North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

May 29, 2013 16:51 ET

North Sea Energy Announces First Quarter 2013 Results

TORONTO, ONTARIO--(Marketwired - May 29, 2013) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces its unaudited financial results for the period ended March 31, 2013. The summary of the selected financial information should be read in conjunction with the Company's Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended March 31, 2013 dated May 28, 2013, which have been filed on SEDAR (www.sedar.com).

Financial highlights for the period ended March 31, 2013:

  • In March, the Company opened a data room with its joint venture partner for its 40% working interest in Bagpuss and Blofeld (Blocks 13/24 and 13/25)

  • Cash on hand of $5,133,010 at March 31, 2013 (December 31, 2012, $6,246,200)

  • Working capital of $2,641,577 at March 31, 2013 (December 31, 2012, $3,203,390)

Selected Quarterly Information
As at and for the three months ended
March 31, 2013
(Unaudited) CAD ($)
(except per share data)
March 31, 2012
(Unaudited) CAD ($)
(except per share data)
Assets 19,956,011 22,361,829
Long-term liabilities 4,950,794 2,601,161
Shareholders' Equity 11,679,388 17,016,317
Revenues 1,092,335 1,622,063
Loss before income tax expense (951,014 ) (558,422 )
Net loss (951,014 ) (218,422 )
Total comprehensive loss for the period (933,657 ) (307,447 )
Basic net loss per share (0.0162 ) (0.0037 )
Diluted net loss per share (0.0162 ) (0.0037 )

Significant Developments

On March 20, 2013, the Company through its wholly owned subsidiary North Sea Energy (UK NO2) Ltd., announced the opening of a joint data room in order to facilitate the potential of farming out of its Bagpuss (block 13/24c, 40% working interest) and Blofeld Lead (block 13/25, 40% working interest) in conjunction with its joint venture partner EnCounter Oil (40% working interest). The data room will allow parties to evaluate and bid on the opportunities presented on the aforementioned blocks. A Competent Persons Report ("CPR") on these blocks has been initiated. Subsequently, the data room generated considerable interest.

On April 29, 2013, In addition, NSE announced that the seismic acquisition program over the Badger prospect in UKCS Block 12/30 has been cancelled (NSE - 50% working interest, Premier Oil - 50% working interest). The Company is reviewing all options in order to establish a way forward to realise the potential of this block.

About North Sea Energy Inc.

NSE (TSX VENTURE:NUK) is a UK-focused oil and gas exploration and production ("E&P") company listed on the TSX Venture Exchange. NSE is producing light oil from the Jacky field, located in the Inner Moray Firth off the Scottish coast and has acquired an interest in nine blocks in the North Sea.

Forward-looking statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information.

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.

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