For the year ended December 31, 2005, Pacific Stratus reported a loss of $1.7 million or $0.02 per share as compared to a loss of $0.8 million or $0.03 per share in the previous year. The 2005 loss largely reflects higher corporate costs and an unrealized loss on the translation of foreign currency balances. At December 31, 2005 the company had cash and short-term investments of $12.0 million and no debt.
As previously announced, the company has agreed to acquire the Sipetrol assets in Colombia. An independent engineering and economic evaluation report on these assets has been prepared by Petrotech Engineering Ltd. in accordance with National Instrument 51-101 and is available on the company's website. This report indicates a net interest to Pacific Stratus of 2.5 million barrels of proved producing reserves plus an additional 1.9 million proved undeveloped barrels and a further 2.1 million barrels classified as undeveloped probable, for a total proved and probable reserve of 6.5 million barrels.
Pacific Stratus Energy is an oil and gas company with interests in the Doima block and Ortega-Pacande oil fields, as well as in the La Creciente, Moriche and Puli-B exploration blocks in Colombia. The company is focused on identifying acquisition opportunities primarily within the upstream Sub Andean basins, initially in Colombia. The company has offices in Toronto, Caracas and Bogota.
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