Welcome!

News Feed Item

MGM Energy Corp.: Financial Results for the Three Months Ended March 31, 2014

CALGARY, ALBERTA -- (Marketwired) -- 04/22/14 -- MGM Energy Corp. ("MGM Energy" or the "Company") (TSX:MGX) announced today its financial results for the three months ended March 31, 2014.

The Company reported a net loss for the three months ended March 31, 2014 of $1.5 million ($0.00 per share) as compared to a net loss of $0.6 million ($0.00 per share) for the three months ended March 31, 2013.

MGM Energy's full unaudited financial statements and accompanying Management's Discussion and Analysis will be filed shortly on the SEDAR website (www.sedar.com).

MGM Energy is a Canadian oil and natural gas exploration and development company active in Northern Canada. MGM Energy's common shares are listed on the Toronto Stock Exchange under the symbol "MGX".

Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although MGM Energy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because MGM Energy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by MGM Energy and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and MGM Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


MGM Energy Corp.                                                           
Condensed Interim Balance Sheets (Unaudited)                               
($000s)                                                                    
                                                       As at          As at
                                                    March 31    December 31
                                                        2014           2013
---------------------------------------------------------------------------
ASSETS                                                                     
Current assets                                                             
  Cash and cash equivalents                          $ 7,723        $ 9,783
  Accounts receivable and other current                                    
   assets                                              1,053          1,484
---------------------------------------------------------------------------
                                                       8,776         11,267
Non-current assets                                                         
  Exploration and evaluation assets                   65,059         65,059
---------------------------------------------------------------------------
                                                      65,059         65,059
                                                                           
---------------------------------------------------------------------------
Total Assets                                        $ 73,835       $ 76,326
---------------------------------------------------------------------------
                                                                           
LIABILITIES                                                                
Current liabilities                                                        
  Accounts payable and accrued liabilities           $ 1,314        $ 2,479
  Due to related parties                                  29             41
---------------------------------------------------------------------------
                                                       1,343          2,520
Non-current liabilities                                                    
  Asset retirement obligation                          5,160          5,147
  Environmental restoration liability                    833            833
---------------------------------------------------------------------------
                                                       5,993          5,980
                                                                           
---------------------------------------------------------------------------
Total Liabilities                                      7,336          8,500
---------------------------------------------------------------------------
                                                                           
SHAREHOLDERS' EQUITY                                                       
  Share capital                                      466,187        466,159
  Contributed surplus                                 10,416         10,281
  Deficit                                           (410,104)      (408,614)
---------------------------------------------------------------------------
Total Shareholders' Equity                            66,499         67,826
---------------------------------------------------------------------------
Total Liabilities and Shareholders' Equity          $ 73,835       $ 76,326
---------------------------------------------------------------------------


MGM Energy Corp.                                                           
Condensed Interim Statements of Loss and Comprehensive Loss (Unaudited)    
($000s)                                                                    
                                               Three Months Ended March 31 
---------------------------------------------------------------------------
                                                        2014           2013
---------------------------------------------------------------------------
                                                                           
Oil and natural gas revenue                              $ -            $ -
Rental income                                              -            531
---------------------------------------------------------------------------
                                                         $ -          $ 531
                                                                           
Expenses                                                                   
  General and administrative                             998            529
  Share-based compensation                               163            211
  Exploration and evaluation                             291            270
  Accretion of asset retirement obligation                13             10
  Depreciation                                             -             15
---------------------------------------------------------------------------
                                                       1,465          1,035
---------------------------------------------------------------------------
Loss before net finance expenses                      (1,465)          (504)
---------------------------------------------------------------------------
                                                                           
  Finance income                                         (23)           (37)
  Finance expenses                                        48            163
---------------------------------------------------------------------------
Net finance expenses                                      25            126
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
Net loss and comprehensive loss                     $ (1,490)        $ (630)
---------------------------------------------------------------------------
                                                                           
Net loss per Common Share ($/share)                                        
  Basic                                              $ (0.00)       $ (0.00)
  Diluted                                            $ (0.00)       $ (0.00)


MGM Energy Corp.                                                           
Condensed Interim Statements of Cash Flows (Unaudited)                     
($000s)                                                                    
                                               Three Months Ended March 31 
---------------------------------------------------------------------------
                                                        2014           2013
---------------------------------------------------------------------------
Operating activities                                                       
Net loss for the period                             $ (1,490)        $ (630)
Adjustments to add (deduct) non-cash items                                 
  Share-based compensation                               163            211
  Accretion of asset retirement obligation                13             10
  Depreciation                                             -             15
  Non-cash exploration and evaluation                                      
   expenses                                                -            (51)
Change in non-cash working capital                    (1,475)        (3,133)
Change in restricted cash balance                          -        (12,000)
---------------------------------------------------------------------------
Cash flows used in operating activities               (2,789)       (15,578)
---------------------------------------------------------------------------
                                                                           
Financing activities                                                       
Cash payment for options exercised                         -            (20)
---------------------------------------------------------------------------
Cash flows used in financing activities                    -            (20)
---------------------------------------------------------------------------
                                                                           
Investing activities                                                       
Capital expenditures                                       -            103
Change in non-cash working capital                       729             44
---------------------------------------------------------------------------
Cash flows provided by investing activities              729            147
---------------------------------------------------------------------------
                                                                           
Decrease in cash and cash equivalents                 (2,060)       (15,451)
Cash and cash equivalents, beginning of                                    
 period                                                9,783         19,869
---------------------------------------------------------------------------
Cash and cash equivalents, end of period             $ 7,723        $ 4,418
---------------------------------------------------------------------------

Contacts:
MGM Energy Corp.
H.W. (Henry) Sykes
President
(403) 781-7800
(403) 781-7801 (FAX)

MGM Energy Corp.
R. N. (Rick) Miller
Chief Financial Officer
(403) 781-7800
(403) 781-7801 (FAX)

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...