Toronto, Ontario--(Newsfile Corp. - May 13, 2013) - PetroWorth Resources Inc. (CNSX: PTW) (Frankfurt:T3F) announces that due to a clerical error, it filed on SEDAR on April 30, 2013 an incorrect draft version of the annual consolidated financial statements for the year ended December 31, 2012. The correct version of the annual consolidated financial statements for the year ended December 31, 2012 has now been filed on SEDAR.
The incorrect version of the financial statements filed showed total assets of $15,503,936. This figure did not include total current assets of $158,204. Total assets on the corrected version are $15,662,140. In addition, Accounts payable and accrued liabilities on the incorrect version were reflected as $487,845 and should have been $646,049 bringing total liabilities to $846,966 and total liabilities and shareholders' equity to a sum of $15,662,140. Note 12 (liquidity risk) was also revised to reflect the corrected current liabilities figure. The accompanying MD&A has been refiled to reflect the change in total assets.
As a result, the Company's financial statements as filed on SEDAR on April 30, 2013 should not be relied upon and are replaced in their entirety with the correct financial statements filed today, May 13, 2013, as available on SEDAR at www.sedar.com.
PetroWorth Resources Inc. is a junior oil and gas exploration company with properties in Alberta and Eastern Canada.
| Contact: | Neal Mednick |
| President | |
| PetroWorth Resources Inc. | |
| (416) 214-1551 | |
nmednick@petroworth.com | |
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements. The Corporation has adopted the standard of 6 Mcf:1 BOE when converting natural gas to BOE. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
