Calgary, Alberta (FSCwire) - Petrodorado Energy Ltd.
("Petrodorado" or the "Company") (TSXV-PDQ) has filed its 2017 Year Financial
Results and Management Discussion & Analysis.
Financial Statements
Highlights include:
- Working capital of $1.5 million
- No existing contractual commitments
|
$ (U.S. dollars)
|
Year ended December 31, 2017
|
Year ended December 31, 2016
|
|
Working Capital
|
1,494,467
|
985,733
|
|
Total Assets
|
1,536,188
|
1,045,980
|
|
Cash flow used in operating activities
|
421,661
|
1,346,355
|
|
Net Loss for the Year
|
340,736
|
805,865
|
|
Net Loss per Share, basic & diluted *
|
0.02
|
0.08
|
* All per share amounts have been adjusted retroactively to
reflect the impact of the five for one share consolidation that was effective September 16, 2016, as previously
announced.
Complete reports and statements are available on SEDAR at www.sedar.com and on the Company
website www.petrodorado.com.
Update on CRA Review
Petrodorado also wishes to provide an update regarding the letter (the “CRA Letter”) received by Petrodorado from the Canada
Revenue Agency (the “CRA”) which seeks further information regarding various historical transactions undertaken by Petrodorado,
including various asset and corporate divestitures undertaken over the past few years and the return of capital distribution
completed in April 2016. Petrodorado is of the view that all of its tax filings were done in accordance with applicable law and
has been working with the CRA to provide the information that they require in order to support the Company's tax filings.
Petrodorado had a meeting with representatives of the CRA regarding these matters and is of the view that it was a positive
meeting and looks forward to continuing to work with the CRA to satisfy them that the transactions of the Company being reviewed
by the CRA were properly presented in Petrodorado's tax filings and that no outstanding amounts are expected to be payable as a
result of this information gathering process being performed by the CRA.
About Petrodorado Energy Ltd.
Petrodorado is engaged in petroleum and natural gas exploration and development activities in Colombia. 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:
Chris Reid, President and CEO
Lynn Chapman, VP Finance and CFO
Phone: (403) 800-9240
Email: info@petrodorado.com
Website: www.petrodorado.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities
legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could
cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such
forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company’s
objectives, goals or future plans. Forward-looking statements are necessarily based on a number of estimates and assumptions
that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual
results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors
include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments; those additional risks set out in Petrodorado’s public
documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release.
Although Petrodorado believes that the assumptions and factors used in preparing the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Petrodorado
disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information,
future events, or otherwise.
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 the original release, please click here
Source: Petrodorado Energy Ltd. (TSX Venture:PDQ)
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