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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/13 -- Verona Development Corp. (TSX VENTURE: VDC)(FRANKFURT: V5D) provides the following update in conjunction with the filing of its unaudited interim Financial Statements and Management Discussion & Analysis for the nine month period ended December 31, 2012.
The Company incurred a net gain for the nine months ended December 31, 2012, of $31,087 compared to a net loss of $226,651 for the comparative period. The comparative results between the nine month periods ended December 31, 2012 and 2011 are as expected, with the more significant differences between the nine months periods being as follows:
-- Oil sales totaled $277,492 compared to $379,050 for the comparative period. The decrease of $183,209 is due to lower oil production.-- The Company recovered $112,500 in loans receivable that were previously written-off (2011-25,000).-- The Company had a gain of $174,909 through the sale of 6,314,500 its marketable securities for settlement of $378,870 for amounts owing.
During the period, the Company was transferred to NEX. Verona has applied to be reinstated for trading on NEX and is engaged with the TSX Venture Exchange in that process. As part of that process, Mr. Martin Wood was elected to the Board as an independent director and, effective March 1, 2013, and Mr. James Mackie has been appointed Chief Financial Officer of the Company.
Mr. Wood has spent a dozen years in the London banking and financial community, working for N.M. Rothschild, Standard Bank London Ltd. and the Benfield Group. During this time he has worked on over $2BN worth of transactions for the resource sector.
Mr. Mackie is a member of the Association of the Certified General Accountants of British Columbia and Canada. Mr. Mackie has over 15 years of corporate experience in financial management and administration, including corporate governance, government and securities compliance. More recently, he has acted as Corporate Controller for a number of mining exploration companies listed on the Toronto Stock Exchange and TSX Venture Exchange.
Mr. Mackie is replacing the former Chief Financial Officer, Tom Needham C.A, who is retiring from the Company. The Company recognizes with appreciation Mr. Needhams' contribution to the Verona Development Corp. over the last several years.
In addition, the Company has brought up to date its required filings pursuant to National Instrument 51-101 - "Standards of Disclosure for Oil & Gas Activities". The Company's Forms 51-101F1, F2 and F3 have been filed with the applicable Securities Commissions and may be viewed under the Company's profile on SEDAR at www.sedar.com. With those steps taken, and with its most recent quarterly filings complete, the Company expects to be following up with the Exchange in the near future.
Also during the period, the Company engaged in negotiations with Canadian Natural Resources ("CNR"), a general partnership, by its managing partner, Canadian Natural Resources Limited ("CNRL") for the sale of the Company's 60% working interest in its oil and natural gas projects in the Gainsborough South area of Saskatchewan. The Company originally earned its interest in the property from Strand Resources Ltd. and understands that through a series of transactions CNR came to own Strand's 40% working interest in the property, together with the battery to which production from the wells is delivered, and assumed responsibility for operating the wells. The Company was not a party to any of those transactions.
