ENP Newswire -
Release date- 08082014 -
The Company generated net income of
Other Key Financial and Operating Highlights are:
Refinanced the Kokopelli project in
Retaining a 25% working interest in the Kokopelli project and being carried for 25% of the next
Reduced G&A per BOE by 31% from
Removed, with the concurrence of the Company's auditors, all 'going concern risk' references in the Company's unaudited financial statements and related Management's Discussion & Analysis for the three and six months ended
The NYSE MKT ('the Exchange'), in a letter to the Company dated
During this period, the Company will submit updated 'Plans of Compliance' no later than at each quarter completion concurrent with the Company's appropriate filing with the
Disclosures Regarding Reserve Estimates: The reserve estimates assume available funding for development of the properties. Disclosed values do not necessarily represent fair market value.
Prospective Resources are defined as 'those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity'.
There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. These estimates represent the likely size of the resource, if present, and have not been adjusted for risk of failure.
Statements Regarding Forward-Looking Information
This news release contains statements about oil and gas production and operating activities that may constitute 'forward-looking statements' or 'forward looking information' within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions.
Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by
These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties.
Additional information on these and other factors, which could affect
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