Trimox Energy Inc.

Trimox Energy Inc.

March 22, 2007 18:01 ET

Trimox Files NI 51-101

CALGARY, ALBERTA--(CCNMatthews - March 22, 2007) - Trimox Energy Inc. ("Trimox" or the "Corporation") (TSX VENTURE:TRM.A)(TSX VENTURE:TRM.B) announces the filing of the Statement of Reserves Data and Other Oil and Gas Information as required by National Instrument 51-101 of the Canadian Securities Administrators. These filings contain oil and gas reserves information, the report of the independent qualified reserves evaluator and the related report of management and directors. These reports are available for review at

The Corporation's audited financial statements for the year ended December 31, 2006 and the accompanying Management Discussion and Analysis is expected to be released in late April 2007.

Unaudited production for the three months and year ended December 31, 2006 was 927 and 810 boe/d, respectively. The Corporation's unaudited working capital deficiency (including bank debt) was approximately $6.3 million at December 31, 2006.

Trimox confirms previously announced first quarter 2007 guidance of approximately 900 boe/d and cash flow of approximately $1,500,000 ($0.08 per Class A share). The Corporation anticipates reducing its working capital deficiency (including bank debt) to approximately $6.0 million by March 31, 2007.

Trimox trades on the TSX Venture Exchange under the symbols "TRM.A" and "TRM.B" and has 14,900,000 Class A shares and 450,000 Class B shares outstanding.

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Trimox's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Trimox's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Trimox will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Trimox or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Trimox does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Natural gas volumes have been converted to barrels of oil equivalent ("boe") using six thousand cubic feet ("mcf") equal to one barrel ("bbl"). This conversion ratio is based on an energy equivalent conversion applicable at the burner tip and does not represent a value equivalency at the wellhead.

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

Contact Information

  • Trimox Energy Inc.
    Steve Dabner
    President & C.E.O.
    (403) 216-1721
    Trimox Energy Inc.
    Thomas Love
    Chairman & C.F.O.
    (403) 216-1722