Interra Resources Limited

Interra Resources Limited announced a full year net profit after tax of US$2.26m, recovering from a net loss of US$1.74m in FY2006. Revenue showed a 16% growth from US$13.1m to US$15.2m, a 16% increase. Gross profit showed a 42% increase from US$4.48m to US$6.37m. The favorable year on year results was due to higher oil prices and shareable production. The weighted average oil price in FY06 was US$64.41 per barrel compared with US$73.70 per barrel in FY07. Interra's share of shareable production increased by 4751 barrels from 276,423 barrels of oil in FY06 to 281,174 barrels of oil in FY2007