Magnus Energy Releases 2006 First Quarter Results

From: CCNMatthews Newswire | Date: May 24, 2006 | Copyright information

CALGARY, ALBERTA--(CCNMatthews - May 24, 2006) - Magnus Energy Inc. (TSX VENTURE:MEI.A)(TSX VENTURE:MEI.B) ("Magnus" or the "Company") announced today its financial results for the first quarter of 2006.

Highlights

- Major light oil discovery at Antler in Southeast Saskatchewan

- The Company has over 127,000 gross acres and an inventory of more than 300 potential gross drilling locations

- Proved plus probable reserves of 1,299.5 MBOE at March 31 for a 10% discounted cash flow value of $25.163 million

- Raised $10.1 million of equity and approved a $24 million capital expenditures budget for ...

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