Business
Zodiac Exploration Announces Release of Second Quarter 2013 Financial Results and Adoption of Advance Notice By-law
Zodiac Exploration Announces Release of Second Quarter 2013 Financial Results and Adoption of ...
About this update from Sintana Energy Inc.
[{"type":"text","content":"Zodiac Exploration Announces Release of Second Quarter 2013 Financial Results and Adoption of Advance Notice By-lawZodiac Exploration Announces Release of Second Quarter 2013 Financial Results and Adoption of Advance Notice By-law\nCalgary, Alberta CANADA, May 22, 2013 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), (\"Zodiac\" or \"the Company\") announces that it has filed its financial statements and management's discussion and analysis for the three and six months ended March 31, 2013 on SEDAR at www.sedar.com. \nHIGHLIGHTS\nDuring the second quarter of our 2013 fiscal year, Zodiac:\n* Announced that the first well under the farmout agreement (\"Farmout Agreement\") between the Company and Aera Energy LLC (\"Aera\") was spudded on February 5, 2013.  Under this agreement Aera has acquired the right to earn a 50% interest in up to approximately 19,600 net acres of Zodiac lands located in Kings County, California provided it fulfills its drilling commitments as required for each earning scenario under the Farmout Agreement;  \n* Completed the reconstitution of the management team and board of directors;\n* Continued farm-out discussions with several companies;\n* Continued to reduce its G&A before severance costs; and\n* Ended the quarter with a cash balance of $17.8 million and a working capital balance of $17.1 million.\nFINANCIAL HIGHLIGHTS\n-***-\n-------------------------------------------------------\nCanadian $000's     Three months ended Six months ended\n                         March 31          March 31\n                      2013     2012     2013     2012\n-------------------------------------------------------\nRevenue                   35        51      72       91\n-------------------------------------------------------\nNet loss  &#x...