Canadian Phoenix Resources Corp.
TSX VENTURE : CXP

Canadian Phoenix Resources Corp.

August 23, 2012 16:00 ET

Canadian Phoenix Releases Second Quarter Results

CALGARY, ALBERTA--(Marketwire - Aug. 23, 2012) - CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CXP) ("Canadian Phoenix" or the "Corporation"), a junior oil and gas exploration, development and production company seeking to invest its cash holdings of over $78 million, announces the results for the second quarter of its 2012 fiscal year.

2012 SECOND QUARTER HIGHLIGHTS

  • The Corporation held $78.7 million in cash and cash equivalents and maintained a working capital surplus of $78.5 million as at June 30, 2012.
  • The Corporation's cash and cash equivalents per common share and net asset value per common share were $1.37 as at June 30, 2012.
  • Net and comprehensive loss was $44 thousand, or $nil per share, including a $69 thousand impairment of assets and liabilities held for sale.
  • The Corporation earned $238 thousand in interest income during the quarter.
  • The Corporation repurchased 581,200 of its common shares during the quarter 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 57,387,218 as at June 30, 2012.

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 and six months ended June 30, 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