Softrock Minerals Ltd. Announces Second Quarter 2016 Financial Results and MD&A
September 01 2016 - 1:43PM
PR Newswire (Canada)
CALGARY, Sept. 1, 2016 /CNW/ - Softrock Minerals Ltd.
("SFT" or the "Corporation")(TSX Venture) announces the release of
its interim financial results and Management Discussion and
Analysis (MD&A) for the three and six month periods ended
June 30, 2016 expressed in Canadian
dollars.
This news release summarizes information contained in the
unaudited interim condensed financial statements and MD&A for
the three and six month periods ended June
30, 2016 and should not be considered a substitute for
reading these full disclosure documents which are available on
SEDAR at www.sedar.com or the Corporation's website at
www.softrockminerals.com.
SFT is a natural resource company focused on the identification
and development of oil, gas, potash and lithium.
SELECTED FINANCIAL DATA
|
For 3 months ending
June 30
|
For six months ending
June 30
|
|
2016
|
2015
|
2016
|
2015
|
Royalties
(Oil)
|
$13,335
|
$19,346
|
$18,130
|
$23,402
|
Expenses
|
$22,945
|
$12,622
|
$45,181
|
$31,314
|
Net Income
(Loss)
|
$(9,610)
|
$6,724
|
$(27,051)
|
$(7,912)
|
Assets
|
|
|
$149,486
|
$189,982
|
Liabilities
|
|
|
$68,988
|
$72,494
|
Shares
Issued
|
|
|
25,759,146
|
25,759,126
|
HIGHLIGHTS
- Company remains debt-free
- Company has obtained permission from the Alberta Government to
recomplete a suspended Cardium oilwell in which it has a 47.5%
in the Ferrier area of western Alberta
- Section 11 in the Charlie
Lake oilfield of Northern
Alberta on which the Company has a 2 and one-half percent
GORR in the one well drilled so far on the lease is now totally
surrounded on all four sides by oil producers, setting up the lease
for at least 3 more wells
- Company is expanding its Lithium holdings in northern
Alberta
- Management and the Board of Directors of SFT are continuing to
focus on and pursue strategic alternatives for the Corporation.
These include but are not limited to considering alternative
financing methods and meeting with potential acquirers or merger
partners
Neither the TSX Venture nor its Regulation Service
Provider (as the term is defined in the policies of the TSX-V
Exchange) accepts the responsibility for the accuracy or adequacy
for this release.
SOURCE Softrock Minerals Ltd.
Copyright 2016 Canada NewsWire
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