Parkland Energy Services Inc.
TSX VENTURE : PKE

Parkland Energy Services Inc.

May 24, 2011 17:54 ET

Parkland Energy Services Inc.: Update on Delay in Filing 2010 Audited Annual Financial Statements and Related MD&A

RED DEER, ALBERTA--(Marketwire - May 24, 2011) - Subsequent to the Press Releases filed on April 27 and May 13, 2011, Parkland Energy Services Inc. (TSX VENTURE:PKE) ("Parkland" or the "Corporation") announces that it is still currently working towards finalizing its 2010 audit with its Auditors, Meyers Norris Penny LLP. As previously announced, Parkland intends to file, on or before June 30, 2011, its annual audited financial statements for the financial year ended December 31, 2010, management's discussion and analysis relating thereto and the certificates of the Corporation's Chief Executive Officer and Chief Financial Officer (collectively referred to as the "2010 Annual Financial Statements and MD&A"), in accordance with National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filings.

The Corporation will continue to comply with the alternative information guidelines described in sections 4.3 and 4.4 if National Policy 12-203 Cease Trade Orders for Continuous Discloser Defaults, including bi-weekly default status reports issued by the Corporation in the form of news releases for as long as the Corporation will be in default to file the 2010 Annual Financial Statements and MD&A.

Parkland is a company based in Red Deer, Alberta that currently has an industrial paint and sandblasting operation. The Common shares are listed on the TSX Venture Exchange and trade under the symbol "PKE".

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of hydrocarbon reserves and resources, the realization of reserve and resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of drilling and development operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of hydrocarbon resources; production or recovery rates; accidents, Labor disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. TSX Venture Exchange nor its Regulation Service 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

  • Parkland Energy Services Inc.
    Bev Roome
    Chief Financial Officer
    403-346-8119
    403-346-4605 (FAX)