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Enter Symbol
or Name
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CA



Eaglewood Energy Inc
Symbol EWD
Shares Issued 87,368,942
Close 2014-04-21 C$ 0.315
Market Cap C$ 27,521,217
Recent Sedar Documents

Eaglewood Energy files 2013 AIF, amends 2012 financials

2014-04-24 15:54 ET - News Release

Mr. Brad Hurtubise reports

EAGLEWOOD ENERGY FILES ANNUAL MATERIALS AND ANNOUNCES RESTATEMENT

Eaglewood Energy Inc. has filed its annual formation form for the financial year ended Dec. 31, 2013, which contains the information required pursuant to National Instrument 51-101 standards of disclosure for oil and gas activities. Eaglewood has also filed its audited financial statements, and management discussion and analysis for the year ended Dec. 31, 2013.

Eaglewood also announces a restatement of its 2012 annual financial statements in respect of the value of its exploration, and evaluation assets and gain/loss on sale of exploration and evaluation assets for the year ended December, 2012. Eaglewood identified that certain costs relating to the initial purchase transaction of Eaglewood in 2007 were not allocated to the petroleum prospecting licences at the initial corporation start-up. As a result of this allocation, an additional $6.8-million was added to the costs of PPL 260, which was sold by Eaglewood in 2012, and a gain on sale of $2.9-million was recorded. With the allocation of the additional costs, the disposal of PPL 260 is now recorded as a loss of $3.8-million. As a result, the restatement results in a decrease in exploration and evaluation assets of approximately $6.8-million. There is no impact on the financial position of the company as a result of this restatement.

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