SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

March 01, 2007 20:24 ET

SKANA Reports Financial Results for the Third Quarter 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces its unaudited consolidated interim financial statements for the third quarter ended December 31, 2006 reporting a loss of $3,254,740 (basic and diluted loss per share of $0.14). The loss includes a net unrealized loss on marketable securities of $1,870,700 for the three month period which reduced the total appreciation for the nine month period ended December 31, 2006 to $783,973. In addition, the unsuccessful acquisition of the Kazakhstan project resulted in $1,023,060, being charged to loss on failed acquisition for the period ending December 31, 2006.

As at December 31, 2006 SKANA had working capital of $32,258,749 including $30,097,407 in net proceeds from three non-brokered private placements for the nine month period ended December 31, 2006. As at December 31, 2006 SKANA had a cash and temporary investment balance of $30,880,783.

SKANA's unaudited consolidated interim financial statements and Management's Discussion and Analysis (MD&A) for the third quarter 2006 will be filed with SEDAR and be available for download at www.sedar.com.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes have significant potential through its financial involvement and contribution of management expertise.

Forward-Looking Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of SKANA. Actual results realized may vary materially from the information provided in this release. As a result, there is no representation by SKANA that actual results realized in the future will be the same in whole or in part as those presented herein.

The TSX Venture Exchange has in no way passed upon the merits of this press release and has neither approved nor disapproved its content. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Neil Halldorson
    President and CEO
    (604) 669-4899