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Kroes Energy announces second quarter results; Work continues on central Alberta prospects
Kroes Energy announces second quarter results; Work continues on central Alberta prospects.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 29 /CNW/ - Kroes Energy Inc. (TSX Venture: KRS) announced\ntoday that net earnings for the first six months of 2006 were $59,047 compared\nto $425,345 for the same period in 2005. Cash flow from operations was\n$393,087 for the first six months compared to $595,255 in the previous year.\nNet loss for the three months ended June 30, 2006 was $57,527 compared to net\nearnings of $322,664 for the same period in 2005. Cash flow from operations\nwas $116,878 in the second quarter compared to $445,517 last year. These\nresults reflect the impact of crude oil held in inventory at the end of the\nsecond quarter and a new royalty regime imposed in Ukraine during 2005.\nCrude oil production for the first half of 2006 averaged 235 barrels per\nday compared to 227 barrels per day in 2005. Crude oil prices for the first\nsix months of 2006 averaged $55.54 compared to $45.38 per barrel the prior\nyear.\nKroes has made steady progress in pursuing its Western Canada shallow gas\nstrategy over the past three months. To date, the Company has participated in\nfive prospects in central Alberta, earning interests ranging from 12.5% to\n25%. Three wells have been drilled or re-completed and are presently being\nevaluated and tied in. Seismic has been conducted on the remaining two\nprospects where drilling will occur in the fall after locations have been\nselected. The Company has committed approximately $350,000 towards this\nprogram thus far. Meanwhile, Kroes is actively reviewing additional prospects.\n\nKroes Energy is a junior oil and gas producer and explorer participating\nin the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern\nEurope's fastest growing economies. It also has a Joint Venture agreement in\ncentral Alberta. Kroes has a strong management team, with extensive\ninternational experience. Shares trade on the TSX Venture Exchange under the\nsymbol KRS.\n\nFORWARD-LOOKING STATEMENTS\n--------------------------\nThis disclosure contains certain forward-looking estimates that involve\nsubstantial known and unknown risks and uncertainties, certain of which are\nbeyond Kroes' control, including: the impact of general economic conditions in\nthe areas in which the Company operates, industry conditions, changes in laws\nand regulations including the adoption of new environmental laws and\nregulations ...