May 4, 2006
SOFTROCK MINERALS RELEASES AUDITED FINANCIAL REPORTS, MDA AND INDEPENDENT OIL RESERVES REPORT
Softrock Minerals Ltd (SFT on TSX Venture Exchange) has released its Audited Financial Statements, MDA and independent Oil Reserve Report.
Highlights of the reports are the success of Softrock's 30% interest in an offset to the Saskatchewan Sparky heavy oil field and the subsequent optioning of four or five more locations. Also no payments or fees were made to any Director or insider, and after year-end the private placement of two million shares at ten cents with a two year one-half warrant for $0.14 per share, as well as issuing 150,000 shares and warrants at the same prices for debt.
With respect to the independent reserve estimate filed under (NI 51-101) by the same engineers that filed last year's report the estimated value of future net revenue of proved plus probable reserves of all properties before income tax using a forecast price and a 10% discount was $369,000 compared to last year's $123,000 an increase of 300 per cent. Using the same reserves and discount but using a constant price scenario the future net revenue was $286,000 versus last year's $90,000, an increase of 318 per cent.
Softrock's annual general meeting is planned for Wednesday June 28, 2006 at 10:00 am at the Ramada Hotel on 708-8 Ave SW in Calgary with all shareholders receiving notices and copies but meantime anyone will be able to access the statements, and/or MDA and/or NI 51-101 by visiting Softrock's website www.softrockminerals.com or SEDAR at www.sedar.com
On behalf of the Board of Directors
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