May 29, 2017 - 6:05 PM EDT
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Petrodorado Files Financial Results and Management Discussion & Analysis for the First Quarter of 2017




Petrodorado Files Financial Results and Management Discussion & Analysis for the First Quarter of 2017

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES



Calgary, Alberta (FSCwire) - 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

 

$ (U.S. dollars)

Period ended

March 31, 2017

Period ended

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:

 

Chris Reid, President and CEO

Lynn Chapman, VP Finance and CFO

Phone: (403) 800-9240

Email: [email protected]

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.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Petrodorado05292017.pdf

Source: Petrodorado Energy Ltd. (TSX Venture:PDQ)

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Source: FSCwire (May 29, 2017 - 6:05 PM EDT)

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