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Milagro Energy Inc. Announces Filing of Its Annual Financial Statements, MD&A and Annual Information Form, and Directors’ Circular

2008-03-31 14:53:00

Milagro Energy Inc. Announces Filing of Its Annual Financial Statements, MD&A and Annual Information Form, and Directors’ Circular

CALGARY, ALBERTA–( EMWNews – March 31, 2008) – Milagro Energy Inc. (TSX:MIG) (“Milagro”) today filed its annual financial statements, the related Management’s Discussion and Analysis and its Annual Information Form (“AIF”) for the year ended December 31, 2007 on the System for Electronic Document Analysis and Retrieval (“SEDAR”). The AIF contains additional details about Milagro’s reserves as required under National Instrument 51-101. Copies of these documents can be found for viewing on the SEDAR website at www.sedar.com.

Milagro also filed the directors’ circular on SEDAR on March 28, 2008 in respect of the previously announced take-over bid by Second Wave Petroleum Ltd.



SELECTED ANNUAL INFORMATION

2007 2006 2005
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FINANCIAL (000's except per share data)
Oil and gas revenue 7,191 9,507 8,361
Funds flow from operations, before
changes in non-cash working capital (1,331) (326) 2,670
Per share - basic and diluted (0.01) (0.01) 0.05
Funds flow from operations, after changes
in non-cash working capital (1) (4,227) (2,146) 7,191
Per share - basic and diluted (0.03) (0.04) 0.14
Net loss (4,570) (3,397) (103)
Per share - basic and diluted (0.04) (0.06) (0.00)
Capital expenditures (net), including cash 6,487 8,795 16,577
outlays on corporate acquisitions
Working capital deficiency 19,487 24,977 12,901
Shareholders' equity 38,314 28,975 30,075
Total assets 66,645 64,387 49,375

OPERATING
Average daily production
Oil and NGL's (bbls/day) 214 300 340
Natural gas (mcf/day) 956 1,365 834
Equivalent barrels (boe/day) 373 527 479

Wells drilled
Gross 8 2 9
Net 3.5 1.3 9.0

Undeveloped land
Net acres 59,100 62,290 49,296

Common Share Information
Shares outstanding (000s)
Weighted average during the period 127,288 58,381 50,530
Period end - basic 167,628 59,451 53,531
Period end - diluted 230,587 61,481 54,863
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(1)
Funds flow from operations before
changes in non-cash working capital (1,331) (326) 2,670
Net changes in non-cash working capital
and abandonment costs (2,895) (1,820) 4,521
Funds flow from operations after
changes in non-cash working capital (4,226) (2,146) 7,191
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Milagro is an exploration and production company engaged in the acquisition, exploration, development and production of oil and natural gas reserves in western Canada.

For more information, please contact

Milagro Energy Inc.
Jeffrey Rekunyk
CEO
(403) 693-4006

or

Milagro Energy Inc.
Travis Doupe
CFO
(403) 693-4007
Website: www.milagroenergy.com

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