TRAFINA Energy Ltd.
TSX VENTURE : TFA.A

TRAFINA Energy Ltd.

November 29, 2006 19:00 ET

TRAFINA Announces Highlights for the Three and Nine Months Ended Sept 30, 2006

CALGARY, ALBERTA--(CCNMatthews - Nov. 29, 2006) - TRAFINA Energy Ltd. (TSX VENTURE:TFA.A):

- Gross revenue increased 121% to $8,671,206 in the nine months due to higher commodity prices and the gain on sale of assets in the second quarter and decreased 2% to $1,447,153 in the three months, compared to the same period of 2005.

- Cash flow increased 26% to $1,817,494 in the nine months due to a 9% increase in sales volumes and a 19% increase in product prices and decreased 17% to $571,120 in the three months due to an increase in operating and current income tax expenses.

- Net income increased 758% to $2,824,450 in the nine months due to the gain on sale of assets in the second quarter, offset by higher operating, depletion and G&A expenses and decreased 200% to a loss of $183,382 in the three months due to an increase in depletion and operating expenses and a reduction in proceeds related to the final adjustment of the sale of the Mannville assets.



FINANCIAL Three months ended Nine months ended
HIGHLIGHTS September 30 September 30
2006 2005 Change 2006 2005 Change
---------------------------------------------------------------------------
(in $ except
shares
outstanding) $ $ % $ $ %
Total gross
revenue 1,447,153 1,473,746 -2 8,671,206 3,925,735 +121
Oil and gas
revenue, net
of royalties 1,342,067 1,226,453 +9 4,325,358 3,259,901 +33
Income (loss)
before taxes (79,382) 322,871 -125 3,772,244 520,114 +625
Net income
(loss) (183,382) 182,875 -200 2,824,450 329,068 +758
- Per common
share (basic) (0.03) 0.04 -175 0.49 0.07 +600
Cash flow from
operations 571,120 687,111 -17 1,817,494 1,440,068 +26
- Per common
share (basic) 0.10 0.15 -33 0.32 0.32 +0
Average shares
outstanding
- basic 5,752,935 4,490,250 +28 5,751,250 4,490,250 +28
Average shares
outstanding
- diluted 5,948,183 4,579,322 +30 5,946,498 4,579,322 +30
Capital
expenditures (3,511) 1,494,916 -100 7,259,251 2,886,095 +152
Proceeds of
disposition (150,000) 0 +0 7,350,000 500,000 +1370
Bank debt 0 509,073 +0 0 509,073 +0
Rate of return
on shareholders'
equity
- Before tax (3%) 26% -112 43% 14% +207
- After tax (6%) 15% -140 32% 9% +256
---------------------------------------------------------------------------
OPERATING
HIGHLIGHTS
Daily Sales
Natural gas
(Mcf/d) 1,680.2 1,732.3 -3 1,708.1 1,651.6 +3
Oil (Bbl/d) 19.2 13.4 +43 33.3 15.7 +112
NGL (Bbl/d) 4.2 5.0 -16 4.2 5.0 -16
Total BOE/d (1) 303.4 307.1 -1 322.2 295.9 +9

Average Prices
Natural gas
($/Mcf) 9.50 8.50 +12 9.51 8.09 +18
Oil ($/Bbl) 34.17 57.00 -40 56.06 37.09 +51
NGL ($/Bbl) 65.84 51.53 +28 60.41 47.54 +27
Total BOE
($/BOE) (1) 55.69 51.25 +9 57.00 47.92 +19
---------------------------------------------------------------------------
(1) "BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily at the burner tip and does not represent a
value equivalency at the wellhead."


OPERATIONAL ACTIVITY

Drilling and Recompletion Activity

During the third quarter of 2006, TRAFINA did not undertake any drilling or recompletion activities. Until TRAFINA's application for a production facility in the area of the Bittern Lake "play" is approved by the AEUB, additional drilling, completion or production activities have been halted in this area. However, in the interim TRAFINA's management efforts have been directed towards identifying, developing and evaluating new areas of interest and new drilling prospects in anticipation of ramping up future exploratory activity.

Alberta Energy and Utilities Board (AEUB) Activity

TRAFINA's Bittern Lake Project currently consists of two oil wells which have been and remain shut-in since March/ April 2006. Oil produced from these two wells contains solution gas, which is slightly sour. TRAFINA has continued to work with the AEUB and local surface landowner objectors to allow the Company to resume oil production from these wells so as to enable it to determine the size of the targeted reservoir(s). In order for these oil wells to be put into production, the AEUB must first lift the suspension of license #342958 issued against TRAFINA's well(s).

Progress towards the resolution of issues raised by the Bittern Lake landowners is proceeding through EUB's Appropriate Dispute Resolution (ADR) protocol as specified by EUB Directive 56. An ADR meeting was held in early September, 2006 among TRAFINA personnel and counsel, two of the three objecting landowners, and a facilitator from the AEUB. Negotiations to finalize details of agreements in principle reached by TRAFINA and the landowners, with the assistance of the EUB facilitator are currently being processed by the parties legal counsel. We are hopeful that a written agreement can be finalized during the fourth quarter of 2006. Once TRAFINA has the AEUB suspension(s) lifted, it plans to immediately resume development of the balance of the Bittern Lake play.

SALES VOLUMES

Net sales for the three months ended September 30, 2006 averaged 303.4 BOE/d down 1% from 307.1 BOE/d and net sales for the nine months ended September 30, 2006 averaged 322.2 BOE/d up 9% from 295.9 BOE/d, over the comparable periods in 2005. This increase was the direct result of production from one oil well in the Wetaskiwin area of Alberta, which has been shut-in since April 2006. Three month natural gas sales were down 3% to 1,680.2 Mcf/d from 1,732.3 Mcf/d and nine month natural gas sales were up 3% to 1,708.1 Mcf/d from 1,651.6 Mcf/d compared to the similar periods of 2005. Three month oil sales were up 43% to 19.2 Bbl/d and nine month oil sales were up 112% to 33.3 Bbl/d, compared to the similar periods of 2005. Three month NGL sales decreased 16% to 4.2 Bbl/d from 5.0 Bbl/d and nine month NGL sales decreased 16% to 4.2 Bbl/d from 5.0 Bbl/d, compared to the similar periods of 2005.

SALES PRICES

Natural gas prices during the three and nine month periods ended September 30, 2006 averaged $9.50 and $9.51 per thousand cubic feet, an increase of 12% and 18% over the comparable periods of 2005. TRAFINA continued to enjoy strong commodity price regimes during the Third Quarter of 2006 in part because of our gas contracts priced at $8.77/ Giga Joule for 500 Giga Joules per day, $8.65/ Giga Joule for an additional 500 Giga Joules per day and $11.00/ Giga Joule for an additional 500 Giga Joules per day which were all in effect until October 31, 2006. TRAFINA's average monthly natural gas prices in the Third Quarter of 2006 were $9.45, $9.62 and $9.44 per thousand cubic feet for July, August and September, respectively. Oil prices were down 40% for the three month period to $34.17 per barrel and up 51% for the nine month period to $56.06 per barrel due to one light oil well being shut-in since May 2006, leaving a higher percentage of heavy oil, which has lower prices. NGL prices were up 28% for the three month period to $65.84 per barrel and up 27% for the nine month period to $60.41 per barrel. TRAFINA is considering whether to enter into further forward gas sales contracts, for a portion of production.

MANAGEMENT'S OUTLOOK

Oil and natural gas prices reached their highest levels during the second and third quarters of 2006 (Oil - July/2006 and Natural Gas - May/2006), but currently the Industry is seeing a large fluctuation in real demand due to changing weather patterns. Commodity prices will most likely continue to fluctuate dramatically driven by unpredictable demand associated with these volatile weather patterns. These fluctuating demands together with the Canadian Government recent intrusion into the capital markets have spawned a definitive change in the investment climate, particularly in Western Canada for investment in oil and gas companies, trusts etc. TRAFINA believes, however, that new exploration opportunities will continue to be available to companies such as TRAFINA that are well capitalized to take advantage of them. TRAFINA will continue its efforts to identify, acquire, and develop newly available mineral lands in 2007.

TRAFINA has drilled one well, and is planning to drill a further exploratory well during the fourth quarter of 2006 in the Wetaskiwin area of Alberta. As well, TRAFINA is planning to drill one additional exploratory well in first quarter of 2007. All three of these wells are targeted at natural gas on mineral lands located close to existing pipelines and infrastructure.

TRAFINA has also been evaluating other areas of interest, which will involve TRAFINA undertaking a targeted seismic program to earn an interest in the mineral lands. In the event that TRAFINA elects to drill an exploratory well, TRAFINA will earn an additional interest in the referenced mineral lands. If TRAFINA agrees to accept the proposed terms, the first well would be drilled in the first quarter of 2007.

On behalf of the Board of Directors:

Roland T. Valentine, Chairman and CEO

J. Terry McCoy, President

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's discussion and analysis ("MD&A") is a review of TRAFINA Energy Ltd's ("TRAFINA" or the "Company") financial results for the three and nine month periods ended September 30, 2006 and should be read in conjunction with the unaudited interim financial statements for the three and nine month periods ended September 30, 2005 and the audited financial statements and MD&A for the year ended December 31, 2005. The MD&A is prepared in accordance with Canadian generally accepted accounting principles ("GAAP"). All references to dollar values refer to Canadian dollars, unless otherwise stated.

REVENUE

Gross revenues in the three months ended September 30, 2006 decreased 2% to $1,447,153 from $1,473,746 and in the nine months ended September 30, 2006 increased 121% to $8,671,206 from $3,925,735 compared to the similar periods of 2005. The nine month increase was mainly the result of a gain on sale of assets of $3,660,135 realized in the second quarter of 2006 and also due to a 19% increase in average sales.

PRICES

TRAFINA's average price per BOE for the three months ended September 30, 2006 was $55.69, an increase of 9% from $51.25 and for the nine months ended September 30, 2006 was $57.00, an increase of 19% from $47.92 in the comparable periods of 2005. TRAFINA's average oil price was 40% lower for the three months due to one light oil well being shut-in since May 2006, leaving a higher percentage of heavy oil, which has lower prices and was 51% higher for the nine months ended September 30, 2006 compared to the similar periods of 2005. NGL prices were 28% and 27% higher for the three and nine months ended September 30, 2006 compared to the similar periods of 2005. Natural gas prices increased 12% and 18% to $9.50 and $9.51 per Mcf for the three and nine months ended September 30, 2006 versus 2005. TRAFINA benefited from the gas contracts which expired on October 31, 2006, the average of the gas contract price was $9.47/GJ. Management continues to consider further fixed price forward sales gas contracts.

ROYALTIES

Net royalties decreased to $212,609 ($7.62 per BOE) from $221,457 ($7.83 per BOE) for the three months ended September 30, 2006 and increased to $689,263 ($7.84 per BOE) from $610,810 ($7.56 per BOE) for the nine months ended September 30, 2006, compared to the similar periods of 2005. This increase for the nine months was due to the retroactive payment of royalties from January 2006 relating to the settlement of a statement of claim which was filed against the Company by an industry competitor, claiming title to coal bed methane produced from certain of the Company's lands underlying Section 31-45-23 W4M and was also due to a decrease in crown production with a resulting decrease in the Alberta royalty tax credit.

Royalties, net of Alberta royalty tax credit as a percentage of revenue, for the three months ended September 30, 2006 decreased to 13.7% from 15.3% and for the nine months ended September 30, 2006 decreased to 13.7% from 15.8%, compared to the similar periods of 2005. This decrease was due to a decrease in crown production.

OPERATING EXPENSES

Operating expenses including processing and transportation costs, on a barrel of oil equivalent basis, have increased to $13.52 per BOE in the three months and $13.43 per BOE in the nine months ended September 30, 2006 from $9.49 and $10.87 in the comparable periods of 2005. The increase was largely due to higher processing, compression and transportation costs along with environmental/safety and engineering consulting costs due to land issues for TRAFINA's oil wells in the Bittern Lake area of Alberta.

NETBACKS

TRAFINA's average operating netback increased 2% to $34.55 per BOE for the three months and increased 21% to $35.74 per BOE for the nine months ended September 30, 2006, compared to the similar periods of 2005. These changes were primarily due to increased product prices.

GAIN ON SALE OF ASSETS

TRAFINA realized a gain on sale of assets on the Mannville coal bed methane rights in the Wetaskiwin area of Alberta effective March 1, 2006 for $3,548,565 during the nine months ended September 30, 2006, including an adjustment from the buyer for the amount of $600,000 to be finalized within 120 days after June 28, 2006. As a result of finalization of the adjustment, TRAFINA was credited $450,000 for post March 1, 2006 Mannville coalbed capital costs. The gross proceeds of sales are $7,350,000. The cost of assets sold is approximately $3,552,000.

INTEREST EXPENSE

Interest expense decreased to $3,138 from $6,763 in the three months and increased to $24,338 from $23,035 in the nine months ended September 30, 2006 compared to the similar periods of 2005. The nine month increase was largely due to the increase in capital expenditures during the first quarter of 2006. The three month decrease was the result of the bank loan being paid off in June 2006 with the proceeds of the sale of assets.

GENERAL AND ADMINISTRATIVE EXPENSE AND STOCK BASED COMPENSATION

Gross general and administrative expenses before capitalization ($75,970 for the three months ended September 30, 2006 and $178,582 for the nine months ended September 30, 2006 and $29,947 for the three months and $120,042 for the nine months in the comparable periods of 2005) totaled $419,103 or $15.01 per BOE in the three months ended September 30, 2006 and $1,291,343 or $14.68 per BOE for the nine months ended September 30, 2006 compared to $353,863 or $12.51 per BOE for the three months and $1,011,481 or $12.52 per BOE for the nine months in the comparable periods of 2005. The increases are mainly due to increased staff and other administrative costs incurred to support the Company's programs.

Stock based compensation expense totaled $42,000 for the three months ended September 30, 2006 and 2005 and $124,000 for the nine months ended September 30, 2006 and 2005. Stock based compensation is amortized over the vesting period of the stock options. Compensation expense is based on estimated fair value of the options on the grant date in accordance with the fair value of accounting for stock based compensation.

DEPLETION, DEPRECIATION AND ACCRETION

Depletion, depreciation and accretion expense was $556,059 for the three months ended September 30, 2006 and $1,774,609 for the nine months ended September 30, 2006 compared to $289,236 and $878,000 in the comparable periods of 2005. The average rate for providing depletion, depreciation and accretion of oil and gas assets increased to $19.92 per BOE for the three months ended September 30, 2006 and $20.17 for the nine months ended September 30, 2006 from $10.24 and $10.87 per BOE in the comparable periods of 2005. These increases were largely due to an increase in capital expenditures during 2006 which does not yet have any associated reserves recognition.

INCOME TAXES

Income taxes decreased $104,000 in the three months ended September 30, 2006 and increased to $947,794 in the nine months ended September 30, 2006 from a provision of $139,996 for the three months and provision of $191,046 for the nine months in the comparable periods of 2005, principally due to the recognition of gain on sale of assets in 2006.

NET INCOME

Net income decreased 200% to a loss of $183,382 from an income of $182,875 in the three months ended September 30, 2006 and increased 758% to $2,824,450 from $329,068 in the nine months ended September 30, 2006 compared to the similar periods of 2005. The increase in the nine months is largely due to the recognition of gain on sale of assets in the second quarter of 2006, offset by higher operating, depletion, and G & A expenses. The decrease in the three months is mainly due to higher depletion and depreciation, and operating expenses and the reduction in proceeds related to the final adjustment of the sale of the Mannville assets.

CASH FLOW FROM OPERATIONS

Cash flow from operations decreased 17% to $571,120 for the three months ended September 30, 2006 and increased 26% to $1,817,494 for the nine months ended September 30, 2006 from $687,111 for the three months and $1,440,068 for the nine months in the comparable periods of 2005. The three month decrease is largely due to increased operating and current income tax expenses, and the nine month increase is due an increase of 9% in sales volume and a 19% increase in product prices compared to 2005.

LIQUIDITY AND CAPITAL RESOURCES

a) Working Capital

TRAFINA had a working capital of $1.4 million at September 30, 2006, as a result of the gain on sale of assets in the Second Quarter of 2006.

b) Bank Debt

As at September 30, 2006, TRAFINA had no bank debt compared to $509,073 as at September 30, 2005. The Company has a $6,800,000 demand revolving operating credit facility with a Canadian chartered bank. The facility bears interest at the bank's prime rate plus 1/4 percent per annum. The facility is secured by a floating charge demand debenture in the amount of $10,000,000 over the Company's property and equipment and a general assignment of book debts. Since September 30, 2006, the Company has not drawn down on this line to fund its working capital deficit.

The revolving operating credit facility revolves until May 31, 2007 at which time the facility may be converted to a term facility with a term, at the bank's discretion, not to exceed five years.

c) Capital Expenditures

Capital expenditures decreased by 100% to a credit of $3,511 in the three months ended September 30, 2006 and increased 152% to $7,259,251 ($2,138,252 is related to 2006 capital expenditures addition on the Mannville assets sold in the second quarter of 2006) in the nine months ended September 30, 2006 compared to $1,494,916 for the three months and $2,886,095 for the nine months in the comparable periods of 2005. Due to the final adjustment of the sale of Mannville assets, there was a $450,000 credit applied to capital expenditures in the third quarter.

NON-GAAP MEASUREMENTS

The Management's Discussion and Analysis contains the term cash flow from operations, which should not be considered an alternative to, or more meaningful than cash flow from operating activities or net income as determined in accordance with Canadian generally accepted accounting principles as an indicator of the Company's performance. TRAFINA's determination of cash flow from operations may not be particularly comparable to that reported by other companies especially those in other industries. Cash flow from operations represents a measurement of financial performance for which management feels responsible and which is used in the oil and gas industry. Cash flow from operations has been determined by TRAFINA based upon adding net income and deducting depletion, depreciation, accretion, future income taxes (recovery) and before the changes in non-cash working capital. The Company also presents cash flow from operations per share whereby per share amounts are calculated using weighted average outstanding common shares consistent with the calculation of net income per share.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements, including statements relating to management's approach to operations, expectations relating to the number of wells, amount and timing of capital projects, interest rates, prices of oil and natural gas, Company production, cash flows and debt levels. The forward-looking statements involve known and unknown risks, uncertainties and other factors which 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. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by TRAFINA at the time of preparation, may prove to be incorrect.



INTERIM BALANCE SHEET
(unaudited)

September 30, December 31,
2006 2005
--------------------------
ASSETS

Current Assets
Cash and cash equivalents $ 2,992,998 $ 2,352,435
Accounts receivable 1,412,061 1,840,219
Income tax receivable - 182,348
Prepaid expenses and deposits 92,377 54,013
--------------------------
4,497,436 4,429,015
Property and equipment (note 2) 11,445,762 9,734,583
--------------------------
$15,943,198 $14,163,598
--------------------------
--------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued liabilities $ 2,819,452 $ 4,964,224
Income tax payable 303,000 -
--------------------------
3,122,452 4,964,224

Asset retirement obligations (note 4) 422,700 394,728
Future income taxes (note 5) 2,184,703 1,378,000
--------------------------
5,729,855 6,736,952
--------------------------

Shareholders' Equity
Share capital (note 6) 3,477,233 3,638,986
Contributed surplus (note 6) 335,000 211,000
Retained earnings 6,401,110 3,576,660
--------------------------
10,213,343 7,426,646
--------------------------

$15,943,198 $14,163,598
--------------------------
--------------------------
Commitments (note 9)


Roland Valentine - Chairman & CEO Donald Douglas - Director


INTERIM STATEMENTS OF EARNINGS
(unaudited)

Three months ended Nine months ended
September 30 September 30
2006 2005 2006 2005
---------------------------------------------------
REVENUE
Oil and gas $ 1,554,676 $ 1,447,910 $ 5,014,621 $ 3,870,711
Royalties, net of ARTC
of $33,012 and
$92,797 (2005 -
$41,576 and $113,265) (212,609) (221,457) (689,263) (610,810)
---------------------------------------------------
1,342,067 1,226,453 4,325,358 3,259,901
Gain (loss) on sale of
assets (132,443) - 3,548,565 -
Interest and other 24,920 25,836 108,020 55,024
---------------------------------------------------
1,234,544 1,252,289 7,981,943 3,314,925
---------------------------------------------------
EXPENSES
Operating 239,761 145,927 783,748 547,203
Processing and
transportation 137,695 122,072 398,098 331,134
Accretion 7,052 5,372 22,760 19,394
Depletion and
depreciation 549,007 283,864 1,751,849 858,606
General and
administrative 335,273 323,420 1,104,906 891,439
Interest 3,138 6,763 24,338 23,035
Stock-based
compensation 42,000 42,000 124,000 124,000
---------------------------------------------------
1,313,926 929,418 4,209,699 2,794,811
---------------------------------------------------

Income (loss) before
taxes (79,382) 322,871 3,772,244 520,114
---------------------------------------------------

Provision (reduction)
for income taxes
Current 80,000 (33,004) 304,794 82,046
Future 24,000 173,000 643,000 109,000
---------------------------------------------------
104,000 139,996 947,794 191,046
---------------------------------------------------

Net income (loss) $ (183,382) $ 182,875 $ 2,824,450 $ 329,068
---------------------------------------------------
---------------------------------------------------

Basic net income (loss)
per common share $ (0.03) $ 0.04 $ 0.49 $ 0.07
---------------------------------------------------
---------------------------------------------------

Diluted net income
(loss) per common
share $ ( 0.04) $ 0.04 $ 0.47 $ 0.07
---------------------------------------------------
---------------------------------------------------

Weighted average number
of common shares
outstanding (basic) 5,752,935 4,490,250 5,751,250 4,490,250
---------------------------------------------------
---------------------------------------------------
Weighted average number
of common shares
outstanding (diluted) 5,948,183 4,579,322 5,946,498 4,579,322
---------------------------------------------------
---------------------------------------------------


INTERIM STATEMENTS OF RETAINED EARNINGS
(unaudited)

Three months ended Nine months ended
September 30 September 30

2006 2005 2006 2005
---------------------------------------------------

Retained earnings,
beginning of period $ 6,584,492 $ 3,196,115 $ 3,576,660 $ 3,049,922
Net income (loss) (183,382) 182,875 2,824,450 329,068
---------------------------------------------------
Retained earnings, end
of period $ 6,401,110 $ 3,378,990 $ 6,401,110 $ 3,378,990
---------------------------------------------------
---------------------------------------------------


INTERIM STATEMENTS OF CASH FLOWS
(unaudited)

Three months ended Nine months ended
September 30 September 30

2006 2005 2006 2005
---------------------------------------------------
Cash provided by (used
in):

Operations
Net income (loss) $ (183,382) $ 182,875 $ 2,824,450 $ 329,068
Add (deduct) non-cash
items:
Accretion 7,052 5,372 22,760 19,394
Depletion and
depreciation 549,007 283,864 1,751,849 858,606
Future taxes 24,000 173,000 643,000 109,000
Stock-based
compensation 42,000 42,000 124,000 124,000
Loss (gain) on sale
of assets 132,443 - (3,548,565) -
---------------------------------------------------
Funds from operations 571,120 687,111 1,817,494 1,440,068
Change in non-cash
operating working
capital (note 7) 251,760 (241,052) (2,424,630) (504,381)
---------------------------------------------------
$ 822,880 $ 446,059 $ (607,136) $ 935,687
---------------------------------------------------

Investments
Proceeds on
disposition of
property and equipment (150,000) - 7,350,000 500,000
Additions to property
and equipment 3,511 (1,494,916) (7,259,251) (2,886,095)
Non-cash working
capital relating to
investing activities (249,000) 1,197,000 1,155,000 1,841,000
(note 7)
---------------------------------------------------
$ (395,489) $ (297,916) $ 1,245,749 $ (545,095)
---------------------------------------------------

Financing
Issuance of shares 16,600 - 16,600 -
Repurchase and
cancellation of
shares (14,650) - (14,650) -
Decrease in bank debt - (148,143) - (390,592)
---------------------------------------------------
$ 1,950 $ (148,143) $ 1,950 $ (390,592)
---------------------------------------------------

Change in cash and cash
equivalents $ 429,341 $ - $ 640,563 $ -
Cash and cash
equivalents, beginning
of period 2,563,657 - 2,352,435 -
---------------------------------------------------
Cash and cash
equivalents, end of
period $ 2,992,998 $ - $ 2,992,998 $ -
---------------------------------------------------
---------------------------------------------------


Forward Looking Statements: This press release may contain forward-looking statements, including statements relating to management's approach to operations, expectations relating to the number of wells, amount and timing of capital projects, interest rates, prices of oil and natural gas, Company production, cash flows and debt levels. The forward-looking statements involve known and unknown risks, uncertainties and other factors which 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. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by TRAFINA at the time of preparation, may prove to be incorrect.

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

Contact Information

  • TRAFINA Energy Ltd.
    Roland Valentine
    (403) 263-0800 ext 109
    or
    TRAFINA Energy Ltd.
    J. Terry McCoy
    (403) 263-0800 ext 107