The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as the factors are interdependent, and management's future course of action would depend on its assessment of all information at the time. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and readers should not place undue reliance on the assumptions and forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Anderson's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at Anderson's website (www.andersonenergy.ca).
The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
CONVERSION
Disclosure provided herein in respect of barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
ANDERSON ENERGY LTD.Consolidated Statements of Financial Position(Stated in thousands of dollars)(Unaudited) December 31, December 31, 2012 2011ASSETSCurrent assets: Cash and cash equivalents $ 1 $ 1 Accounts receivables and accruals (note 19) 9,881 14,272 Prepaid expenses and deposits 1,788 2,326 Unrealized gain on derivative contracts (note 19) - 1,384 ---------- ----------Total current assets 11,670 17,983Deferred tax asset (note 11) 45,634 35,389Property, plant and equipment (note 6) 286,174 406,947 ---------- ----------Total assets $ 343,478 $ 460,319------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities: Accounts payable and accruals (note 19) $ 28,107 $ 60,573 Unrealized loss on derivative contracts (note 19) 1,097 - Bank loans (note 8) 48,094 - ---------- ----------Total current liabilities 77,298 60,573Bank loans (note 8) - 88,682Convertible debentures (note 9) 86,753 84,796Decommissioning obligations (note 10) 46,467 62,848 ---------- ----------Total liabilities 210,518 296,899Shareholders' equity: Share capital (note 12) 171,460 171,460 Equity component of convertible debentures (note 9) 5,019 5,019 Contributed surplus 10,418 9,385 Deficit (note 12) (53,937) (22,444) ---------- ----------Total shareholders' equity 132,960 163,420Commitments and contingencies (note 21)Subsequent events (note 21) ---------- ---------- $ 343,478 $ 460,319------------------------------------------------------------------------------------------------------------------------------------------------------See accompanying notes to the consolidated financial statements.ANDERSON ENERGY LTD.Consolidated Statements of Operations and Comprehensive LossYEARS ENDED DECEMBER 31, 2012 AND 2011(Stated in thousands of dollars, except per share amounts)(Unaudited) 2012 2011Oil and gas sales $ 77,806 $ 118,292Royalties (7,991) (13,806) ---------- ----------Revenue, net of royalties 69,815 104,486Other income (note 14) 2,227 7,388 ---------- ----------Total revenue, net of royalties, and other income 72,042 111,874Operating expenses (note 15) 24,239 29,533Transportation expenses 498 1,626Depletion and depreciation 44,396 52,929Impairment of property, plant and equipment (note 7) 20,000 35,230General and administrative expenses (notes 15 and 16) 9,924 10,405 ---------- ----------Loss from operating activities (27,015) (17,849)Finance income (note 17) 49 84Finance expenses (note 17) (14,772) (11,942) ---------- ----------Net finance expenses (14,723) (11,858)Loss before taxes (41,738) (29,707)Deferred income tax benefit (note 11) (10,245) (7,263) ---------- ----------Loss and comprehensive loss for the year (31,493) (22,444)---------------------------------------------------------------------------Basic and diluted loss per share (note 13) $ (0.18) $ (0.13)---------------------------------------------------------------------------See accompanying notes to the consolidated financial statements.ANDERSON ENERGY LTD.Consolidated Statements of Changes in Shareholders' Equity(Stated in thousands of dollars, except number of common shares)(Unaudited)
