CALGARY, ALBERTA -- (Marketwired) -- 11/28/14 -- Humboldt Capital Corporation (TSX VENTURE: HMB) -
For the first nine months of 2014 Humboldt is pleased to report earnings of $4.5 million and an increase in Humboldt's net assets, at September 30, 2014, to $29.9 million, or $2.50 per share. At the quarter end Humboldt reported $9.0 million of cash and no long term debt.
During the nine months ended September 30, 2014 Humboldt continued with its plan to:
-- Maintaining and increasing the Company's liquidity,
-- Actively supported Tuscany Energy Ltd. in its efforts to expand market
awareness with the purpose of raising additional capital and
accelerating its Saskatchewan heavy oil development drilling program,
and
-- On July 31, 2014 Paris Energy Inc. closed a plan of arrangement with
Mapan Energy Ltd. pursuant to which a new management team raised $126.6
million, and acquire nastural gas reserves in west central Alberta for
$132.5 million and Paris changed its name to Mapan Energy Ltd. and
consolidated its share capital on a 1 for 12 basis. At September 30,
2014 Humboldt owned 815,750 Mapan shares.
HIGHLIGHTS
Three months ended Nine months ended
September 30, September 30,
2014 2013 2014 2013
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($ thousands, except per share
amounts, unaudited)
Net realized loss on investments (1,102) (10,639) (2,583) (11,074)
Net unrealized gain (loss) in
investments 1,527 13,740 7,856 4,172
Comprehensive earnings (loss) for
the period 105 2,948 4,464 (7,531)
Earnings (loss) per share, diluted 0.01 0.25 0.37 (0.63)
As at September 30,
2014 2013
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Share capital 2,060 2,060
Retained earnings 27,217 23,103
Net assets 29,945 25,822
Cash and cash equivalents 8,960 6,964
Shares outstanding 11,932 11,932
Net asset value per share, basic 2.51 2.16
Net asset value per share, diluted 2.50 2.16
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Humboldt Financial Statements and Management's Discussion and Analysis for the six months ended June 30, 2014 have been filed on SEDAR and can be found on Humboldt's website at www.humboldtcapital.com.
Forward-looking statements - the press release today contains "forward-looking" information. Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and the material factors or assumptions that were applied in drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.
Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural gas volumes have been converted to barrels of oil at six thousand cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly if used in isolation. A boe conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids (NGLs).
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Humboldt Capital Corporation
R.W. Lamond
Chairman of the Board
(403) 269-9889
(403) 269-9890 (FAX)
Humboldt Capital Corporation
C.A. (Tony) Teare
Executive Vice President
(403) 269-9889
(403) 269-9890 (FAX)
www.humboldtcapital.com
