CALGARY, May 5 /CNW/ - Ecosse Energy Corp. (CNSX: ECS), a company focused on oil and gas exploration and production in Indonesia, today announced that it is in default of filing its audited annual financial statements, MD&A, and CEO/CFO certificates.
Ecosse has applied for a temporary management cease trade order (MCTO) under NI 12-203, which if granted will prohibit trading by certain insiders of the company. An MCTO does not generally affect the ability of persons who are not directors, officers, or insiders of the company to trade securities of the Company. There is no assurance the MCTO will be granted.
Ecosse Energy Corp. ("Ecosse") has a December 31 financial year end. It was required to file by April 29, 2010 audited annual financial statements for the year ended December 31, 2009, as required by Part 4 of NI 51-102, management discussion and analysis (MD&A) relating to the audited financial statements, as required by Part 5 of NI 51-102, and CEO and CFO certificates relating to the audited annual financial statements, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the required filings). It did not file the required filings on a timely basis.
Ecosse anticipated meeting the filing deadline. These filings have been delayed as a consequence of a delay in preparing the audited financial statements of Ecosse by the auditors. The auditors, RSM Bird Cameron, are conducting their first audit of Ecosse. Their offices are located in Melbourne, Australia. Their Canadian affiliate firm is RSM Richter. They were chosen because of a familiarity with the jurisdiction of incorporation of the issuer's operating subsidiary in Australia, and of business in Indonesia, where the issuer's principal business activities are conducted. Timing issues delayed audit of the Indonesian business and first audit logistics issues delayed completion of the Canadian components of the audit. Work on the audit is proceeding, audit confirmation requests were sent prior to April 30, all required supporting documents have been sent to the auditors by Ecosse, and it is anticipated that the audit will be completed in May 2010, with an anticipated filing by May 28 2010. In any event, we do not foresee any potential reason for filing being delayed beyond June 30, 2010.
Ecosse confirms that it intends to satisfy the provisions of the alternative information guidelines of NP12-203 so long as it remains in default of filing the required filings.
There are no insolvency proceedings to which Ecosse is subject. There is no material information concerning the affairs of Ecosse which has not been generally disclosed.
About the Company
Ecosse Energy Corp. was incorporated under the Canada Business Corporations Act and is a reporting issuer in the Provinces of Alberta, British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary Ecosse Energy (Bengkulu) Pty Ltd ("EEB") is a private Australian company, operating in Indonesia. EEB owns a 100% working interest in the Bengkulu PSC in Sumatra, Indonesia which allows it the rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC covers 4,101km2 (1,013,602 acres) and consists of both onshore and offshore portions. EEB is currently planning to drill 5 onshore exploration wells in the Bengkulu PSC in 2010.
Further information concerning the Company can be found at www.sedar.com and www.cnsx.ca.
Neither the Canadian National Stock Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE ECOSSE ENERGY CORP
For further information: For further information: Alan W Morrison, President & CEO, Ecosse Energy Corp., Ph: (403) 218-2862, email: email@example.com