Powder River Reports First Quarter Revenues Over 5 Million
Powder River Basin Gas Corp. (OTCBB: PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced earnings for the first quarter of 2007.
The Company's net revenue from oil and gas sales increased to $952,191, from $239,280 for the first quarter of 2006. This represents an increase of $712,911, or approximately 298% over the previous year.
The Company also had net revenues from working interest sales of $4,740,843, an increase of $120,843 or approximately 2.6% compared to $4,620,000 for the same period of 2006.
The Company had a net profit of $3,411,512 before income taxes.
Total expenses increased significantly for the three months ended March 31, 2007 to $2,293,944, from $374,183 in 2006. The increase in expenses is directly associated with the increase in the Company's business activities over the prior year period. Increases occurred in administration, lease operating expenses, marketing administration, legal and professional fees.
The increase in expenses was necessary to add support staff to achieve sales of working interests as well as to continue to acquire, develop and operate additional oil and gas properties. The Company also implemented a management compensation program, effective January 1, 2007. Prior to this date, there was no salary or compensation for management.
"We are extremely pleased with the continued expansion and growth of Powder River and look forward to continuing our success in 2007," 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. |
