Petrol Oil and Gas Announces Record First Quarter Results
Gross Revenue Increases 45% From Q4 2004
Company Achieves First Quarter of Positive Cash Flow from Operations
Petrol Oil and Gas, Inc. (OTCBB: POIG) announced today results for the first quarter for the period ended March 31, 2005. Petrol reported record revenue of $1,190,611, a 45% increase compared to $822,739 for the fourth quarter of 2004. Petrol had no revenue in the 2004 first quarter. Petrol generated $45,406 in operating cash flow, its first quarter of operating cash flow.
Petrol had a net loss of $1,671,704, or $0.08 per share, compared to $1,357,325 or $0.09 for the same period in 2004. The 2005 first quarter loss included $1,948,674 in non-cash charges in connection with depreciation, depletion and amortization, and the issuance of common stock to consultants for services and to lenders for the payment of accrued interest.
"In less than one year, we have gone from no revenue to reporting our first cash-flow positive quarter," said Paul Branagan, Petrol's Chief Executive Officer. "We have achieved this by acquiring a combination of what we believe to be low-risk, proven production and high-impact properties. We believe our portfolio of Coal Bed Methane assets ideally positions us to continue to increase production and profits throughout the balance of the year. We expect through strong energy prices and improved operating efficiencies that Petrol is poised to deliver solid results to investors."
Readers are urged to review Petrol's first quarter Form 10-QSB, available on the SEC's website (sec.gov), for a discussion of Petrol's results of operations and review the first quarter 2005 financial statements.
Forward-Looking Statement: The statements in this press release regarding actual and anticipated revenues, any implied or perceived benefits from the Company's CBM assets, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Source: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300 ext. 225