PRB Gas Transportation, Inc. Announces First Quarter Financial Results

DENVER -- PRB Gas Transportation, Inc., ("PRB" or the "Company") (AMEX:PRB), which began operations in January 2004, today reported a net loss of $335,619 or $0.65 per share for the quarter ended March 31, 2005 as compared to net income of $11,213 or a loss of $0.06 per share for the quarter ended March 31, 2004. The per share amounts give effect to dividends on preferred stock of $182,345 and $104,396 in the first quarter of 2005 and 2004, respectively.

On April 12, 2005, the Company's registration statement on Form S-1 was declared effective by the Securities and Exchange Commission and the Company's stock began trading on the American Stock Exchange under the trading symbol PRB. The Company sold 2,300,000 shares of common stock, including 300,000 shares pursuant to the underwriter's exercise of its over-allotment option, for $5.50 per share. In conjunction with the offering, holders of the Series A and Series B Convertible Preferred Stock converted all of their shares into an equal number of registered common shares.

On April 15, 2005, the Company paid off its outstanding balance of $1,550,000 under a line of credit with the Bank of Oklahoma.

"Now that we've completed our IPO, I believe we are in a position to execute our plan for growth which includes enhancing our present systems, building and acquiring new gathering systems, and acquiring interests in oil and gas properties where there are opportunities for us to be the gas gatherer," said Robert Wright, Chairman and CEO.

PRB Gas Transportation, Inc. owns and operates natural gas gathering systems in the Rocky Mountain area. The Company presently owns approximately 200 miles of pipeline and is gathering coal-bed methane gas from more than 450 wells in Wyoming's Powder River Basin.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.