TORONTO, ONTARIO -- (Marketwired) -- 04/30/13 -- Acadian Energy Inc. (TSX VENTURE: ACX) -- (the "Corporation" or "Acadian") announced today that it will not be able to file its audited financial statements for the year ended December 31, 2012, its management's discussion and analysis relating to the financial statements, and the CEO and CFO certificates (collectively, the "Required Documents") by April 30, 2013 as required under securities laws.
The Corporation has applied for an order from the relevant Canadian securities regulatory authorities for a management cease trade order ("MCTO") as provided for in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") which prohibits trading in securities of the Corporation by certain insiders of the Corporation. The granting of an MCTO is at the discretion of the Canadians securities regulatory authorities and there is no assurance that an order will be granted.
The delay in filing the Disclosure Documents is a result of insufficient opportunity available for the necessary preparation and filing of the Disclosure Documents.
An MCTO would not generally affect the abilities of persons who have not been directors, officers or insiders of the Corporation to trade securities of the Corporation. The Corporation intends to satisfy the provisions of the alternate information guidelines as set out in NP 12-203 for as long as the Corporation remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.
There is no other material information concerning the affairs of the Corporation that has not been generally disclosed.
Additional Corporation information is also obtainable on the Corporation's web site www.acadianenergy.com
Acadian is a junior exploration and production company which is focused on the exploration and development of New Albany shale oil and natural gas in the Illinois Basin. The Corporation continues exploration development of the oil potential of the New Albany Shale. Acadian trades on the TSX Venture Exchange under the symbol ACX.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Acadian Energy Inc.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- U.S. to Relinquish Gov't Control Over Internet
- Quiznos Files for Chapter 11
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Koch Brothers Step up Anti-Obamacare Campaign
- U.S. Consumer Sentiment Falls in Early March
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Vybz Kartel Convicted of Murder