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
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
Your clients expect transactions to never fail, cloud access to be fast and always on, and their data to be protected - no exceptions. Hear about how Secure Service Container (SSC), an IBM-exclusive open technology, enables secure building and hosting of next-generation applications, both cloud and on-premises. SSC protects the full stack from external and insider threats, allows automatic encryption of data in-flight and at-rest, and is tamper-resistant during installation and runtime – with no...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...