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
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.