CALGARY, March 3 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announces today that it intends to restate its Audited Financial Statements for the year ended December 31, 2006. The Company has determined that it incorrectly reported current income tax expense on its Consolidated Statements of Operations and Retained Earnings (Deficit) for the year ended December 31, 2006 and current income tax payable on its Consolidated Balance Sheet as at December 31, 2006. In total, the restatements are expected to decrease Net Earnings by approximately $2.6 million, or $0.07 per common share (on a weighted average basis) from $39.9 million ($1.02 per common share) to $37.3 million ($0.95 per common share, restated) for the year ended December 31, 2006 and increase Income taxes payable by approximately $2.6 million, as at December 31, 2006 to approximately $24.0 million. All income taxes owing for 2006 were paid during 2007.
The restatement of the company's Financial Statements for the year ended December 31, 2006 is subject to review and approval by the Board of Directors of Petrolifera. It is anticipated the restated Audited Financial Statements for the year ended December 31, 2006 and associated documents will be filed on SEDAR on or about March 14, 2008 in connection with the release of the company's financial results for the year ended December 31, 2007.
The amounts set forth in this press release, including anticipated restatement effects, are unaudited and preliminary and reflect all known restatements as of the time of issuance of this press release. These amounts are subject to the completion of the external audit of the financial statements of the company. The restatement is retroactive and does not impact on the company's current financial condition or anticipated activity.