GeoPetro Resources Releases Year End 2006 Financial Results, Oil And Gas Reserves
GeoPetro Resources Company (“GeoPetro” or the “Company”) (TSX: GEP.S)(AMEX: GPR) today reported audited financial results for the year ended December 31, 2006. All currency amounts in this release are stated in U.S. dollars.
Revenue for the year ended December 31, 2006 was $6,716,360 compared to $7,975,990 in 2005, representing a 16% decrease from the prior year. The Company increased its 2006 natural gas production by 12% compared to 2005. The increase in production was offset by an approximate 25% decrease in net realized prices for natural gas sales. The Company reported a net loss available to common shareholders for the year ended 2006 of $1,011,806 ($0.04 per basic and diluted share), compared to a net income available to common shareholders of $2,111,074 ($0.10 and $0.09 per basic and diluted share, respectively) in the previous year.
GeoPetro has filed its 2006 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (the “SEC”). GeoPetro’s Form 10-K may be accessed on the SEC’s website at www.sec.gov and is also available on the SEDAR website at www.sedar.com. The Company has also filed its management’s discussion and analysis and its audited annual financial statements for the years ended December 31, 2006, 2005 and 2004 with the Canadian securities regulatory authorities. Reference is made to the text of these documents for a complete description of GeoPetro’s financial position and results as at and for the year ended December 31, 2006.
GeoPetro Reserve Update
The Company also announced that it has filed its Statement of Reserves and Other Oil And Gas Information (Forms 51-101 F1, F2 & F3) as at December 31, 2006, in compliance with National Instrument 51-101 of the Canadian Securities Regulators. For a complete description of the Company’s natural gas reserve estimates and other oil and gas information, see the Company’s Statement of Reserves and Other Oil And Gas Information, which is filed on the SEDAR website at www.sedar.com. The Company notes that the SEC does not permit the inclusion of probable reserve estimates in the Company’s filings with the SEC.
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