Mosaic reports record net profit February 26, 2009

Australian oil and gas producer Mosaic Oil NL (ASX: MOS) today announced a record interim result for net profit after tax of $3.117 million for the half year ended 31 December 2008 – an increase of 39.4% on last year’s result for the corresponding period. The favourable result was based on a continuation of the Company’s solid operational performance over the last 4 years.

Strong interim results include:

• 8% increase in total production to 229,299 BOE to pcp (previous corresponding period to December 2007)
• 40% increase in revenue from ordinary activities to $13.1m to pcp
• Record half-yearly EBITDA of $5.3m
• 39.4% increase in net profit after tax to $3.1m to pcp
• Revenue for FY09 forecast to exceed FY08 by 15%

Click here to see the Media Release with a summary of the report.

To see the full Half Year Financial Report, click here.

For further information, please contact:

Mosaic Oil: Scott Brown – Chief Financial Officer – (02) 9247 9324
Media: Bill Kemmery – Fortbridge – (02) 9331 0655 – mob 0400 122 449 – bill.kemmery@fortbridge.com