March 27, 2008. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird" or "SBX") announced today that its Board of Directors has approved the 2007 annual financial statements.
SeaBird reported unaudited 4th quarter and preliminary full year 2007 results on February 26, 2008. Except for some reclassifications in the balance sheet and statement of cash flow, there were no changes to the consolidated statements compared to those presented in February.
SeaBird expects to submit the annual report to the Company's shareholders in the middle of April.
For further queries contact:
Tim Isden
Chairman and CEO SeaBird Exploration
Phone: +971 504 539075
Geir Olsen
CFO SeaBird Exploration Limited
Phone: +47 916 39367
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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.