North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

November 27, 2014 16:25 ET

North Sea Energy Announces Third Quarter 2014 Results

TORONTO, ONTARIO--(Marketwired - Nov. 27, 2014) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces its unaudited financial results for the period ended September 30, 2014. 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 September 30, 2014 dated November 27, 2014, which have been filed on SEDAR (www.sedar.com).

Highlights and recent events for the three months ended September 30, 2014

  • On August 14, 2014, the Bagpuss joint-venture partners received approval from DECC to convert the Bagpuss licence from a promote licence to a traditional licence which includes a firm drilling commitment
  • In September 2014, the Bagpuss Site Survey was completed. The purpose of the survey was to collect high resolution digital seismic, soils data and a full range of environmental data that is required by the Department of Energy and Climate Control ("DECC") prior to drilling of the initial Bagpuss well.
  • NSE continued to reduce its general and administrative (G&A) costs by 30% during the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 (Q3 2014; $758,104; Q3 2013: $1,080,860).

SELECTED QUARTERLY INFORMATION

As at
September 30,
2014
(Unaudited)
CAD ($)
December 31,
2013
(Unaudited)
CAD ($)
September 30,
2013
(Unaudited)
CAD ($)
Assets 3,186,242 4,932,541 15,603,622
Long-term liabilities 3,633,178 3,497,383 7,348,127
Shareholders' (Deficit) Equity (3,203,674 ) (1,852,878 ) 5,729,672
For the three months ended For the nine months ended
September 30,
2014
(Unaudited)
CAD ($)
(except per
share data)
September 30,
2013
(Unaudited)
CAD ($)
(except per
share data)
September 30,
2014
(Unaudited)
CAD ($)
(except per
share data)
September 30,
2013
(Unaudited)
CAD ($)
(except per
share data)
Revenues 2,012 455,209 3,954 1,769,531
Net loss (390,124 ) (5,372,270 ) (1,299,703 ) (6,889,316 )
Total comprehensive loss (514,803 ) (5,440,117 ) (1,434,796 ) (6,883,373 )
Basic and diluted net loss per share (0.007 ) (0.092 ) (0.022 ) (0.118 )

The above noted financial data should be read in conjunction with the period ended September 30, 2014 condensed interim consolidated financial statements. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standards ("IAS") 34 - Interim Financial Reporting.

About North Sea Energy Inc.

North Sea Energy Inc. (TSX VENTURE:NUK) is an oil and gas company that holds a portfolio of high impact interests focused on the Moray Firth in the offshore UK North Sea. These interests include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b), Cloud (block 14/29b), Del Monte (block 19/3) and Golden Phoenix (block 18/10a).

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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