Petrodorado Files Financial Results and Management Discussion & Analysis for the First Quarter of 2017
29.05.2017 | FSCwire
Calgary - Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSXV-PDQ) has filed its interim Financial Results and Management Discussion & Analysis for the three months ended March 31, 2017.Financial Statements
Highlights include:
- Working capital of $0.9 million
- Virtually no remaining contractual commitments
- Cessation of operations in Colombia
Period ended Period ended
$ (U.S. dollars) March 31, 2017 March 31, 2016
Working Capital 854,182 16,795,357
Total Assets 904,817 17,801,401
Cash flows used in Operating Activities 194,854 1,048,426
Net Loss 146,005 925,842
Net Loss per Share, basic & diluted * 0.01 0.09
* All per share amounts have been adjusted retroactively to reflect the impact of the five for one share consolidation that was effective September 16, 2016, as previously announced.
During the three months ended March 31, 2017, the Company closed the transaction to sell its remaining corporate operations in Colombia through the sale of its wholly-owned subsidiary. Upon closing of the sale, management has ceased operations in Colombia and, as such, has reclassified its entire Colombian segment to discontinued operations.
Complete reports and statements are available on SEDAR at www.sedar.com and on the Company website www.petrodorado.com.
About Petrodorado Energy Ltd.
Petrodorado is engaged in petroleum and natural gas exploration and development activities in Colombia. Its head office is located in Calgary, Alberta, Canada and Petrodorado’s common shares are traded on the TSXV under the trading symbol “PDQ”.
For further information, please contact:
Petrodorado Energy Ltd.
Chris Reid, President and CEO
Lynn Chapman, VP Finance and CFO
Phone: (403) 800-9240
Email: info@petrodorado.com
Website: www.petrodorado.com
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.
See the Corporation’s most recent annual information form for the year ended December 31, 2015 for a list of risk factors associated with the business of the Corporation and an investment in its securities.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES