NiMin Energy Corp.
TSX : NNN

NiMin Energy Corp.

November 16, 2009 17:50 ET

NiMin Energy Corp. Announces Third Quarter 2009 Interim Consolidated Financial Statements

CARPINTERIA, CALIFORNIA--(Marketwire - Nov. 16, 2009) -

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

NiMin Energy Corp. ("NiMin" or the "Company") (TSX:NNN) today announced that it has released its interim consolidated financial statements and related management discussion and analysis ("MD&A") for the three and nine months ended September 30, 2009, and 2008.

On an ongoing basis, the Company will report its financial statements using US generally accepted accounting principles and will reconcile those financial statements to Canadian generally accepted accounting standards in the notes the financial statements. 

For the three months ended September 30, 2009, the Company reported a net loss of US$1.5 million (US$0.03 per share) compared to a net income of US$230,299 (US$0.01 per share) for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the Company reported a net loss of US$12.6 million (US$0.25 per share) compared to a net income of US$569,168 (US$0.02 per share) for the nine months ended September 30, 2008.

The reported loss is primarily due to higher operating costs at the Pleito Creek Field and lower commodity prices. The Company's MD&A contains a detailed analysis of the periods discussed.

Sven Hagen, PhD, President of NiMin, said, "We are pleased with the progress of the combined Miscible Drive Project at the Pleito Creek Field. We have increased our oxygen injection rates by approximately 50% and believe this will accelerate our production growth."

NiMin currently has 49,813,920 basic and fully diluted common shares.

SEDAR
NiMin has filed its interim consolidated financial statements and related MD&A for the three and nine months ended September 30, 2009, with Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval ("SEDAR"). Copies of the financial statements and related MD&A of NiMin for the three and nine months ended September 30, 2009, and 2008, may be accessed electronically at www.sedar.com.

About NiMin
The principal business of the Company is conducted through its wholly owned subsidiary, Legacy Energy, Inc., a Delaware Corporation engaged in the exploration and development of crude oil and natural gas properties in the states of Louisiana and California.

Cautionary Statements

This news release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable securities laws, which may include, but which are not limited to, statements with respect to: oil and natural gas production; planned growth and development; contractual obligations; forecasted production; future plans; objectives and results. Forward-looking statements involve numerous risks and uncertainties. Estimates and forward-looking statements are based on assumptions of future events and actual results may vary from these estimates. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors as set forth elsewhere in the Company's MD&A for the period ended September 30, 2009: (i) volatility in market prices for oil and natural gas; (ii) risks inherent in oil and natural gas operations; (iii) uncertainties associated with estimating oil and natural gas reserves; (iv) competition for, among other things, capital, acquisitions of reserves, undeveloped lands; (v) incorrect assessments of the value of acquisitions; (vi) geological, technical, drilling and processing problems; (vii) stock market volatility; (viii) failure to realize the anticipated benefits of acquisitions; and (ix) other factors discussed under "Risks and Uncertainties". These factors should not be construed as exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or in any other documents filed with Canadian securities regulatory authorities whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements are expressly qualified by this cautionary statement.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

Contact Information

  • NiMin Energy Corp.
    Clancy Cottman
    Chairman and CEO
    (805) 566 2900
    or
    NiMin Energy Corp.
    Jonathan Wimbish
    Chief Financial Officer
    (805) 566 2900
    (805) 566 2917 (FAX)
    www.niminenergy.com