PetroKamchatka Plc (TSXV: PKP) Provides Financial Results for the Third Quarter Ended February 28, 2011

ST. HELIER, Jersey, UK, April 29 /CNW/ - PetroKamchatka Plc ("PetroKamchatka" or the "Corporation") a Jersey company, reports its unaudited interim financial results for the three and nine month periods ended February 28, 2011. PetroKamchatka has filed its unaudited interim Consolidated Financial Statements for the period ended February 28, 2011 and related Management's Discussion and Analysis ("MD&A") on SEDAR at www.sedar.com and on its website at www.petrokamchatka.com. Certain selected financial information as at February 28, 2011 and February, 2010 is set out below and should be read in conjunction with PetroKamchatka's unaudited interim Consolidated Financial Statements and MD&A.

                             
  For the three month period ended         February
28, 2011
              February
28, 2010
  Net loss and comprehensive loss $       (18,626,411)         $     (993,683)
  Net loss per share - basic and diluted $       (0.04)         $     (0.00)
  Cash provided by (used in) operations $       (1,862,182)         $     43,992
  Weighted average number of common shares outstanding         490,345,076               488,498,041
  For the nine month period ended         February
28, 2011
              February
28, 2010
  Net loss and comprehensive loss $       (21,024,152)         $     (6,368,500)
  Net loss per share - basic and diluted $       (0.04)         $     (0.02)
  Cash (used in) operations $       (4,605,705)         $     (3,749,721)
  Weighted average number of common shares outstanding         489,850,074               410,721,730
  As at         February
28, 2011
              May
31, 2010
  Cash and cash equivalents $       3,122,111         $     7,915,415
  Working capital $       3,331,137         $     7,451,857
  Total assets $       15,790,014         $     38,076,803
  Total liabilities $       1,572,060         $     3,249,580
  Shareholders' equity $       14,217,954         $     34,827,223
  Number of common shares outstanding         490,396,137               489,063,510

Third Quarter Update

For the three months ended February 28, 2011, the Corporation incurred a loss of $18,626,411 compared to a loss of $993,683 for the three months ended February 28, 2010.  The third quarter of 2011 includes a writedown of $17,013,932 in the carrying value of the Corporation's interest in the Icha license in Kamchatka, Russia.  In addition, the Corporation incurred equipment operating costs and other expense of $999,800, due primarily to relocation and storage of the mobile drilling rig and equipment and storage costs relating to the HighKelly rig.  There was no comparable writedown or equipment operating costs expensed in the third quarter of 2010.  General and administrative expenses of $503,411 in the third quarter of 2011 were $230,660 lower than the comparable amount in 2010 of $734,071.

The Corporation and its joint venture partner determined that the mapped prospects on the Icha license were non-commercial, on a fully risked basis, and have agreed to seek early relinquishment of the Icha license and to dissolve their joint venture agreement. This determination resulted in the writedown referred to above.

At February 28, 2011, the Corporation's working capital was $3,331,137 (May 31, 2010 - $7,451,857) including cash of $3,122,111 (May 31, 2010 - $7,915,415).  Subsequent to February 28, 2011, the Corporation collected $1,489,683 of the accounts receivable balance at February 28, 2011 of $1,749,063. The Corporation has no debt.

The Corporation's capital expenditures on property and equipment in the three month and nine month periods ended February 28, 2011 amounted to $18,888 and $783,770 respectively. This compares to capital expenditures in the three and nine month periods ended February 28, 2010 of $2,234,940 and $4,349,762 respectively.

About PetroKamchatka

PetroKamchatka is an international junior oil exploration company incorporated in the Bailiwick of Jersey with its core properties located in the Kamchatka Peninsula of the Russian Federation. For further information, please visit the PetroKamchatka Plc website at www.petrokamchatka.com.

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.

Advisory Regarding Forward-Looking Statements

This press release together with the interim financial statements and interim MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements").  Forward-looking statements are based on the PetroKamchatka's current beliefs as well as assumptions made by, and information currently available to, PetroKamchatka concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms  Although management of PetroKamchatka considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.  Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur.  There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized.  Actual results will differ, and the difference may be material and adverse to either PetroKamchatka and/or its security holders.  The forward-looking statements contained in this press release are made as of the date hereof and PetroKamchatka does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law.  The forward-looking statements contained herein are expressly qualified by this cautionary statement.

 

SOURCE PetroKamchatka Plc

For further information:

PetroKamchatka Plc
Graeme Phipps   Calvin Brackman
President and Chief Executive Officer  Vice President, Corporate Planning
9 Esplanade  c/o 1000, 505 - 3rd Street S.W.
St. Helier, Jersey  Calgary, Alberta, Canada, T2P 3E6
Tel: +44 7733 363 016 or +1 403 630 2367    Tel: +1 403 984 5132
  Cell: +1 403 690 6230

Profil de l'entreprise

PetroKamchatka Plc

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.