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New Stratus Energy Announces Results for the Year Ended December 31, 2024 & Corporate Updates
Calgary, Alberta--(Newsfile Corp. - May 5, 2025) - New Stratus Energy Inc. (TSXV: NSE) ("New Stra...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces Results for the Year Ended December 31, 2024 & Corporate UpdatesCalgary, Alberta--(Newsfile Corp. - May 5, 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 year ended December 31, 2024 that have been filed on SEDAR+ (www.sedarplus.ca).Year ended December 31, 2024 Highlights: •  Adjusted Working Capital1:  $4,094,892 ($0.03 / common share)•  Adjusted EBITDA1:   $(1,923,536) •  Ecuador tax recovery (correction factor)2 :$6,810,941•  Total Net Proved Reserves3: 637 MMstb & 1.79 Bscf•  Average Daily Production3: 1,021 boepd•  Proved NPV10 Before Tax3:  $49.88 million•  Net Loss from Continuing Operations:      $(16,323,560) ($0.13 / common share)•  Net Loss from Discontinued Operations: $(15,341,418) ($0.12 / common share) Notes:(1) This is a non-GAAP financial measure. Refer to the disclosure under the heading \"Non-GAAP Financial Measures\" for more information on each non-GAAP financial measure. (2) Represents correction factor income owing from the Government of Ecuador, which is expected to be received in Q2 2025.(3) See Oil and Gas Advisory, below.Corporate UpdatesBlock 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 official awarding period concluded on April 25, 2025, and we expect that a good faith dialogue period will follow to clarify any misunderstandings that may exist in this regard. As a result, NSE determined to defer the closing of its previously announced subscription receipts financing until at least May 24, 2025. On this date, President Noboa and the new Government of Ecuador will be officially sworn in to govern the Republic of Ecuador for a new four-year term. This also provides equity subscribers with as small of an escrow period on funds as possible. The Consortium, on one hand, will seek to obtain further clarity regarding the award of the PSC, and ...