08:12:30 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



Mobius Resources Inc
Symbol MBS
Shares Issued 26,360,477
Close 2015-05-28 C$ 0.17
Market Cap C$ 4,481,281
Recent Sedar Documents

Mobius Resources loses $667,000 in Q1 2015

2015-05-28 17:50 ET - News Release

Mr. Christopher George reports

MOBIUS RESOURCES ANNOUNCES RELEASE OF FIRST QUARTER 2015 FINANCIAL RESULTS

Mobius Resources Inc. (formerly Zodiac Exploration Inc.) has filed its financial statements, and management's discussion and analysis for the three months ended March 31, 2015, on SEDAR. During the three months ended March 31, 2015, Mobius:

  • Completed a special core study and other technical work related to its Guy well, which penetrated the Duvernay formation;
  • Ended the quarter with a cash balance of $5,782 and a working capital balance of $5,053.

                          FINANCIAL HIGHLIGHTS 
                                (in $000s)

                                Three months ended         Three months ended
                                    March 31, 2015             March 31, 2014

Revenue                                       $ 63                       $ 38
Net income (loss) from
continuing operations                         (667)                      (889)
Net income (loss) from
discontinued operations                          -                      3,063
Net income (loss)                             (667)                     2,174
Funds from (used) in operations (1)
from continuing operations                    (802)                      (870)
Funds from (used) in operations (1)
from discontinued operations                     -                      2,868
Funds from (used) in operations (1)           (802)                     1,998
Capital expenditures                            32                      1,491
Total assets                                12,494                     56,030
Cash and cash equivalents                    5,782                      9,387

(1) Funds from (used in) operations as presented does not have any standardized
    meaning prescribed by generally accepted accounting principles (GAAP) and,
    therefore, may not be comparable with the calculation of similar measures
    presented by other entities.

Outlook

During the quarter, Mobius also completed a special core study to collect the information necessary to continue to derisk its Duvernay play. The key parameters of the special core study and logging results were within the range of the company's expectations and, more significantly, within the range of published results in the Kaybob area. The company is pleased with the results of the work performed and believes it is in possession of a unique information set pertaining to the Duvernay formation north of Kaybob. While the company did not stimulate the formation and was unable to production test, several wells in the Kaybob area are producing in the volatile oil window from less than 30 metres of pay with similar rock properties. The company has had discussions with financial advisers, and based on these discussions, management believes that Mobius has a marketable position in the Duvernay should energy markets recover. While the company has a challenging land tenure horizon, the drilling of the Guy well has given Mobius the opportunity to apply for a five-year extension on 14 sections of land in the region. The company believes that the modern data set and information gleaned from the drilling of the Guy well, and the special core study and logging with respect to the Duvernay formation will have significant value to a potential partner or acquirer in an improved energy market.

Subsequent events

On May 13, 2015, Mobius announced that it had entered into a definitive agreement dated as of May 13, 2015, providing for a reverse takeover of the company by Sintana Energy Inc. Sintana is engaged in the acquisition, exploration and development of oil and gas properties in Colombia's Magdalena basin.

The business combination will be structured in the form of a three-cornered amalgamation to be effected by way of a plan of arrangement, pursuant to which Sintana will amalgamate with a wholly owned subsidiary of Mobius, and each outstanding share of Sintana will be exchanged for 0.26316 share of Mobius. Further details on the business combination are disclosed in Mobius press release dated May 13, 2015, and in the notes to the unaudited interim consolidated financial statements of the company for the three months ended March 31, 2015.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.