Belgrave Resources Ltd. – Annual Financial Report
CALGARY, Alberta--(BUSINESS WIRE)--Belgrave Resources Ltd is pleased to announce its audited financial results for the year ended December 31, 2013. The audited report contains the statement of financial position as at December 31, 2013, and the statement of loss and comprehensive loss, statement of changes in shareholders' deficiency and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Director’s Report and Business Overview
The directors present their report and the financial statements of the company for the year ended 31 December 2013.
The principal activity during the year was developing and securing opportunities for demonstrating the Company’s proprietary and environmentally sustainable ZEDAITM oil recovery technology. Belgrave Resources Ltd. entered into an agreement with its affiliate company Belgrave International Holdings Ltd., to demonstrate the technology.
Belgrave International is now part of a recently created International Joint-Venture (JSJ Modern Oil Group Corp.) that brings together geotechnical expertise, oilfield equipment, operations personnel, and capital and financing. The Joint-Venture will implement ZEDAITM in Liaohe Oilfield of CNPC, China.
This agreement will considerably compress the time frame associated with proving the ZEDAITM technology and accelerate value creation for the company. Subsurface design work for the demonstration project has already started.
Highlights of the auditor’s report depict the following financial results.
STATEMENT OF LOSS AND COMPREHENSIVE LOSS
FOR THE YEAR ENDED DECEMBER 31, 2013 (EXPRESSED IN EUROS)
|Legal fees||€ 36,518|
|Other comprehensive income|
|Gain on translation to presentation currency||9,932|
|Comprehensive loss||€ (35,398)|
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2013 (EXPRESSED IN EUROS)
|LIABILITIES AND SHAREHOLDERS’ DEFICIENCY|
|Accounts payable and accrued liabilities||€ 7,842|
|Due to related party||93,631|
|Accumulated other comprehensive income||12,229|
|TOTAL SHAREHOLDERS’ DEFICIENCY||(101,430)|
|TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIENCY||€ 43|
*Directors do not intend to declare dividends within the next 12 months for common shares issued
The financial statements of the Corporation have been prepared by management in accordance with International Financial Reporting Standards applicable to a going concern which assumes the Corporation will realize the carrying value of assets and satisfy its obligations as they become due in the normal course of operations.
The Corporation has not commenced operations, has no revenue to December 31, 2013 and has a shareholders’ deficiency of €101,436 as at December 31, 2013 (2012 - €66,043). As a result, there is a material uncertainty that may cast significant doubt on the Corporation's ability to continue as a going concern.
The Corporation is reliant on continuing support from its existing and future shareholders and is considering alternatives to raise equity financing in order to develop its technology and invest in oil properties. Although there is no assurance that this capital will be available at the time and on terms satisfactory to the Corporation, in the opinion of management, the use of the going concern assumption is appropriate. The financial statements have therefore been prepared on the going concern basis and these financial statements do not include any adjustments for the recoverability of recorded asset amounts, nor for the classification of liabilities and expenses that might be necessary should the Corporation be unable to continue as a going concern.
For complete audited results refer to www.belgraveres.com or GXG website
About Belgrave Resources Ltd
Belgrave Resources Ltd. is a Canadian-based junior oil company. Its primary focus is the application of proprietary and high-impact enhanced oil recovery technologies to increase oil and gas production, improve recovery and add reserves. Belgrave’s patent-pending and trademarked process (“ZEDAITM”) is a strategically engineered and sustainable technology. It is designed to recover an additional 50% of the oil remaining in watered-out high-relief light-oil pools. This recovery efficiency implies that the current light oil reserves in Alberta, Canada could be increased 200% or by an additional 2 billion barrels. The company will acquire mature light-oil pools in Alberta that are approaching the end of their economic life based on current technology being implemented. Management has already identified several asset leads. Belgrave will apply its proprietary ZEDAITM technology on a pilot or modular basis in one representative pool to limit capital requirement, demonstrate improvement in oil production rate and recovery factor, and improve the reserve classification of the analogous pools. The company also intends to pursue carried and working interest opportunities through technology licensing agreements, globally.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21B of the Securities and Exchange Act of 1934, as amended. Readers are cautioned not place undue reliance on these forward-looking statements, which are only predictions and only speak as of the date hereof. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "plan," "expect," or similar expressions and are subject to numerous known and unknown risks and uncertainties. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investors are encouraged to carefully review regulatory filings prior to investment consideration. Past performance is no guarantee of future success or that there cannot be losses or business interruption. The Company is in a rapid growth sector that may or may not continue to grow in the future and therefore poses risks that may be different than other investments. Management regularly provides news and additional information believed to be true and accurate at the time of dissemination but has no requirement to modify, comment or change in the future should circumstance change or information prove to be inaccurate for any reason. Additionally, the Company makes every effort to comply with all applicable laws.