King Energy Inc. announces its year end March 31, 2005 results

CALGARY, July 28 /CNW/ - King Energy Inc. ("King) (TSXV:KNG) is pleased
to present its financial and operating results for the 12 month period ended
March 31, 2005.

Highlights:

  -  Annual production averaged 150 boe/d, an increase of 35% over the
     year ended March 31, 2004.

  -  Revenue for the year ended March 31, 2005 was $2,739,948, an
     increase of 93% over the year ended March 31, 2004.

  -  Cash flow from operations for the year ended March 31, 2005
     increased to $1,034,839 ($0.17 per share fully diluted) from $34,773
     ($0.01 per share fully diluted) for the year ended March 31, 2004.

  -  Net income for the year ended March 31, 2005 was $395,636 ($0.06 per
     share fully diluted) compared to a loss of $1,160,071 (loss of $0.22
     per share fully diluted) for the year ended March 31, 2004.

<<

FINANCE
                       Three Months Ended

             --------------------------------------
($, except
 number of     Jun 30    Sep 30   Dec 30   Mar 31    Total      Total
 shares)        2004      2004     2004     2005      2005       2004
-------------------------------------------------------------------------

Petroleum &
 Natural Gas
 Sales        362,340   624,980  768,160  759,976  2,515,456   1,411,535
Other Income        -         -   50,881  164,611    215,492           -
             ------------------------------------------------------------
Total
 Revenue      362,340   624,980  819,041  924,587  2,730,948   1,411,535
Cash flow
 from
 operations    22,014   313,040  355,035  344,751  1,034,839      34,773
  per share
   - basic          0      0.06     0.06     0.06      0.018        0.01
  Per share
   - diluted        0      0.05     0.06     0.06      0.017        0.01
Net Income
 (loss)      (127,190)  178,976  162,320  181,530    395,636  (1,160,071)
  per share
   - basic      (0.02)     0.03     0.03     0.03       0.07       (0.22)
  per share
   - diluted    (0.02)     0.03     0.02     0.03       0.06       (0.22)

             ------------------------------------------------------------



OPERATIONS
                                    Three Months Ended
             ------------------------------------------------------------
($/boe except
 daily         Jun 30    Sep 30   Dec 30   Mar 31    Total      Total
 production)    2004      2004     2004     2005      2005       2004
-------------------------------------------------------------------------
Daily
 production
 - boe             94       146      188      169        150         111
Average
 price
 - per boe      42.72     47.11    44.37    48.96      46.09       34.90
Operating
 expense
 - per boe      14.21      9.02     9.33    12.48      10.91       13.88
Operating
 netback
 - per boe
 (before G&A,
 interest
 and DD&A)      14.82     31.77    29.14    37.42      29.91       14.62


Notes:

Cash flow is used before changes in non-cash expenses to analyze
operating performance. Cash flow does not have a standardized measure
prescribed by Canadian Generally Accepted Accounting Principles and,
therefore, may not be comparable with the calculations of similar
measures for other companies.

"Boe" 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 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.
>>