Canadian Phoenix Resources Corp.
TSX VENTURE : CXP

Canadian Phoenix Resources Corp.

May 23, 2012 19:39 ET

Canadian Phoenix Releases First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 23, 2012) - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") (TSX VENTURE:CXP), a junior oil and gas exploration, development and production company seeking to invest its cash holdings of over $79 million, announces the results for the first quarter of its 2012 fiscal year.

2012 FIRST QUARTER HIGHLIGHTS

  • The Corporation held $79.3 million in cash and cash equivalents and maintained a working capital surplus of $79.2 million as at March 31, 2012.
  • The Corporation's cash and cash equivalents per common share and net asset value per common share were $1.37 as at March 31, 2012.
  • Net and comprehensive income was $5 thousand - or $nil per share - for the first quarter of 2012.
  • The Corporation earned $214 thousand in interest income during the quarter.
  • As at March 31, 2012, the Corporation has $63.1 million in capital and non-capital loss carry-forwards and other income tax pools for which no deferred income tax asset has been recognized.
  • Since March 31, 2012, the Corporation repurchased 159,700 of its common shares at a volume-weighted average price of $1.19 per share by way of a Normal Course Issuer Bid, reducing the number of common shares issued and outstanding to 57,808,718.

The Corporation, through a Special Committee of the Board of Directors, continues to seek investment opportunities in the oil and gas sector. Neither the exact timing, nor the form of an appropriate transaction is known, but potential opportunities continue to be assessed.

The Corporation's unaudited condensed consolidated interim financial statements and related MD&A for the three months ended March 31, 2012 can be found at www.sedar.com and on the Corporation's website at www.canadian-phoenix.com.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company seeking investment opportunities in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".

FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information. All statements and information other than statements of historical fact are forward-looking information. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Canadian Phoenix, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Canadian Phoenix will derive there from. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canadian Phoenix Resources Corp.
    Michael Atkinson
    President & CEO
    (604) 689-1428

    Canadian Phoenix Resources Corp.
    John Downes
    Interim Chief Financial Officer
    (604) 488-5415
    www.canadian-phoenix.com