Veraz Petroleum Ltd.
TSX VENTURE : VRZ

Veraz Petroleum Ltd.

June 26, 2012 19:41 ET

Veraz Petroleum Re-Files Q1 Financial Statements and MD&A

CALGARY, ALBERTA--(Marketwire - June 26, 2012) - Veraz Petroleum Ltd. ("Veraz") (TSX VENTURE:VRZ) has announced that it has revised and re-filed its unaudited condensed interim consolidated financial statements (the "Financial Statements") as at and for the three month period ended March 31, 2012, and the related management's discussion and analysis (the "MD&A").

The Financial Statements were revised to include a condensed interim consolidated statement of changes in equity and to restate the amount of comprehensive loss for the period as set forth in the condensed interim consolidated statement of comprehensive loss from $16,571,749 to $16,183,703, a difference of $388,046. The Financial Statements were also revised to include a note describing Veraz's accounts receivable (Note 4) and a note describing certain events that occurred subsequent to March 31, 2012, including Veraz's proposed sale of its subsidiary Veraz Petroleum Peru S.A.C. to Petrominerales Ltd. and the expiration of Veraz's share purchase warrants (Note 9). Similarly, the MD&A was revised to correct the references to comprehensive loss therein from $16,571,749 to $16,183,703. Other than as described above, there are no other material differences in the information contained in the re-filed Financial Statements and MD&A as compared to the previously filed Financial Statements and MD&A.

The re-filed Financial Statements and MD&A have been filed with the Canadian securities regulators on SEDAR and may be viewed on Veraz's profile at www.sedar.com.

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.

Contact Information

  • Veraz Petroleum Ltd.
    Gerardjan ("Oppe") Cosijn
    President and Chief Executive Officer
    (403) 781-7930/7931

    Veraz Petroleum Ltd.
    Colin Christie
    Vice President, Finance and Chief Financial Officer
    (403) 781-7930/7931

    Veraz Petroleum Ltd.
    200, 209 8th Avenue SW
    Calgary, Alberta, Canada T2P 1B8
    www.verazpetroleum.com