NiMin Energy announces third quarter 2009 interim consolidated financial statements

Wednesday, Nov 18, 2009

NiMin Energy Corp. today announced that it has released its interim consolidated financial statements and related management discussion and analysis ("MD&A") for the three and nine months ended September 30, 2009, and 2008.

On an ongoing basis, the Company will report its financial statements using US generally accepted accounting principles and will reconcile those financial statements to Canadian generally accepted accounting standards in the notes the financial statements.

For the three months ended September 30, 2009, the Company reported a net loss of US$1.5 million (US$0.03 per share) compared to a net income of US$230,299 (US$0.01 per share) for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the Company reported a net loss of US$12.6 million (US$0.25 per share) compared to a net income of US$569,168 (US$0.02 per share) for the nine months ended September 30, 2008.

The reported loss is primarily due to higher operating costs at the Pleito Creek Field and lower commodity prices. The Company's MD&A contains a detailed analysis of the periods discussed.

Sven Hagen, PhD, President of NiMin, said, "We are pleased with the progress of the combined Miscible Drive Project at the Pleito Creek Field. We have increased our oxygen injection rates by approximately 50% and believe this will accelerate our production growth."

NiMin currently has 49,813,920 basic and fully diluted common shares.

SEDAR

NiMin has filed its interim consolidated financial statements and related MD&A for the three and nine months ended September 30, 2009, with Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval ("SEDAR"). Copies of the financial statements and related MD&A of NiMin for the three and nine months ended September 30, 2009, and 2008, may be accessed electronically at SEDAR.

About NiMin

The principal business of the Company is conducted through its wholly owned subsidiary, Legacy Energy, Inc., a Delaware Corporation engaged in the exploration and development of crude oil and natural gas properties in the states of Louisiana and California.

Source: Marketwire