Perisson Petroleum Corp. Provides Update re 2017 Year End and First Quarter Financial Statement Filings
Calgary, Alberta (FSCwire) - Perisson Petroleum Corp. (the "Corporation") (TSXV: POG) provides an update regarding the filing of its financial statements and corresponding management discussion and analysis for the year ended December 31, 2017 and the first quarter ended March 31, 2018 (the "Financial Statements"). As noted in the Company's press release dated May 1, 2018, the Company was unable to file the Financial Statements prior to the filing deadline of May 1, 2018 and at the request of the Company, Management Cease Trade Orders applicable to Gary Chen, Chief Executive Officer of the Company, Wayne Rousch, President of the Company, Brad Perry, Chief Financial Officer of the Company, Victor Hsu, director of the Company and Scott Reeves, Corporate Secretary of the Company, were issued by applicable securities commissions in accordance National Policy 12-203. As noted previously, the Corporation was unable to file the Financial Statements prior to the aforementioned filing deadline due to an unexpected and critical business trip overseas involving management of the Corporation that has extended far longer than expected (for the arrangement of arranging critical financing and conducting due diligence on the Corporation’s previously announced Kazakhstan oil field acquisition). Since May 1, 2018, the Corporation experienced an unexpected delay in the receipt of certain financial information relating to its Colombian business. As a result, complete and accurate financial information was not available to Perisson in order for the Corporation to accurately complete the Financial Statements prior to the filing deadline.
Having successfully received the necessary financial information required to complete the Financial Statements, management has worked diligently with its auditors and expects that the Financial Statements will be completed and filed on or before June 14, 2018.
About Perisson Petroleum Corp.
Perisson Petroleum Corporation is listed on the TSX Venture Exchange and trades under the symbol "POG". The Corporation has ownership in certain oil and gas producing properties in the Twining area of Alberta, Canada. The Company also holds a 100% working interest in the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Chien-Yeh (Gary) Chen
Chairman of the Board and CEO
Direct Line: (403) 827-8597
FORWARD LOOKING STATEMENTS
This news release includes certain information, with management's assessment of Perisson’s future plans and operations, and contains forward-looking statements which may include some or all of the following: (i) anticipated production rates; (ii) expected results of capital programs; (iii) expected timelines for production optimization; (iv) net debt levels; (v) anticipated operating costs; and (vi) expected capital projects and associated spending; which are provided to allow investors to better understand the Company's business. By their nature, forward-looking statements are subject to numerous risks and uncertainties; some of which are beyond Perisson’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, changes in environmental tax and royalty legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, and other risks and uncertainties described under the heading 'Risk Factors' and elsewhere in the Company's Management Discussion and Analysis and other documents filed with Canadian provincial securities authorities and are available to the public at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The principal assumptions Perisson has made includes security of land interests; drilling cost stability; finance and debt markets continuing to be receptive to financing the Company, the ability of the Company to monetize non-core assets and industry standard rates of geologic and operational success. Actual results could differ materially from those expressed in, or implied by, these forward-looking statements. Perisson disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more information on the Company, Investors should review the Company’s registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Trading in the securities of Perisson Petroleum Corporation should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Perisson Petroleum Corporation (TSX Venture:POG)
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