CALGARY, Sept. 29 /CNW/ - PetroReal Energy Inc. (TSX-V: PNI) ("PetroReal"
or the "Company") today announced that it intends to restate and refile its
quarterly unaudited financial statements for the period ended June 30, 2008
and the related MD&A. On refiling, the Company will also file updated
certificates as required under MI 52-109.
In addition, the Company will amend and refile its annual Form 51-101F1
to correct a clerical error on the Summary of Net Present Values of Future Net
Revenue. The sum of the Probable reserves of the US and Canadian properties
were incorrectly presented although the Total Proved Plus Probable as shown
are correct. An updated Form 51-101F3 will also be filed.
The restatement and refiling of the second quarter financial statements
relates to expanding on financial statement note disclosure which will further
address going concern assumptions and disclose related party and third party
loans payable in default. A number of housekeeping matters will be addressed
as part of the restatement including disclosure of the Company's objectives,
policies and processes for managing capital, further disclosure of financial
instruments, correcting reporting due to a stock split and a non material
revaluation of a US dollar loan payable.
An amended and restated MD&A will provide discussion of an overdue ERCB
deposit as well as expanding on disclosure in a number of areas including
additional volume and price information, period to period variation, the
Company's liquidity, related party transactions, fourth quarter events,
changes in accounting policies, outstanding securities as of the date of the
report, a discussion of cash flows and trends in the last eight quarters.
Updated MI 52-109 certifications will also be refiled.
These filings will be made at the request of the Alberta Securities
Commission as part of its continuous disclosure review of the Company.
PetroReal wishes to announce the resignation of Edward Borrelli,
Executive Vice-President received on September 24, 2008 and effective
September 19, 2008. "Mr. Borrelli provided invaluable assistance in dealing
with the transitional issues the Company faced after the election of the new
board of directors on August 7, 2008" said Ernst Schlotter, President and
Chief Executive Officer.
About PetroReal Energy Inc.
The Company is a Calgary-based, emerging, TSX Venture Exchange listed
company that is focused on exploration, development, and production of crude
oil and natural gas, primarily in North America. The Company's operations are
located in central and southern Alberta, southwestern Saskatchewan, and
Louisiana in the USA.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this press
For further information:
For further information: visit the Company's website at
www.petroreal.com or contact: Ernst Schlotter, President and Chief Executive
Officer, Email: email@example.com, Address: No. 444, 505 - 8th Avenue S.W.,
Calgary, Alberta, T2P 1G2, Tel: (403) 269-2044, Fax: (403) 269-2042