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Solana Resources Limited ("Solana" or the "Company"): Restated financial report for the six month period ended June 30, 2007
Solana Resources Limited ("Solana" or the "Company"): Restated financial report for the six month period ended June 30, 2007.
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[{"type":"text","content":"\n\n\n\nCALGARY, AB and LONDON, UK, Oct. 31 /CNW/ - Solana Resources Limited\n(TSX-V: SOR; AIM: SORL), the Colombia focussed independent oil and gas\nexploration and production company, today announces restated results for the\nsix month period ended June 30, 2007. After consultation with its auditors in\nconnection with the bought deal financing announced on October 25, 2007, the\nCompany is restating its financial report for the six month period ended\nJune 30, 2007 reflecting a decrease in depletion expense and a corresponding\ndecrease in the Company's net loss of US$800,000 for three months and\nUS 1,600,000 for six months ended June 30, 2007. This favourable restatement\nreduces Solana's three and six month loss per share to ($0.03) and ($0.06)\nfrom ($0.05) and ($0.08) respectively, resulting from the application of\nreserve additions pursuant to a mid year engineering report announced on\nAugust 27, 2007.\n\n\nThe restated financial report for the six month period ended June 30,\n2007 reflecting this restatement is attached.\n\n\nThese results should be read in conjunction with the audited consolidated\nfinancial statements for the years ended December 31, 2006 and 2005. All\nnumbers in this report are expressed in US dollars unless otherwise indicated.\n\n\nPlease note that the commentary accompanying the restated figures has not\notherwise been updated for events subsequently announced following publication\nof Solana's original Financial Report on 27 August 2007.\n\n\nSolana (www.solanaresources.com) is an international resource company\nengaged in the acquisition, exploration, development and production of oil and\nnatural gas. The Company's properties are located in Colombia, South America\nand are held through its wholly owned subsidiary, Solana Petroleum Exploration\n(Colombia) Limited. The company is headquartered in Calgary, Alberta Canada.\n\n\nAdditional information (which does not form part of this announcement) is\navailable on the Company's website at www.solanaresources.com or the Sedar\nwebsite at www.sedar.com.\n\n\n NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF\nTHIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR\n THE ADEQUACY OR ACCURACY OF THIS RELEASE\n\nHIGHLIGHTS\n\n- On May 29, 2007, Solana announced that the Juanambu-1 wildcat\n exploration well, locate...