Energas Resources Reports Results for Fiscal Year Ended January 31, 2006.OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm -- Energas Resources, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EGSR EGSR Eurographics Symposium on Rendering EGSR Employer Support of the Guard and Reserve EGSR Engineer General Service Regiment ) announces the results of the Company's fiscal year ended January 31, 2006. Highlights include: --Total Revenue increased 79% to a record $1,197,252 from $668,490 in the previous year. --Present Value of Future Net Cash Flows from Proved Oil and Gas Reserves increased 15.1% from January 31, 2005. --Cash Loss for the year ended January 31, 2006 (Net Loss plus Depreciation, Depletion and Amortization and a Non-cash Impairment Charge) decreased 41% to $(517,791) from $(880,234), year over year. "The fiscal year ended January 31, 2006 showed solid progress over the previous year in terms of revenue, proven reserves and a lower cash loss," stated George Shaw George Shaw (December 10, 1751 - July 22, 1813) was an English botanist and zoologist. Shaw was born at Bierton, Buckinghamshire and was educated at Magdalen Hall, Oxford, receiving his M.A. in 1772. He took up the profession of medical practitioner. , President. "The first quarter of the current fiscal year will show the first revenue from natural gas sales in the Parkway field Parkway Field is the name of a minor league baseball and college baseball park that stood in Louisville, Kentucky. It was home to the Louisville Colonels of the American Association from 1923 into the mid 1950s, and then of the University of Louisville team for several decades . While we experienced delays and equipment failures during the startup phase of the Parkway pipeline, we continue to believe that the field holds promise for the future of our Company. We will issue a complete update on the status and strategy for the Parkway in the near future." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement When used in this press release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well. |
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