Powder River Reports First Quarter Revenues Over 5 Million 5/16/2007
CALGARY, ALBERTA, May 16, 2007 (CCNMatthews via COMTEX News Network) -- 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.
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Powder River Announces Share Buy Back Program 5/17/2007
CALGARY, ALBERTA, May 17, 2007 (MARKET WIRE via COMTEX News Network) -- Powder River Basin Gas Corp. (OTCBB: PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it is starting a program to re-purchase outstanding shares from the open market.
The Company did not specify the number of shares or the total value of the buy back plan. Repurchases will be made in the open market and through private transactions at the discretion of management. Powder River Basin Gas Corp. intends to work within the designated rules laid out by the authorities. Thus, there is a maximum amount of shares that can be purchased in any given day. The Company intends to work the share buy back program within these parameters.
Powder River has not specified any particular timeline for this initiative, but intends to carry this share buy back program at least through the next two years.
"I'm pleased to announce this share buy back program, as it is the opinion of myself and Powder River's advisors that our shares are considerably undervalued. This is a Company with positive cash flows that is continuing to grow and expand into the oil and gas market through our production development and working interest marketing program. I strongly believe that this program will be in the best interests of all Powder River investors and shareholders," 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.