Mosaic Oil announces record operating revenues and solid profit for FY2009 August 31, 2009

Australian oil and gas producer, Mosaic Oil NL (ASX: MOS) today announced a net profit after tax of $2.6 million for the year ended 30 June 2009 after allowing for impairment of $2.5 million for exploration and development assets and a provision of $1.7 million.

HIGHLIGHTS
• production increased 18% to 481,345 BOE
• operating revenue increased 16% on previous year to a record $23.8 million
• net profit after tax of $2.6 million

The solid financial result was based on a strong operational performance with increased production of gas, gas liquids and oil.

Operating revenue increased 16% to a record $23.8 million (2008 $20.5 million) for the year ended 30 June 2009. The record operating revenue was the result of higher production and higher service revenue despite falling prices for oil and LPG throughout the reporting period.

The full year statutory accounts are available at the Company’s website.

Click here to view the Media Release.

For further information, please contact:

Mosaic Oil: Alex Parks – CEO +612 9247 9324
Media: Bill Kemmery – Fortbridge on +612 9331 0655, mob 0400 122 449, email bill.kemmery@fortbridge.com