PASADENA, CALIF., April 17 /CNW/ - JMG Exploration, Inc., ("JMG" or the
"Company") (NYSE ARCA: JMG, JMG+) today announced that the Company was unable
to file its Form 10-K for the fiscal year ended December 31, 2006 ("fiscal
2006") within the prescribed time period.
As previously announced on April 9, 2007, the Company believes that its
previously issued audited consolidated financial statements as of and for the
year ended December 31, 2005, and its unaudited consolidated financial
statements for each of the quarters ended March 31, June 30, and September 30,
2006 would be restated. The Company continues to evaluate the impact of the
anticipated restatements, and at this time JMG is not able to determine or
estimate a range of the final adjustments or if the periods required to be
restated will change from those previously announced.
In order that all restatements of previously issued financial statements
be accomplished at one time, the Company has concluded that the completion of
the fiscal 2005 financial statements and the filing of its annual report on
Form 10-K for fiscal 2006 should await the completion of the Company's
analyses discussed above.
As a result of the foregoing, the Company was not able to file its 2006
annual report on Form 10-K by April 16, 2007, but currently anticipates doing
so within the next 30 days.
The Company's failure to timely file its annual report on Form 10-K may
constitute failure to comply with the continued listing requirements of the
NYSE ARCA Exchange (the "Exchange"), on which the Company's common stock is
listed. The Company has communicated informally with the Exchange regarding
the filing of its periodic reports; however, the Company cannot predict what
action, if any, the Exchange may take regarding the Company's failure to file
its required reports on a timely basis.
About JMG: JMG Exploration, Inc., which was incorporated under the laws
of the State of Nevada on July 16, 2004, explores for oil and natural gas in
the United States and Canada.
This press release contains forward-looking statements. The words
"proposed", "anticipated" and scheduled" and similar expressions identify
forward-looking statements. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies which could cause actual results
to differ materially from the future results expressed or implied by the
forward-looking statements. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. The
following factor, among others, could cause actual results to differ from
those described in the forward-looking statements in this document: the
results of JMG's review of the impact of the corrected calculation of
depreciation, depletion and amortization and other factors described in JMG's
filings with the Securities and Exchange Commission ("SEC"), which are
available at the SEC's Web site (http://www.sec.gov). JMG is not under any
obligation, and expressly disclaims any obligation, to update, alter or
otherwise revise any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new information, future
events or otherwise.
For further information:
For further information: JMG Exploration, Inc. Joe Skeehan, President
and CEO, 626-585-9555 Justin Yorke, Director, 626-310-0482 or Investor
Relations Counsel The Equity Group Inc. Linda Latman, 212-836-9609 Lena Cati,