MOUNTAINVIEW ENERGY LTD (the “Company”), a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announced that the Company filed through SEDAR its Interim Financial materials for the quarter ending March 31 2007, as follows:
- a) Unaudited Financial Statements for the quarter ended March 31, 2007
- b) Managements Discussion & Analysis
All of the above statements and forms can be viewed on the SEDAR website at www.sedar.ca.
Gross Revenues from oil sales for the period ending March 31, 2007 were $473,018, a decrease of $62,224 over the $535,242 in Gross Revenues from oil sales reported for the same period in 2006. The change in the revenues between these two periods is a direct result of a decrease in the price received per barrel of oil, as detailed in the Managements Discussion & Analysis. Steady monthly sales volumes and oil prices enable the Company to continue meet its ongoing obligations.
The Company realized Net Income for the 1st Quarter 2007 of $38,344 after the Provision for Income Tax for the current period, which is a significant decrease over the $98,212 reported for the 1st Quarter 2006. The decrease in Net Income is due to the decrease in Gross Revenues and an increase in expenses for the period.
Four wells have been re-completed to-date in 2007, the results of which have continued to enhance the Red Creek Field production. The Company is planning another development drilling program for the Red Creek Field for Third Quarter 2007.
MOUNTAINVIEW ENERGY LTD
“Patrick M. Montalban”
Patrick M. Montalban
President & Chief Executive Officer
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASEBack to top