CALGARY, April 30 /CNW/ - PanWestern Energy Inc. ("PanWestern" or the "Corporation") (TSX-V: "PW") is pleased to announce that the audited financial statements and associated management discussion and analysis of its wholly-owned subsidiary, Northern Hunter Energy Inc. ("Northern Hunter"), for the three months ended December 31, 2009 and for the fiscal year ended September 30, 2009, have been filed on SEDAR. PanWestern previously filed its 2009 results on SEDAR in early April. On March 1, 2010 Northern Hunter changed its fiscal year end from September 30 to December 31 to align with PanWestern.
As previously disclosed, PanWestern completed the acquisition of all of the issued and outstanding common shares of Northern Hunter (the "Northern Hunter Shares"), a private company, by way of a plan of arrangement (the "Arrangement") on April 9, 2010. The acquisition of the Northern Hunter Shares pursuant to the Arrangement was accounted for under GAAP as a reverse take-over of PanWestern by Northern Hunter. As a result, PanWestern was required to file the financial statements of its subsidiary, Northern Hunter, on SEDAR as these will be the comparative financial statements for the Corporation on a go-forward basis.
Northern Hunter oil and gas reserves and the consolidated reserves of the Corporation for the year ended December 31, 2009 will be provided in the Corporation's Annual Information Form, which is expected to be filed before the middle of May 2010.
First Quarter Reporting
As a result of the Arrangement between PanWestern and Northern Hunter closing on April 9, 2010, the consolidated financial results for PanWestern reflecting the acquisition by Northern Hunter will be presented in the second quarter financial statements. The financial results for the first quarter of 2010 will be presented separately for PanWestern and Northern Hunter as required under generally accepted accounting principles. The first quarter results will be filed on SEDAR by May 31, 2010.
PanWestern Energy Inc. is a Calgary, Alberta based public company engaged in the exploitation, development and production of petroleum and natural gas. The Corporation's common shares are listed on the TSXV under the trading symbol "PW".
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 news release.
SOURCE PANWESTERN ENERGY INC.
For further information: For further information: Jim McFarland, President and CEO, PanWestern Energy Inc., (403) 237-7102, firstname.lastname@example.org; Steve Bjornson, CFO, PanWestern Energy Inc., (403) 237-7102, email@example.com; www.panwesternenergy.ca