Rocky Old Man Energy Inc.

October 31, 2005 12:45 ET

Rocky Old Man Energy Inc.: Press Release

CALGARY, ALBERTA--(CCNMatthews - Oct. 31, 2005) - Rocky Old Man Energy Inc. (TSX VENTURE:RO) ("Rocky") reports net income of $300,284 on revenue of $990,940 for its year ended July 31, 2005. These results represent an increase of 471% on income and 187% on revenue as compared to $52,535 net income and $344,884 revenue for Rocky's year ended July 31, 2004. Much of this increase in income and revenue is attributable to land dispositions Rocky completed in its third quarter of 2005. Rocky has filed its Statement of Reserves Data and Report of Management on Reserves. These documents are available for viewing on SEDAR.

Rocky has agreed to participate for a 13.3% net working interest in the recompletion of a Slave Point oil well at Evi, Alberta. This recompletion commenced in October 2005. Production is holding up at Rocky's other Evi oil wells. Rocky's 13.3% interest in these wells produce about 18 barrels a day.

A well drilled on lands farmed out by Rocky at Kakwa, Alberta was tied in and commenced production in June, 2005 as a Gething gas well. Rocky has a 12% overriding royalty convertible to a 30% working interest at payout in this well.

A third well has been drilled on lands farmed out by Rocky in central Alberta. The corporation has a 5% non-convertible overriding royalty in each of the three wells. The first two wells have been completed as gas wells but remain shut in due to facilities constraints. The third well is being evaluated.

Rocky has entered into a joint venture agreement with two junior producers to exploit an exploration opportunity in Central Alberta. To date Rocky has participated in four recompletions in this joint venture. None of these have been successful. Rocky expects to participate in a horizontal well in its third quarter in connection with this play.

Rocky has committed to participate as to a 20% working interest in a potential Belly River well at Wilson Creek, Alberta. Rocky has also farmed out an interest in lands at Obed, Alberta, retaining a 7.5% overriding royalty. A well is scheduled to be drilled on these lands in Rocky's third or fourth quarter.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Rocky Old Man Energy Inc.
    David Calnan
    (403) 299-9606