DALLAS, Oct. 24, 2006 (PRIMEZONE) -- Continental Energy Corporation (OTCBB:CPPXF) announced today that WallStreet Research ("WSR") has continued its analyst research coverage of the Company's shares with a speculative buy recommendation. The complete report, together with attendant risk factors, as well as additional information about WallStreet Research is available at www.WallStreetResearch.org.
Continental Energy is covered by Sam Kiri, CFA, ACMA, who has over a decade of capital markets and asset management experience in North America and the Pacific Rim, with primary focus on Resources and Oil & Gas sectors. Mr. Kiri spent four years with Scotia Bank as a global risk manager and an international research analyst, and has also worked in the Pacific Rim as a sell side equity analyst. Mr. Kiri is a Visiting Professor at the University of Toronto, a member of the Chartered Institute of Management Accountants (U.K.), the CFA Institute (US) and the US/International Equity Program of the Toronto CFA Society.
Sam Kiri, CFA, ACMA commented: "The recently announced joint-venture agreement with CNPC (Hong Kong) Ltd (CNPCHK), a 52% owned subsidiary of the China National Petroleum Company based in Beijing adds an exciting dimension to Continental Energy's achievements and outlook. CNPCHK (HSE: 135) has already committed $18.7 million to drill four wells on the Company's sites in Indonesia, and CPPXF now owns 18% stake in the Bengara-II Block, with CNPCHK owning 70% stake, and GeoPetro Resources owning the remaining 12% stake."
Alan Stone added: "WallStreet Research will be with Continental Energy at the Value Rich Small Cap Financial Expo held this week at the Wynn Resort (Nasdaq: WYNN) in Las Vegas, on Wednesday October 25th and Thursday 26th (http://www.valuerichonline.com/expo/mi06). Mr. James D. Eger, CFO and Director of Continental Energy will be speaking to analysts, investors and brokerage firms attending the Value Rich Conference, on Thursday at 1:15 PST. The presentation will be webcasted by Value Rich and linked to the Continental Energy website."
About WSR
WallStreet Research is a prominent research boutique led by Alan Stone, Managing Director of Alan Stone & Company, LLC ("ASC"). The firm specializes in the microcap and smallcap investment arena, looking for emerging growth companies with strong management, unique or proprietary technology, significant market potential, financial strength, and outstanding long-term earnings growth possibilities. Mr. Stone was formerly a securities analyst and assistant portfolio manager at Merrill Lynch Asset Management and an investment analyst at Prudential Insurance Company's Capital Markets Group. The firm has offices in Los Angeles, CA, Palm Beach, FL, and New York City, NY, and is well known for discovering undervalued companies and bringing them to the attention of the investment community. ASC/WSR also arranges road shows for its publicly traded clients, before the investment community in New York City, California, and Florida.
About Continental Energy Corporation
Continental Energy Corporation is an independent oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at http://www.continentalenergy.com.
Disclaimer
The information presented in the WallStreet Research report is not to be construed as an offer to sell, nor a solicitation of an offer to purchase, any securities referred to herein or otherwise. Readers are encouraged to conduct their own due diligence and review all of the company's financial statements and risk statements on file with the SEC. Continental Energy Corporation has paid a research fee of $4,000 to Alan Stone & Company LLC in conjunction with preparation and distribution of this update report and $7,500 for a previous initiation report. Alan Stone & Company, LLC or its associates may own shares, for investment purposes, in its corporate accounts, and may increase or decrease its positions at any time, without notice. Contact information for Alan Stone and Company is: Phone (212) 521-4102, email astone@alanstone.com.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Certain matters discussed within this press release may be forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Although Continental believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the U.S. Securities Exchange Commission.