King Energy Inc. Announces Third Quarter Results.

CALGARY, Feb. 28 /CNW/ - King Energy Inc. ("King) (TSXV:KNG) is pleased
to present its financial results for the three and nine month periods ended
December 31, 2005.

Highlights:

- Production during the nine months ended December 31, 2005 averaged
  215 boe/d. This is an increase of 51% over the nine month period ended
  December 31, 2004.

- Production for the quarter ended December 31, 2005 averaged 285 boe/d.
  This is an increase of 51% over the same quarter in the prior year, and
  a 46% increase over the previous quarter ended September 30, 2005.

- Revenue for the nine months ended December 31, 2005 was $3,299,195.
  This is an increase of 83% over the $1,806,360 for the nine months
  ended December 31, 2004.

- Revenue for the three months ended December 31, 2005 was $1,499,430
  compared to $819,041 for the same three months of the prior year.

- Cash flow from operations for the nine months ended December 31, 2005
  increased to $1,248,377 from $686,422 for the nine months ended
  December 31, 2004.

- Net income for the nine months ended December 31, 2005 was $502,372
  compared to $218,957 for the nine months ended December 31, 2004.


<<
                              Three Months Ended       Nine Months Ended
FINANCE                           December 31             December 31
                          -----------------------------------------------
($, all values)                   2005      2004        2005        2004
-------------------------------------------------------------------------

Petroleum &
 Natural Gas Sales           1,499,430   819,041   3,249,423   1,806,360
Other Income                         -         -      49,772           -
                          -----------------------------------------------

Total Revenue                1,499,430   819,041   3,299,195   1,806,360

Cash flow from operations      456,253   355,035   1,248,377     686,422

Net Income                      41,216   162,320     502,372     218,957



                                                      Three Months Ended
OPERATIONS                                                December 31
                                                      -------------------
                                                        2005        2004
-------------------------------------------------------------------------

Daily production - boe                                   285         189

Average price - $/boe                                  57.27       44.15

Operating expense - $/boe                              20.22        9.38

Operating netback - $/boe
 (before G&A, interest and DD&A)                       29.16       28.98


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.

Copies of King's financial statements and accompanying notes for the
quarter ended December 31, 2005 and related Management Discussion and
Analysis may be obtained at www.sedar.com or by contacting the Company.

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