Rancher Energy announced its financial results for the fiscal year ended March 31, 2007. The revenue was slightly increased to $1.2 Million. 2008 revenues are expected to increase substantially after the company’s producing fields have four full quarters to contribute.
During the fiscal year, Rancher Energy raised around $89 million in private placements. $73 million of the private placements was used to acquire three historically productive oil fields in the Powder River Basin.
During the past year, the company strengthened its management team by adding four senior executives and by adding Mark Worthy to the company’s Board of Directors. Worthey was a founding officer and former senior vice president of Denbury Resources. He played a key part in building Denbury into one of America’s most prominent CO2 recovery companies.
John Works, President and CEO of Rancher Energy, commented, “Over the past eight months we have achieved a number of key milestones that are critical to our objective of becoming a formidable player in the CO2 enhanced oil recovery industry. We raised significant equity capital, purchased three promising oil fields, secured a long-term CO2 supply source, and assembled a strong team of executives, board members and support personnel, all of whom are committed to building shareholder value through consistent performance. We have since turned our attention to a fresh set of milestones — completion of a significant financing, which we expect will be primarily debt; construction of a CO2 supply pipeline and related infrastructure; and completion of the resale registration statement. While we face customary challenges along the way, we are working diligently to achieve these milestones. We appreciate the support of our investors and employees at all levels of the organization and look forward to reporting our progress as it unfolds.”
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