CALGARY, Aug. 23 - - Piper Resources Ltd. (formerly 2937077 Canada
Inc.) ("Piper" or the "Company") is pleased to announce its financial and
operating results for the three and six months ended June 30, 2007. All
amounts stated herein are denominated in Canadian dollars, unless otherwise
stated.
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Financial
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
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($thousands, except per share
amounts)
Revenue - 930 - 1,857
Net loss 597 4,088 1,045 7,717
Net loss per share - basic
and diluted 0.05 0.09 0.09 0.16
As at the date above:
Working capital surplus 5,773 9,153 5,773 9,153
Long-term debt - 1,114 - 1,114
Shareholders' equity 11,900 12,001 11,900 12,001
Total assets 18,974 17,954 18,974 17,954
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Operations
During the second quarter, the Company announced the appointment of two
additional members to the Company's board of directors. Robert Chaisson and
Boyd MacDonald were added to the Board of Directors at the Company's annual
general and special meeting held on June 12, 2007. Also, at the annual general
and special meeting, the shareholders of Piper voted in favor of changing the
name of the Company from 2937077 Canada Inc. to Piper Resources Ltd.
On June 26, 2007, the Company announced that it had entered into an
agreement to acquire all of the outstanding shares of two private oil and gas
companies which hold assets in the Peace River Arch area of northwest Alberta.
This acquisition subsequently closed on August 10, 2007.
The Company's complete unaudited interim financial statements and
management's discussion and analysis for the three and six months ended
June 30, 2007 can be viewed on SEDAR at www.sedar.com or can be obtained by
contacting the Company representative below.
