Mr. Nick Taylor reports
SOFTROCK MINERALS LTD. ANNOUNCES SECOND QUARTER 2016 FINANCIAL RESULTS AND MD&A
Softrock Minerals Ltd. has released its interim financial results and management discussion and analysis for the three-month and six-month periods ended June 30, 2016, expressed in Canadian dollars.
This news release summarizes information contained in the unaudited interim condensed financial statements and management discussion and analysis for the three-month and six-month periods ended June 30, 2016, and should not be considered a substitute for reading these full disclosure documents, which are available on SEDAR or the corporation's website.
Softrock Minerals is a natural resource company focused on the identification and development of oil, gas, potash and lithium.
SELECTED FINANCIAL DATA
Three months ended June 30, Six months ended June 30,
2016 2015 2016 2015
Royalties (oil) $13,335 $19,346 $18,130 $23,402
Expenses $22,945 $12,622 $45,181 $31,314
Net income (loss) $(9,610) $ 6,724 $(27,051) $(7,912)
Assets $149,486 $189,982
Liabilities $68,988 $72,494
Highlights
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Company remains debt free;
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Company has obtained permission from the Alberta government to recomplete a suspended Cardium oil well in which it has a 47.5-per-cent interest in the Ferrier area of western Alberta;
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Section 11 in the Charlie Lake oil field of Northern Alberta, on which the company has a 2.5-per-cent gross overriding royalty in the one well drilled so far on the lease, is now totally surrounded on all four sides by oil producers, setting up the lease for at least three more wells;
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Company is expanding its lithium holdings in Northern Alberta;
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Management and the board of directors of Softrock Minerals are continuing to focus on and pursue strategic alternatives for the corporation; these include, but are not limited to, considering alternative financing methods and meeting with potential acquirers or merger partners.
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