Rooster Energy Announces Fourth Quarter and Full Year 2012 Financial, Operating and Reserve Report Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/08/13 -- ROOSTER ENERGY LTD. (the "Company") () (TSX VENTURE: COQ) is pleased to announce it has filed on SEDAR () its audited financial statements, related management discussion and analysis ("MD&A") for the three months and twelve months ended December 31, 2012 ("Q4 2012"). The Company has also filed its 2012 year-end, 51-101 reserve report on SEDAR. Selected financial and operational information for Q4 2012, Full Year 2012 and subsequent thereto is outlined below and should be read in conjunction with the financial statements and related Management Discussion & Analysis.
HIGHLIGHTS IN 2012 INCLUDED:
Robert P. Murphy, President & Chief Executive Officer, comments that "2012 was a transformative year for Rooster Energy Ltd. In the second quarter 2012, we successfully completed the reverse takeover of Probe Resources Ltd. In connection with that transaction we raised approximately $21MM in new equity, elected a new board of directors and officers, and began trading on the TSXV under the symbol COQ. Throughout the year the Company grew reserves and production through the drill bit and key acquisitions that increased asset value significantly for our shareholders. Additionally, our balance sheet improved considerably with the completion of our term financing, increased operating cash flow, and the sale of interest in Ship Shoal Block 189 Field. We are excited about the Company's future growth potential through the drill bit and selective acquisitions and look forward to growing the Company's reserve and production base in 2013."
SUMMARY OF NI 51-101 RESERVE REPORT
ABOUT ROOSTER ENERGY LTD.
The Company is a Houston, Texas, based independent oil and natural gas exploration and production company focused on the development of resources in the shallow waters of the Gulf of Mexico. At December 31, 2012, our primary assets consist of interests in twenty-two producing oil and/or natural gas wells and twenty federal lease blocks. The Company is the operator of the majority of its properties and daily oil and gas production.
Investors are welcome to visit our website at or contact Gary Nuschler, Jr. for all corporate updates and investor inquiries.
Forward Looking Information and Statements
Certain statements and information in this press release may constitute "forward-looking information" or statements as such terms are used in applicable Canadian securities laws. Any statement that expresses, involves or includes expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any hydrocarbon discovered, production rates, operating costs, commodity prices, administrative costs, commodity price risk and other components of cash flow and earnings, management activity, acquisitions and dispositions, capital spending, access to credit facilities taxes, regulatory changes, projections, objective, assumptions or future events that are not statements of historical fact should be viewed as "forward-looking statements". Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices, and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on any forward-looking statement in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Financial outlook information contained in this press release about the Company's prospective cash flows and financial position is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that any such financial outlook information contained herein should not be used for purposes other than for which it is disclosed herein.
Note Regarding BOEs
The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.
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 THE RELEASE.
Contacts:
Gary Nuschler, Jr.
Vice President - Finance
16285 Park Ten Place
Suite 120
Houston, Texas, USA 77084
Telephone: (832) 463-0625
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Datum: 09.04.2013 - 01:05 Uhr
Sprache: Deutsch
News-ID 246975
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Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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