Rooster Energy Ltd. Announces Filing of Amended Financial Statements & Management's Discussion & Analysis for Third Quarter 2...
17 April 2014 - 8:02AM
Marketwired
Rooster Energy Ltd. Announces Filing of Amended Financial
Statements and Management's Discussion and Analysis for Third
Quarter 2013
CALGARY, ALBERTA--(Marketwired - Apr 16, 2014) - 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.
Rooster Energy Ltd.Gary L. Nuschler, Jr.Vice President -
Finance(832) 463-0625www.roosterenergyltd.com
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