VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/25/15 -- Esrey Energy Ltd. (TSX VENTURE: EEL) ("Esrey" or the "Company") announces its financial results for the quarter ended December 31, 2014 (all monetary figures are stated in Canadian dollars):
-- At December 31, 2014, the Company had a cash position of $9,579,683. -- Esrey recorded a loss attributable to equity shareholders of the Company of $1,160,600 ($0.03 loss per share) in the three months ended December 31, 2014, compared to a loss attributable to equity shareholders of $844,984 ($0.03 loss per share) in the three months ended December 31, 2013. -- Esrey recorded an impairment of $2,622,862 in the three months ended December 31, 2014, reducing its United States exploration and evaluation assets to zero as at December 31, 2014. -- Esrey received a tax refund of US$1,532,675 in the three months ended December 31, 2014.
For complete details of financial results, please refer to the condensed consolidated interim financial statements and accompanying Management's Discussion and Analysis for the three months ended December 31, 2014. These financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.esreyenergy.com.
Maturity of credit facilities
The Company's credit facilities matured on February 24, 2015. The Company is currently in settlement negotiations with the lender.
Esrey is a Canadian exploration and development company focused on developing oil and gas properties in Papua New Guinea and Bulgaria. In Papua New Guinea, Esrey holds a 16.85% net interest in PPL 486, covering approximately 530,000 acres, an 84.25% interest in PPL 321 in northern Papua New Guinea, covering approximately 1.8 million gross acres, and a 20% net interest in PRL 13, covering approximately 40,000 gross acres. Subject to fulfillment of work commitments under a Farm-in Agreement, Heritage acquired an aggregate 80% interest in PPL 486 and PRL 13. Esrey has entered into a farm-in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. Esrey shares trade on the TSX Venture Exchange under the symbol "EEL".
ESREY ENERGY LTD.
David Nelson, President & CEO
Neither 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
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information regarding the proposed debt settlement. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to unsatisfactory results of due diligence, international operations and doing business in foreign jurisdictions, risks associated with the oil and gas industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals, and counterparty risk related to the stability and viability of the Company's joint venture participants.
Shares Outstanding: 39,762,771
Esrey Energy Ltd.