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New Stratus Energy Announces Consolidated Financial Results for Three Months Ended March 31, 2023, Signing of MOU & Warrant Extension
Calgary, Alberta--(Newsfile Corp. - May 30, 2023) - New Stratus Energy Inc. (TSXV: NSE) (" New St...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces Consolidated Financial Results for Three Months Ended March 31, 2023, Signing of MOU & Warrant ExtensionCalgary, Alberta--(Newsfile Corp. - May 30, 2023) - New Stratus Energy Inc. (TSXV: NSE) (\"New Stratus\" or the \"Corporation\") is pleased to announce that it has entered into a Memorandum of Understanding (\"MOU\") with a vendor to acquire operatorship and a high working interest in a light oil production block. Confirmatory due diligence is ongoing and specific acquisition details will be provided upon signing of a definitive agreement. Additionally the consolidated financial and operating results for the three months ended March 31, 2023 have been filed on SEDAR (www.sedar.com).Three Month Highlights:Adjusted working capital1 of $31.8 million ($0.26 per share).Net (loss) income of ($3.2 million).1This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading \"Non-GAAP and Other Financial Measures\" within press release.As previously disclosed, the Corporation has changed its year end from March 31 to December 31 effective the previous reporting period, accordingly March 31, 2023 represents its first quarter without production in Ecuador.Corporate Updates:As indicated above, the Corporation has signed an MOU with a vendor to acquire operatorship and a high working interest in a light oil production block and confirmatory due diligence is ongoing. Specific acquisition details will be provided with the signing of a definitive agreement, which is expected to occur later this month.As part of the July 30, 2021 financing, the Corporation issued 16,095,376 warrants. Each warrant entitles the holder to purchase one common share at an exercise price of $0.45 until the second anniversary of the issuance of the warrant, specifically July 21, 2023. Accordingly, the Corporation made a formal application to the TSX-V to extend the exercise period to July 22, 2024 which has now been approved. The Corporation has been approved as a qualified operator by the Ministry of Energy and Mines in Ecuador, thus allowing the Corporation to participate in the bidding process for development and exploration blocks in the XIII Oil Round denominated \"Intracampos II\" as well as other tender processes to be launched by the Ministry. The Corporation will evaluate all relevant opportunities...