Greenfields Petroleum Corporation Announces Financial and Operating Results for the Three and Nine Months Ended September 30, 2016
(firmenpresse) - HOUSTON, TEXAS -- (Marketwired) -- 11/29/16 -- Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE: GNF), an independent exploration and production company with producing assets in Azerbaijan, announces its financial and operating results for the third quarter and year-to-date 2016.
Third Quarter and Year-to-Date 2016 Financial and Operating Highlights
Operating Highlights and Plans
Select Financial Information
The selected information below is from the Greenfields'' Management Discussion & Analysis. The Company''s complete financial statements as of and for the three and nine months ended September 30, 2016 and 2015, with the notes thereto and the related Management''s Discussion & Analysis can be found on Greenfields'' website at and on SEDAR at .
Revenues and operating results in this "Select Financial Information" has been adjusted to reflect the Company''s of share of BEL. Prior to August 9, 2016, the Company''s 33.33% share of income and revenues from BEL were disclosed in the Unaudited Condensed Consolidated Financial Statements as an Investment in Joint Venture and accounted for using the equity method of accounting. Upon closing of the Acquisition on August 9, 2016 resulting in BEL becoming a wholly-owned subsidiary of Greenfields, the Company consolidates 100% of the income and revenues from BEL on a going forward basis.
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins, and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at .
Forward-Looking Statements
This press release contains forward-looking statements. More particularly, this press release may include, but is not limited to, statements concerning: operational plans; the Bahar Field study, the Gas Sale Agreement negotiations and the expectations in relation thereto; production; and programs initiated by BEOC. In addition, the use of any of the words "initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate", "believe", "should", "forecast", "future", "continue", "may", "expect", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the success of optimization and efficiency improvement projects, the availability of capital, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services, weather conditions and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Greenfields. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. These risks include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety, political and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional risk factors can be found under the heading "Risk Factors" in Greenfields'' Annual Information Form and similar headings in Greenfields'' Management''s Discussion & Analysis which may be viewed on .
The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Company''s forward-looking information is expressly qualified in its entirety by this cautionary statement.
Notes to Oil and Gas Disclosures
Barrels Oil Equivalent or "boe" may be misleading, particularly if used in isolation. All volumes disclosed in this press release use a 6mcf: 1boe, as such is typically used in oil and gas reporting and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company uses a 6mcf: 1boe ratio to calculate its share of entitlement sales from the Bahar Project for its financial reporting and reserves disclosure.
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.
Contacts:
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
(832) 234-0800
Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
(832) 234-0800
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Datum: 29.11.2016 - 16:00 Uhr
Sprache: Deutsch
News-ID 1472737
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