Forest Gate Energy To Restate Financials For Q3 FY 2011
11 Março 2012 - 6:05PM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-V CALGARY, March 13, 2012 /CNW Telbec/ -
Forest Gate Energy Inc. announces that it will file on SEDAR by
March 21, 2012 amended and restated unaudited interim financial
statements and management discussion and analysis for the quarter
ended September 30, 2011 (collectively the "Amended Statements").
The Company's Amended Statements have been revised to reflect the
following: 1) the presentation of the reduction of flow-through
premiums as a part of the Amended Condensed Statement of Loss and
Comprehensive Loss instead of as part of the Condensed Statement of
Changes in Equity; 2) the impact of the error relating to interest
on the convertible note which is now treated as equity on the
Amended Statements; and 3) the corrected calculation of the loss on
sale of interests in producing oil and gas properties to increase
it from $496,289 to $542,739. The notes to the Amended Condensed
Financial Statements have been changed accordingly. The effect of
these changes on the Amended Condensed Balance Sheet is an increase
in the total assets of $33,350 due to an increase of the producing
oil and gas assets. The total equity increased by the same
amount, due to an increase in the share capital of $29,800 and a
decrease in the deficit of $3,550. The effects on the Amended
Condensed Statement of Loss and Comprehensive Loss are a decrease
in the net loss and comprehensive loss, for the nine months ended
September 30, 2011, of $39,441 ($47,760 for the same period of
2010). These changes result in a decrease in the basic and diluted
loss per share of $0.0009 for the nine months ended September 30,
2011 ($0.0017 for the same period of 2010). The decrease in the net
loss and comprehensive loss is due to an increase in interest and
other income of $50,000 (no changes for 2010), a decrease in the
financial charges of $35,891 ($47,760 in the same period of 2010),
offset by the increase in the loss on sale interests in producing
oil and gas properties of $46,450 (no changes for 2010). About
Forest Gate Forest Gate Energy Inc. is a publicly listed oil and
gas exploration and production, and non-energy resource company
trading on the TSX Venture Exchange under the symbol FGE. The
Company is seeking to increase shareholder value through
participation and development of energy and other resources in
Canada and internationally. FORWARD-LOOKING STATEMENTS Certain
statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's
anticipated financial performance, may constitute forward-looking
statements under applicable securities laws and necessarily involve
known and unknown risks and uncertainties, most of which are beyond
Forest Gate's control. These risks may cause actual financial and
operating results, performance, levels of activity and achievements
to differ materially from those expressed in, or implied by, such
forward-looking statements. Such factors include, but are not
limited to: the impact of general economic conditions in Canada and
the United States; industry conditions including changes in laws
and regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced;
competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and
development drilling and related activities; imprecision in reserve
estimates; the production and growth potential of Forest Gate's
various assets; fluctuations in foreign exchange or interest rates;
the ability to access sufficient capital from internal and external
sources; and obtaining required approvals of regulatory
authorities. Neither 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
the accuracy of this release. FOREST GATE ENERGY INC. CONTACT: L.
Derek Lindsay,Vice President &
CFO1-866-666-3040ldlindsay@forestgate.cawww.forestgate.ca
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