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New Stratus Energy Announces Results for the Three Months Ended March 31, 2025, Sacha Reserves Information & Corporate Updates
Calgary, Alberta--(Newsfile Corp. - June 2, 2025) - New Stratus Energy Inc. (TSXV: NSE) ("New Str...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces Results for the Three Months Ended March 31, 2025, Sacha Reserves Information & Corporate UpdatesCalgary, Alberta--(Newsfile Corp. - June 2, 2025) - New Stratus Energy Inc. (TSXV: NSE) (\"New Stratus\", \"NSE\" or the \"Corporation\") is pleased to announce the consolidated financial and operating results for the three months ended March 31, 2025 that have been filed on SEDAR+ (www.sedarplus.ca).Three Months Ended March 31, 2025 Highlights:• Adjusted Working Capital: $1,518,819 ($0.01 / common share) • Adjusted EBITDA:  $(3,983,538) • Ecuador Tax recovery (correction Factor): $7,138,458 • Net Loss from Continuing Operations1:  $(4,471,195) ($0.04 / common share) • Average Daily Production2: 1,647 boepd Gross (804 boepd Net)  Notes:(1) In accordance with Canadian GAAP, Net Income (loss) per basic & fully diluted share are the same in a loss position.(2) See Oil and Gas Advisory, below.Ecuador Corporate Update and Sacha Reserves InformationBlock 60 - EcuadorAs previously announced on March 3, 2025, the Corporation had reached an agreement for an award, as part of a consortium (the \"Consortium\"), for the production sharing contract (the \"PSC\") for crude oil production and additional exploration relating to Block 60 in Ecuador, also known as the \"Sacha Block\". The original award was in respect of a proposed 40% working interest in the Sacha Block (the \"Proposed Working Interest\").On May 24, 2025, President Noboa and the new Government of Ecuador were officially sworn in to govern the Republic of Ecuador for a new four-year term. The Corporation has thus resumed discussions with the Government with respect to the award and continues to work with its industry partners, advisors and the Government with a view to receiving a new award and entering into a PSC in the near term. The Corporation has received updated reserves information in respect of Block 60 from Netherland, Sewell & Associates, Inc. (\"NSAI\"), the highlights of which are presented below. See Oil and Gas Advisory, below. NSAI prepared the reserves estimates for both the Sacha Block (100% interest) and for the Proposed Working Interest (40% interest).As at December 31, 2024, the estimates of gross reserves1 are as follows:Light/Medium Oil R...