GUESS WHAT? U GUYS HAVE NEWS!! AND IT LOOKS LIKE $$$$$$$$$
PRVB (.21) GOOD NEWS OUT!! Press Release Source: Powder River Basin Gas Corp.
Powder River Announces Third Quarter Earnings Friday November 16, 11:55 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Nov 16, 2007 -- Powder River Basin Gas Corp. (OTC BB:PRVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced third quarter earnings from oil and gas operations and its marketing program. ADVERTISEMENT
During the three months ended September 30th, 2007, the Company had net oil and gas sales revenue of $546,211. This represents an increase of $320,383 or approximately 142% compared to $225,828 for the three months ended September 30th, 2006.
Powder River had revenues from working interest sales of $2,181,971, a decrease of $1,790,174 or approximately 45% compared to $3,972,145 for the three months ended September 30th, 2006. This decrease in working interest sales is due primarily to the transition between the Brookshire project and the new Biamante project started during the third quarter. The Company anticipates revenues from working interest sales will increase during the next quarter.
Powder River also anticipates oil and gas sales in the balance fiscal 2007 will increase, but expects the sale of working interests will continue to produce the majority of the Company's revenue.
During the nine months ended September 30, 2007, Powder River had revenues from oil and gas sales of $1,913,044, an increase of $891,419 or approximately 87.3% compared to $1,021,625 for the nine months ended September 30th, 2006. Overall, working interest sales have increased when compared with the prior year period, with the exception of the three month period ended September 30th, 2007, which is explained above.
Total expenses increased to $1,915,012 from $742,067 in the prior year period, and total expenses related to the nine months increased to $6,035,437 from $2,550,401 in the prior year period. This increase is attributable to the increase in business activities, including administrative, lease operating, legal and professional service as well as increased costs related to the working interest marketing program. Management believes the increased expenses are necessary to support operations staff and services such that the Company can continue to acquire, develop, and operate additional oil and gas properties. Management plans to continue to aggressively pursue its strategic objectives in the balance of fiscal 2007.
During the third quarter Powder River Basin Gas Corp. also appointed Mr. Jeffrey Johnson CFO, and Mr. John Havelock and Mr. Mark Chang to the Board of Directors.
Subsequent to September 30th, 2007, the Company has engaged Sunrise Securities Corp as its investment banker to assist management in enhancing shareholder value. This assistance may include but is not limited to raising new capital and advisory services.
Powder River also entered into an agreement to purchase a 50% interest in Texoma Oilfield Services Inc. Texoma is a full service company which will provide the equipment and work crews necessary for the Company to reach its production objectives.
"This has been a very productive year for Powder River thus far. As we move into the fourth quarter, we continue putting all the necessary tools in place that will allow us to reach our objectives over the next few years," 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.
Contact: Contacts: Powder River Basin Gas Corp. Steve Weiss Investor Relations (609) 529-3671 Email: info@powderrivergascorp.com Website: http://www.powderrivergascorp.com
Princeton Research Inc. Mike King Market Analyst (702) 650-3000
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