Sahara Energy Ltd.
TSX VENTURE : SAH
PINK SHEETS : SAHRF

Sahara Energy Ltd.

May 02, 2007 09:01 ET

Sahara Energy Announces its Financial and Operating Results

CALGARY, ALBERTA--(CCNMatthews - May 2, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Sahara Energy Ltd. ("Sahara" or the "Company") (TSX VENTURE:SAH)(PINK SHEETS:SAHRF) announces its financial and operating results for the year and quarter ended December 31, 2006. As at December 31, 2006, the Company reported a cash balance of $2,100,405 and a working capital deficiency of $1,298,912. The Company had net revenues of $692,746 for the year ended December 31, 2006 and $311,345 for the three months ended December 31, 2006.

The Company had a net loss of $1,604,635 for the year ended December 31, 2006 and a net loss of $702,084 for the three months ended December 31, 2006. After adjusting the net loss for non-cash items of depletion, depreciation, accretion and stock based compensation Sahara had a net loss of $271,241 for the year ended December 31, 2006 and net income of $631 for the three months ended December 31, 2006.

Sahara raised a total $9,370,145 through various financings during 2006. Sahara incurred capital expenditures for the year totaling $11,652,911 with expenditures of $4,949,157 for the three month period ended December 31, 2006. During the year the Company spent $2,041,893 on land, $8,535,022 on exploration and development drilling and $1,075,996 on well equipment and facilities. For the three month period ended December 31, 2006 the Company spent $505,267 on land, $3,844,273 on exploration and development drilling and $599,617 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

  • Sahara Energy Ltd.
    Peter J. Boswell
    President
    (403) 232-1359
    Email: pete@saharaenergy.ca
    or
    Sahara Energy Ltd.
    Quentin C. Enns
    VP-Exploration
    (403) 232-1359
    Email: quentin@saharaenergy.ca
    or
    Sahara Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2