2014-04-26 00:08:28 -
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Calgary, Alberta (FSCwire) - Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSXV-PDQ) has filed its 2013 Year Financial Results, Annual Information Form and Management Discussion & Analysis, and provides an update on the status of the Talora Block.
Working capital of $15.5 million, plus $7.6 million in non-current restricted cash.
$ (U.S. dollars)
December 31, 2013
Available funds *
Exploration and Evaluation Assets
Funds used in Operations
Net Loss per Share, basic and diluted
* Constitutes the sum of cash and cash equivalents and short-term investments.
All amounts expressed above are in US dollars.
Complete reports and statements are available on SEDAR at www.sedar.com and on the Company website www.petrodorado.com.
The Company received a letter on April 21, 2014, from the National Hydrocarbon Agency of Colombia (“ANH”) stating that all of the Company’s existing Evaluation Program commitments in the Talora Block have been fulfilled as outlined in the ANH Exploration and Evaluation contract for the block. This formal ANH communication confirmed that the Talora contract is in good standing and that the Company has fulfilled all obligations of the Evaluation Program, and that it has officially entered into Phase II of the Post Exploration Program. In Phase II, the joint venture partners have committed to one additional exploration well by July 30, 2015.
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia and California USA. Its head office is located in Calgary, Alberta, Canada and Petrodorado’s common shares are traded on the TSXV under the trading symbol “PDQ”.
For further information, please contact:
Gregg Vernon, Interim President and CEO
Chris Reid, VP of Finance and CFO
Forward Looking Statements:
This news release includes information that constitutes “forward-looking information” or “forward-looking statements”. More particularly, this news release contains statements concerning expectations regarding, regulatory and partner approvals on the Company’s development plan, drilling and operational opportunities and the timing associated therewith, test results and the timing thereof, the use of available cash on hand in addition to the potential exploration and development opportunities and expectations regarding regulatory approval and the overall strategic direction of the Company. The forward-looking statements contained in this document, including expectations and assumptions concerning the obtaining of the necessary regulatory approvals, including ANH approval, and the assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated developments and although the Company believes that the expectations represented by such forward-looking statements are reasonable, undue reliance should not be placed on the forward-looking statements because there can be no assurance that such expectations will be realized. Material risk factors include, but are not limited to: the inability to obtain regulatory approval, including ANH approval, for the transfer of participating interests and/or operatorship for the Company’s properties, the risks of the oil and gas industry in general, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable shortages of equipment and/or labour; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates, and reliance on industry partners.
Neither the Company nor any of its subsidiaries nor any of its officers, directors or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.
The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
Source: Petrodorado Energy Ltd. (TSX Venture:PDQ) www.petrodorado.com/
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