for viewing at www.sedar.com.

Additionally, the Company is pleased to announce the appointment of Jane Batchelor as Controller and Robert Verbuck as Corporate Secretary.



HIGHLIGHTS

Net Income Earnings Long
(Loss) for (Loss) Total Term
Revenue Expenses the Period per Share Assets Debt
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2006
---------------------------------------------------------------------------
Third Quarter $ - $ 135,700 $ (135,700) $ (0.01) $ 1,705,304 $ -
---------------------------------------------------------------------------


The Company incurred a net loss of $135,700 for the third quarter of 2006. This loss was largely due to transaction costs of $119,784 associated with the reverse takeover of Direct-IT. Completion of this transaction has allowed the Company to direct its focus toward the acquisition of additional lands and the continuation of its drilling program in the Wandering River area of Alberta. A drilling rig has been contracted to commence drilling operations in December for new locations and the wells which were drilled in the spring of 2006 are expected to be tested. Those which prove to produce economic quantities of gas will be tied in for production.

Rage is a public oil and gas company engaged in oil and gas exploration, development and production in the western Canadian sedimentary basin and internationally.

This press release contains forward-looking statements. These forward-looking statements can generally be identified as such because of the context of the statements including words such as the Company "believes", "anticipates", "expects", "plans", "may", "estimates" or words of a similar nature. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, readers are cautioned and no assurances can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do so, what benefits that we will derive there from. The Company does not undertake any obligation to publicly update or revise any forward-looking statements.

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

Contact Information

  • Rage Energy Ltd.
    Nick Topolnyski
    President & CEO
    (403) 690-7244