Pertra Releases Q2 Financials

During the first six months of 2006 Pertra has consolidated its position as one of the most active small oil companies on the Norwegian Shelf. Exploration investments in our four operator licenses, six partner licenses, and in open areas with a view to applying for new licenses in September amount to NOK 68 million during Q2 2006 only. This cost has been expensed in its entirety. For Pertra, operations on the Varg Field indicated a profit of NOK 6.9 million before depreciations. Together with other financial and operating costs, this results in a loss before tax of NOK 70 million.

Progress in all our operator licenses has been in accordance with plans. We have submitted a proposal with drilling targets in PL 337, completed the acquisition of 800 km2 3D seismic in PL 321, fulfilled all our work commitments in PL 380, and initiated the necessary studies for a PDO (Plan for Development and Operation) on the Frøy Field.

Pertra's total risked resources have been revised upward from 190 million barrels at the turn of the year to the present 230 million barrels. Of these, 40 million barrels are discoveries and are classified as reserves and resources. The additional 190 million barrels are risked prospective resources in mapped prospects in our licenses. These estimates have been subjected to independent third-party verification. Rig capacity has been secured for up to five operated exploration wells in the period up to and including 2009. We envisage participating in at least six exploration wells as partner during the same period.

In September/October Pertra will undertake equity issues in a total amount of at least NOK 650 million. The company has initiated an application process aimed at listing on the Oslo Stock Exchange in November this year.

"We are satisfied with the progress in our projects and will primarily seek to add new prospects to our portfolio through aggressively investing in data and interpretation in open areas in order to identify the most promising licenses in the annual licensing rounds on the Norwegian Shelf. There are furthermore good prospects of production both on the Yme Field and the Frøy Field in 2009/10", comments CEO Erik Haugane.