CALGARY, ALBERTA -- (Marketwired) -- 04/02/13 -- Paris Energy Inc. (TSX VENTURE: PI) announces the filing of the Annual Financial Statements, the Management's Discussion and Analysis and Reserves Data and Other Oil & Gas Information (Form 51-101) for the twelve month period ended November 30, 2012.
Production for the year averaged 18 BOE per day, from 3 shallow gas wells located in Southern Alberta. Revenue for the year totaled $121,000, down from $207,000 for 2011. Lower revenue resulted from lower gas prices and production.
Paris is pleased to announce that as a result of equity issues and the sale of non-producing properties and surplus equipment the Company has eliminated its debt. In addition during 2012 an outstanding legal action in which Paris was a defendant was settled, at no cost to the Company.
This has now positioned the company to pursue possible corporate transactions to use the Company as a start-up or for a go public vehicle for a domestic or international oil and gas operation, with a new management group.
These documents can be accessed on the SEDAR website (www.sedar.com).
Certain information and statements contained in this press release constitute forward-looking information under applicable securities legislation, including, without limitation, statements regarding the use of proceeds of the loan and Paris' plans to establish a new business plan. These forward-looking statements are based upon the opinions, expectations, estimates and assumptions of management as at the date the statements are made, including, without limitation, assumptions regarding: global economic conditions; industry conditions; changes in laws and regulations and changes in how they are interpreted and enforced; and fluctuations in commodity prices. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, the inability to obtain the required regulatory approvals; failure to secure required equipment and personnel; changes in general global economic conditions; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Paris's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Paris will derive therefrom. Paris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Paris Energy Inc.
Robert W. Lamond
President & CEO
(403) 261-4072 (FAX)
Paris Energy Inc.
Charles A. Teare
Chief Financial Officer
(403) 269-9890 (FAX)
Paris Energy Inc.
1800, 633 - 6th Avenue S.W.
Calgary, Alberta T2P 2Y5
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