Crude oil production for the first half of 2006 averaged 235 barrels per day compared to 227 barrels per day in 2005. Crude oil prices for the first six months of 2006 averaged $55.54 compared to $45.38 per barrel the prior year.
Kroes has made steady progress in pursuing its Western Canada shallow gas strategy over the past three months. To date, the Company has participated in five prospects in central Alberta, earning interests ranging from 12.5% to 25%. Three wells have been drilled or re-completed and are presently being evaluated and tied in. Seismic has been conducted on the remaining two prospects where drilling will occur in the fall after locations have been selected. The Company has committed approximately $350,000 towards this program thus far. Meanwhile, Kroes is actively reviewing additional prospects.
Kroes Energy is a junior oil and gas producer and explorer participating in the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern Europe's fastest growing economies. It also has a Joint Venture agreement in central Alberta. Kroes has a strong management team, with extensive international experience. Shares trade on the TSX Venture Exchange under the symbol KRS.
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