Powder River Revs Over $4.6 Million; Reports 2005 Year End Results
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CCNMatthews
07:00 a.m. 04/19/2006
CALGARY, ALBERTA, Apr 19, 2006 (CCNMatthews via COMTEX) -- Powder River Basin Gas Corp. (PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has completed its second full year of operations under current management.
For the year ended December 31, 2005 the Company reported oil and gas sales of $622,882 as compared to $248,328 for 2004. This represents an increase of $374,554 or 250%.
Total revenues for 2005 were $4,643,965 as compared to $2,184,880 in 2004. This is an increase of $2,459,085 or 212%.
Net income before taxes for 2005 was $1,510,690 as compared to $1,048,575 for 2004. This increase of profits is $462,115 or 144%.
Powder River Basin Gas Corp. reported total expenses of $3,033,599 as compared to $1,089,298 for 2004. The increase in expenses is directly related to the increase in operation activities due to expansion and growth of the Company.
Share price increased from $0.08 at the end of 2004 to $0.24 at the end of 2005. This is an increase of $0.16 per share, or 300% over 2004 year end.
Powder River Basin Gas Corp. experienced a significant reduction in production from August through October, due to hurricanes Katrina and Rita. However, the Company is now back on schedule with regards to the re-work programs on all the affected properties.
Powder River Basin Gas Corp. also increased their property holdings, purchasing additional properties which are anticipated to be brought into production during 2006.
"We are pleased with the continued growth of Powder River Basin Gas Corp. over the past two years. I look forward to maintaining our aggressive strategic acquisition and marketing program and look forward to more successful developments in 2006," stated Powder River Basin Gas Corp. CEO, Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Powder River Basin Gas Corp. Stephanie Edgemon Investor Relations (602) 466-2422 powderriverir@aol.com www.powderrivergascorp.com
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