Result Energy announces record financial and operating results for 2004

TSX Venture: RTE

CALGARY, April 18 /CNW/ - Result Energy Inc. announces record financial
and operating results for 2004. The Company delivered its best year ever due
to increased exploration and development activity and growing production
volumes.
Average daily production increased for the 3rd consecutive year to
250 boed from 80 boed in 2003, a 213% year over year increase. Result's exit
production was 483 boed (97% natural gas) with a further 390 mcfd (65 boed)
awaiting tie-in. Sales revenue increased dramatically to $3.4 million compared
to $0.9 million for 2003. This is attributable to higher commodity prices and
substantially increased production.
Result had cash flow of $1,379,720 in 2004 compared to a negative cash
flow of $47,429 for 2003. A large share of the Company's 2004 cash flow was
earned in the fourth quarter, providing an indication of the cash flow trend
that management expects to see in 2005. Result had a small net loss $107,290
(or $0.00 per share) for 2004, compared to a net income of $615,453 (or
$0.10 per share) for 2003. This reflects non-cash expenses, primarily
depletion expense of $2,090,255 compared to $434,660 in 2003. The increase in
depletion expense is due to increased production in 2004 and an increased net
book value of property & equipment subject to depletion.
Reserves (P+PA) at December 31, 2004 are up 500% to over 1.3 million boe
(7.9 bcfe) from 219 thousand boe at December 31, 2003. This growth can be
attributed to Result's Dodsland acquisition in 2003 and exploration and
development work carried out over the course of the year.

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Financial Highlights
--------------------
Years ended December 31                                   2004      2003
-----------------------                           -----------------------
Revenue, before royalties                          3,409,213     911,218
Net income (loss) for the period                    (107,290)    615,453
Net income (loss) per share - basic and diluted        (0.00)       0.10
Cash flow from operations                          1,379,720     (47,429)
Cash flow per share                                     0.06       (0.00)
Shares outstanding for the year - weighted
 average, basic                                   22,147,950   6,125,489
Total shares outstanding as at year-end           31,970,637  17,287,590

Result expects to drill at least 25 wells (14 net) over the next
9 months. This activity will be balanced across the Company's three focus
areas and will include both exploration and development drilling. Contingent
upon success, the Company will follow up with a further 14 wells in late 2005
and early 2006. Planned 2005 drilling activities in the Peace River Arch
region will include a new shallow gas project at West Cecil; Triassic oil
prospects at Eureka River; continued development at Clearhills; and a     
high-impact Leduc/Gilwood prospect at Worsley.
In Western Saskatchewan/Eastern Alberta, Result will continue with its
downspacing program at Dodsland, drilling 6 Viking development wells. The
Company will also commence a deeper pool exploration program targeting the
Bakken and Waseca horizons. Result has expanded its presence on these plays to
the east with a proposed 4-well program at East Dodsland, and to the west with
a 3-well program in the Alsask area.
In Central Alberta, Result has completed its geological and geophysical
interpretation of the recently purchased 85 square mile 3-D seismic survey.
The Company has identified numerous prospects from this data set, and a
focused mineral rights acquisition program has commenced. Subject to land and
regulatory approvals, the Company expects to drill a suite of exploratory
prospects during the third and fourth quarters, including a new Viking light
oil play and several Belly River and Ellerslie gas plays.
Result has filed with Canadian securities regulatory authorities its
audited financial statements and related management's discussion and analysis
for the 12 months ending December 31, 2004 and certain reports relating to the
corporation's reserves data and other oil and gas information required under
National Instrument 51-101. These filings are available for review on SEDAR.

Result Energy Inc. is a publicly traded Canadian energy company involved
in the exploration and development of oil and gas properties in western
Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".

The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release. This press release may contain forward-looking
statements and assumptions. Such statements and assumptions, although
considered reasonable by the Corporation's management at the time of
preparation, involve known and unknown risks and uncertainties. Actual future
results may differ materially from predicted results or performances which may
be implied from, or based upon, such statements and assumptions. Risk factors
include fluctuations in the market for oil and gas, the Corporation's ability
to continue to attract and retain key personnel and other factors. Any
investment in Result Energy Inc. securities should be considered a speculative
investment.

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