North Sea Energy Inc.

North Sea Energy Inc.

November 26, 2015 16:15 ET

North Sea Energy Announces Third Quarter 2015 Results

TORONTO, ONTARIO--(Marketwired - Nov. 26, 2015) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces its unaudited financial results for the period ended September 30, 2015. 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, 2015 dated November 26, 2015, which have been filed on SEDAR (

Highlights and recent events for the three months ended September 30, 2015:

  • NSE reduced its general and administrative (G&A) costs by 83% during the three months ended September 30, 2015 compared to the three months ended September 30, 2014 (Q3 2015: $42,572; Q3 2014: $250,626) as part of its ongoing cost reduction program.

  • Progress on the Bagpuss well located in block 13/24c of the UK North Sea, continues, with an expected spud date for H1 2016 (15% Working Interest). NSE's costs relating to the initial Bagpuss well, including well planning and the site survey continue to be carried by Maersk. The Company is funded through its farm-in agreement with Maersk for 100% of NSE's costs, subject to a cap to drill the initial Bagpuss Prospect well including a site survey and 50% of NSE's costs, subject to a cap on a Bagpuss subsequent well, should one be drilled. For more details see Appraisal & Exploration Activities in the accompanying MD&A.

Selected Quarterly Information:
For the three months ended For the nine months ended
September 30, September 30, September 30, September 30,
2015 2014 2015 2014
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
CAD ($) CAD ($) CAD ($) CAD ($)
Revenues 0 2,012 49 3,954
Net loss (161,647 ) (390,124 ) (201,864 ) (1,299,703 )
Basic and diluted net loss per share (0.003 ) (0.007 ) (0.003 ) (0.022 )
Total comprehensive loss (734,864 ) (514,803 ) (1,316,016 ) (1,434,796 )
As at
September 30, December 31, September 30,
2015 2014 2014
(Unaudited) (Unaudited) (Unaudited)
CAD ($) CAD ($) CAD ($)
Assets 2,244,105 2,622,833 3,186,242
Long-term liabilities 53,700 3,730,228 3,633,178
Shareholders' Deficit (6,094,540 ) (8,168,546 ) (3,203,674 )

The above noted financial data should be read in conjunction with the period ended September 30, 2015 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 NSE:

NSE, founded in 2007, is a UK focused oil and gas exploration and appraisal ("E&A") company quoted on the TSX-V. NSE, along with its wholly owned subsidiaries, North Sea Energy UK (NO2) Limited, North Sea Energy (UK) Limited, Echo Exploration Limited and March Resources Ltd holds a portfolio of high impact opportunities focused on the Moray Firth in the offshore UK North Sea. These opportunities include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b), Del Monte (blocks 19/2 and 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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