ROOSTER ENERGY LTD. (the "Company") (www.roosterenergyltd.com) (TSX VENTURE:COQ)
announces that it has filed Amended Condensed Interim Consolidated Financial
Statements of the Company for the Three and Nine Months Ended September 30, 2013
and 2012 and corresponding Amended Management's Discussion and Analysis (the "Q3
Filings"). The Q3 filings have been amended to include disclosure of certain
events subsequent to September 30, 2013, including that in connection with the
previously announced proposed acquisition by the Company of Morrison Well
Services, LLC and Cochon Properties, LLC, the Company and the holders of its
outstanding senior secured notes (the "Noteholders") acknowledged that the
Company was in default of the collateral coverage ratio under the senior secured
notes and the Noteholders agreed to forbear from exercising certain rights and
remedies. The previously filed information in respect of such September 30, 2013
filings is unchanged other than the addition of the subsequent event disclosure.



The Company's deficiency in satisfying the collateral coverage ratio was
primarily the result of over expenditures in the second and third quarters of
2013 related to the drilling and completion of the High Island A-494 #B-4 well.
The Company intends to move forward with a plan to develop the potential oil and
gas reserves identified in the well and is engaged in discussions for a new
credit facility that will allow the Company to resolve its working capital
deficit, satisfy its obligations to the Noteholders and continue the Company's
growth to maximize shareholder value. The Company will also continue to examine
other corporate strategies, including asset divestitures and additional debt or
equity financings, in order to finance its ongoing capital expenditure program
and settle its long-term liabilities as they fall due. 


ABOUT ROOSTER:

Rooster, through its wholly owned subsidiaries, is an independent oil and
natural gas exploration and production company based in Houston, Texas, that is
focused on the development of natural resources in the shallow waters of the
U.S. Gulf of Mexico. At September 30, 2013, our primary assets consist of
interests in 20 producing oil and/or natural gas wells and interest in 16
federal leases or blocks. Rooster is the operator of the majority of its
properties and daily oil and gas production.


Investors are welcome to visit our website at www.roosterenergyltd.com.

Forward-Looking Information and Statements

Certain statements and information in this press release may constitute
"forward-looking information" as such term is used in applicable Canadian
securities laws. All statements other than statements and information of
historical fact are forward-looking information. The use of words such as
"estimate", "forecast", "expect", "project", "plan", "target", "vision", "goal",
"outlook", "may", "will", "should", "believe", "intend", "anticipate",
"potential", and similar expressions are intended to identify forward-looking
information. Events or circumstances may cause actual results to differ
materially from those predicted, as 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. In particular, the reader is cautioned that
there can be no assurance that debt or equity financing will be available on
terms acceptable to the Company or at all. The reader is further cautioned not
to place undue reliance on any forward-looking information in this press
release. The Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, except as required by applicable law. 


The reader is cautioned that the foregoing risks are not exhaustive and are made
as at the date hereof. For a full discussion of the material risk factors of the
Company, see "Risk Factors" in our most recent Annual Information Form,
"Forward-Looking Information and Statements" in our MD&A included in the Q3
Filings and risk factors described in other documents we file from time to time
with securities regulatory authorities, all of which are available on the SEDAR
website at www.sedar.com.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as the
term is defined in the Policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rooster Energy Ltd.
Gary L. Nuschler, Jr.
Vice President - Finance
(832) 463-0625
www.roosterenergyltd.com

Rooster Energy Ltd. (TSXV:COQ)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Rooster Energy Ltd. Charts.
Rooster Energy Ltd. (TSXV:COQ)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Rooster Energy Ltd. Charts.