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CALGARY, April 30 /CNW/ - Action Energy Inc. ("Action") is pleased to
announce that it has filed with Canadian securities regulatory authorities its
Annual Information Form ("AIF") for the year ended December 31, 2006. The AIF
contains additional details about Action's reserves as required under National
Copies of the AIF can be found on the SEDAR website at www.sedar.com and
on Action's website at www.action-energy.com.
Action also announces delay in the filing and release of its December 31,
2006 audited financial statements and related management's discussion and
analysis (collectively, the "Disclosure Documents"). Finalization of the audit
of the Disclosure Documents has been delayed as a result of increased audit
procedures required by the completion of Action's business combination with
High Plains Energy Inc. ("High Plains") in November, 2006, which constituted a
reverse take-over pursuant to TSX Venture Exchange Policy 5.2 (the
"Transaction"). The Transaction also involved the acquisition of two U.S.
subsidiaries of High Plains, carrying on business in the State of Montana,
which complicating factor further increased the amount of accounting work
required in the completion of Action's year-end audit. Due to the unforeseen
delays, Action has been hampered in its efforts to provide the required
materials to its auditors.
Management anticipates that the Action audit and financial statements
will be finalized, and the Disclosure Documents issued, prior to the end of
Until the Disclosure Documents are filed, Action intends to satisfy the
disclosure requirements prescribed by CSA Staff Notice 57-301 (the "Policy").
The Policy describes certain procedures to be followed where an issuer is
delayed in filing its financial statements.
Action Energy Inc. is a Calgary-based junior resource company engaged in
the exploration, development and production of natural gas and oil in Alberta
Action's Common Shares trade on the TSX Venture Exchange under the symbol
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Roger Tang, Chairman and CEO, Action Energy
Inc., Telephone: (403) 264-1112, Facsimile: (403) 264-1116, Website:
www.action-energy.com; R.D. (Bob) Bowman, President & COO, Action Energy Inc.,
Telephone: (403) 264-1112, Facsimile: (403) 264-1116, Website: