Petrolifera Petroleum Limited to restate financial statements for 2006

About this update from Medexus Pharmaceuticals Inc.

[{"type":"text","content":"\n\n\n\nCALGARY, March 3 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounces today that it intends to restate its Audited Financial Statements\nfor the year ended December 31, 2006. The Company has determined that it\nincorrectly reported current income tax expense on its Consolidated Statements\nof Operations and Retained Earnings (Deficit) for the year ended December 31,\n2006 and current income tax payable on its Consolidated Balance Sheet as at\nDecember 31, 2006. In total, the restatements are expected to decrease Net\nEarnings by approximately $2.6 million, or $0.07 per common share (on a\nweighted average basis) from $39.9 million ($1.02 per common share) to\n$37.3 million ($0.95 per common share, restated) for the year ended December\n31, 2006 and increase Income taxes payable by approximately $2.6 million, as\nat December 31, 2006 to approximately $24.0 million. All income taxes owing\nfor 2006 were paid during 2007.\n\n\nThe restatement of the company's Financial Statements for the year ended\nDecember 31, 2006 is subject to review and approval by the Board of Directors\nof Petrolifera. It is anticipated the restated Audited Financial Statements\nfor the year ended December 31, 2006 and associated documents will be filed on\nSEDAR on or about March 14, 2008 in connection with the release of the\ncompany's financial results for the year ended December 31, 2007.\n\n\nThe amounts set forth in this press release, including anticipated\nrestatement effects, are unaudited and preliminary and reflect all known\nrestatements as of the time of issuance of this press release. These amounts\nare subject to the completion of the external audit of the financial\nstatements of the company. The restatement is retroactive and does not impact\non the company's current financial condition or anticipated activity.\n\n\n","length":1880,"tagName":"div"}]

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