JAKARTA, Indonesia,
Nov. 19, 2014 /PRNewswire/
-- Continental Energy Corporation (OTCQB: CPPXF) (the
"Company") an emerging international energy investment
company established to acquire participating interests in
conventional, alternative, and renewable energy generation and
distribution projects focused on the developing countries of the
"Indian Ocean Rim", today announced the filing of its unaudited,
condensed interim financial statements and management's discussion
and analysis for its first quarter of fiscal 2015 ended
30 September 2014. Complete copies of
these interim statements are available for download from the SEDAR
website at www.sedar.com.
Current Working Capital – As at 30
September 2014, the Company's interim statements reflect
working capital of $23,871 compared
to a working capital deficit of $693,794 at 30 June
2014, the end of the previous fiscal quarter. A short term
loan in the amount of $750,000 was
converted to common shares during the current quarter. In addition,
the Company generated $120,000 from
financing activities during the current quarter as a result of a
private placement.
Operations – Overall, the Company incurred a loss from
operations during the current quarter of $201,479 compared to a loss of $189,866 for the comparative quarter in the prior
year. The increase in loss is primarily due to a $16,367 increase in interest expense and a
$45,425 increase in administrative
costs as a result of higher investor relations costs and
professional fees. The Company uses equity accounting for the
losses of its Norwegian affiliates. Total equity loss during the
current quarter was $nil compared to $43,194 for the comparative quarter as a result
of the Company's investment in affiliates meeting the requirements
of assets held for sale under IFRS 5, Non-Current Assets Held
for Sale and Discontinued Operations, and the cessation of
equity accounting effective 30 June
2014. Cash used in operating activities during the current
quarter was $248,777 compared to
$24,457 used in the first quarter of
fiscal 2014. The change is attributable to higher activity and the
availability of more funds by the Company during the current
quarter.
On behalf of the Company,
Robert V. Rudman, CFO
Further Info:
www.continentalenergy.com
No securities regulatory authority has
either approved or disapproved the contents of this news
release.
Certain matters discussed within this press release may be
forward-looking statements within the meaning of the "Safe Harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Although Continental believes the expectations reflected in such
forward-looking statements including reserves estimates, production
forecasts, feasibility reports and economic evaluations are based
on reasonable expectations and assumptions, it can give no
assurance that its expectations will be attained. Factors that
could cause actual results to differ materially from expectations
include financial performance, oil and gas prices, drilling program
results, regulatory changes, political risk, terrorism, changes in
local or national economic conditions and other risks detailed from
time to time in Continental's periodic filings with the US
Securities Exchange Commission.
SOURCE Continental Energy Corporation