Solimar Energy, LLC

June 27, 2013 06:00 ET

Solimar Energy Limited: Restatement of Financial Accounts for March 2013 Quarter

MELBOURNE, AUSTRALIA--(Marketwired - June 27, 2013) -


Solimar Energy Limited (TSX VENTURE:SXS)(ASX:SGY) ("Solimar" or "the Company") advises that it has re-issued the financial statements and management discussion and analysis for the quarter ended March 31, 2013.

The re-statement relates to the change in classification of the convertible debentures issued in February 2012 and which mature on 31 December 2013. The consolidated statement of financial position has been adjusted to reflect that A$2,157,909 of Borrowings and A$91,933 of Derivative liability are current liabilities. The revised consolidated statement of financial position shows current liabilities of A$3,265,460 and non-current liabilities of A$4,552,418. Total liabilities remain unchanged at A$7,817,878.

There have been no other changes to the financial statements. The management discussion and analysis has been amended to reflect the change in the classification of liabilities in those sections where relevant.

Frank Petruzzelli, Chairman

Solimar Energy Limited

Neither 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.

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are 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, including without limitation statements relating to intended testing, work programs, financing and associated timelines. Forward-looking statements are 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 projected in the forward-looking statements. Solimar Energy Limited cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and Solimar Energy Limited assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward-looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. There is no assurance that the Offering will be completed.

ABN 42 112 256 649

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