Final Approval of 2008 Financial Statements
The Board of Directors of Norse Energy Corp. ASA (NEC ticker code OSE
- NEC, Oslo, Norway, U.S OTC symbol NSEEF) has on April 20, 2009
approved the consolidated Financial Statements for 2008 for Norse Energy
Corp. ASA. The Annual General Meeting will be held on May 19, 2009 in
Oslo.
In completing the consolidated financial statements for 2008, certain
reclassifications and adjustments were made to the preliminary Financial
Statements which were published on February 27, 2009. These adjustments
came mainly as a result of the subsequent events notified in the press
release dated April 14, 2009 concerning the farm-out of the BM-CAL 5
license. This resulted in an impairment charge of USD 18.3 million. A
final tax review resulted in tax income of USD 1.7 million, as well as a
reclassification of taxes liabilities of USD 11.1 million from Current
liabilities to Non-current liabilities.
The net effect of these reclassifications and adjustments is a decrease
in EBITDA from USD 44.4 million to USD 41.2 million. Net profit/loss for
the year before taxes decreased from a profit of USD 9.7 million to loss
of USD 11.6 million. Net profit/loss for the year also decreased from a
profit of USD 9.1 million to a loss of USD 10.5 million.
Based on the above adjustments and reclassifications, the company had
Equity of USD 67.7 million, Current Liabilities of USD 147.6 million and
Long-Term Liabilities of USD 182.7 million per year-end 2008.
A complete annual report will be posted on the companys website within
the next few days.
For further information please contact:
Anders Kapstad, CFO
Tel.: +47 6751 6112
Cell: +47 918 17 442
Email: akapstad@norseenergy.com
Url: http://www.newsweb.no/index.jsp?messageId235470
The Board of Directors of Norse Energy Corp. ASA (NEC ticker code OSE
- NEC, Oslo, Norway, U.S OTC symbol NSEEF) has on April 20, 2009
approved the consolidated Financial Statements for 2008 for Norse Energy
Corp. ASA. The Annual General Meeting will be held on May 19, 2009 in
Oslo.
In completing the consolidated financial statements for 2008, certain
reclassifications and adjustments were made to the preliminary Financial
Statements which were published on February 27, 2009. These adjustments
came mainly as a result of the subsequent events notified in the press
release dated April 14, 2009 concerning the farm-out of the BM-CAL 5
license. This resulted in an impairment charge of USD 18.3 million. A
final tax review resulted in tax income of USD 1.7 million, as well as a
reclassification of taxes liabilities of USD 11.1 million from Current
liabilities to Non-current liabilities.
The net effect of these reclassifications and adjustments is a decrease
in EBITDA from USD 44.4 million to USD 41.2 million. Net profit/loss for
the year before taxes decreased from a profit of USD 9.7 million to loss
of USD 11.6 million. Net profit/loss for the year also decreased from a
profit of USD 9.1 million to a loss of USD 10.5 million.
Based on the above adjustments and reclassifications, the company had
Equity of USD 67.7 million, Current Liabilities of USD 147.6 million and
Long-Term Liabilities of USD 182.7 million per year-end 2008.
A complete annual report will be posted on the companys website within
the next few days.
For further information please contact:
Anders Kapstad, CFO
Tel.: +47 6751 6112
Cell: +47 918 17 442
Email: akapstad@norseenergy.com
Url: http://www.newsweb.no/index.jsp?messageId235470
