INTERIM REPORT JANUARY 1st - JUNE 30th, 2007 PA RESOURCES AB (PUBL) Corporate Identity Number 556488-2180 PA Resources' profit for the period increased with 308 percent to SEK 314 million Summary second quarter 2007 (March 1st - June 30th, 2007) • Profit for the period amounted to SEK 314.3 million (77.1) during the second quarter 2007. • Group revenue during the quarter amounted to SEK 862.5 million (208.2). The revenue refers to sales of crude oil. • Operating profit for the quarter amounted to SEK 573.9 million (104.3) and the operating profit margin became 67 percent (50). Profit after financial items amounted to SEK 525.4 million (121.6). • EBITDA (earnings before interests, taxes and depreciations) amounted to SEK 645.6 million (129.8). • Earnings per share before dilution became 2.17 SEK (0.57) and earnings per share after dilution became 2.15 SEK (0.57). • Total production during the second quarter was 1,866,000 (456,000) barrels of oil equivalents, of which 1,866,000 (456,000) barrels of oil and 0 (0) barrels of oil equivalents of gas. • Average production amounted to 20,500 (5,000) barrels of oil equivalents per day during the quarter. • A total of 1,691,000 (213,000) barrels of oil was sold during the quarter, of which 1,355,000 (50,000) to export and 336, 000 (163,000) to the local market in Tunisia, to an average price of 66.62 USD per barrel (60.80). A total of 182,699 barrels of oil have been paid as royalty. Summary first half 2007 (January 1st - June 30th, 2007) • Profit for the period amounted to SEK 354.2 million (74.0) during the first half of 2007. • Group revenue amounted to SEK 1,255.1 million (335.7). • Operating profit during the first half of the year amounted to SEK 703.5 million (106.7) and the operating profit margin became 56 percent (32). Profit after financial items amounted to SEK 604.6 million (122.9). • EBITDA (earnings before interests, taxes and depreciations) amounted to SEK 813.2 million (150.8). • Earnings per share before dilution became 2.44 SEK (0.55) and earnings per share after dilution became 2.42 SEK (0.55). • Cash and cash equivalents amounted to SEK 200.6 million (468.1) at the end of the period. • Total production during the first half of 2007 was 2,536,000 (739,000) barrels of oil equivalents, of which 2,536,000 (739,000) barrels of oil and 0 (0) barrels of oil equivalents gas. • Average production amounted to 14,022 (4,100) barrels of oil per day during the first half of 2007. • A total of 1,987,000 (742,000) barrels of oil was sold during the period, of which 1,433,000 (565,000) to export and 554, 000 (177,000) to the local market in Tunisia, to an average price of 64.65 USD per barrel (58.10). Summarizing comments from the President and CEO Ulrik Jansson - PA Resources production and sales of oil have set new records during the second quarter. This has resulted in an increase of group revenue by 314 percent and an increase of the result after taxes by 308 percent compared to the corresponding period last year. We have reached another milestone in the company's development, and it forms a good base for our future growth. - The most important event during the second quarter is that the platform at the Didon-field has been in full production during the whole period. The finding of condensate and natural gas in Block I in Equatorial Guinea is also very gratifying. We are now looking forward to the results of the drillings in the Volve field and the Lie prospect in Norway, as well as the El Bibane field and the Linda prospect in Tunisia. Both the Volve field and the El Bibane field are expected to add to production during the autumn. We also expect a contribution to the companies oil- and gas resources from Equatorial Guinea, when additional drillings have been done during this year. Stockholm, August 22nd, 2007 PA Resources AB If you have any questions, please contact: Ulrik Jansson President and CEO, PA Resources AB Telephone: +46 707 514 184 E-mail: info@paresources.se or Ole Wiborg CFO, PA Resources Norway AS Telphone: +47 21 56 76 11 or +47 952 99 111 E-mail: ole.wiborg@paresources.no Capital market meeting on August 22nd, 2007 PA Resources AB (publ) invites to a presentation of the Interim Report. The capital market meeting will take place on Wednesday August 22nd at 09.00 (CET) at Felix Konferansesenter, Aker Brygge, Bryggetorget 3, 0114 in Oslo, Norway. You can also follow the presentation live via Internet, or look at a recording afterwards, on the company's web site www.paresources.se. For more information about the meeting, see the invitation on the web site. (For a complete financial report, se attached file.)