Mr. Jeffrey Allison reports
KINGSLAND ENERGY CORP. (NEX: KLE.H) ANNOUNCES UNAUDITED CONDENSED CONSOLIDATED INTERIM
FINANCIAL RESULTS FOR THE 1ST QUARTER PERIOD ENDED FEBRUARY 28, 2019
Kingsland Energy Corp. has released its
unaudited financial results for the first quarter period ended Feb. 28, 2019.
During the three-month period ending Feb. 28, 2019, the corporation pursued several
initiatives to procure long-term sustainability in a depressed commodity market environment. The corporation
has successfully reduced office administration and associated human resource cost as it pursues financing
initiatives to reduce debt and finance growth initiatives.
The corporation is looking to pursue business development opportunities focused toward its wholly owned
subsidiary, EHR Enhanced Hydrocarbon Recovery Inc. EHR was pursuing solvent technology to
participate in low-cost, enhanced oil recovery programs. EHR is evaluating a number of new energy technology
business initiatives, including consulting opportunities.
Selected financial information of Kingsland is summarized in the attached table. Financial results for Kingsland have been prepared
in accordance with international financial reporting standards.
Three-month period Three-month period
ended Feb. 28, 2019 ended Feb. 28, 2018
Revenues $ 9,000 $ 25,000
Net gain (loss) and comprehensive gain (loss) for $ (29,769) $ 13,265
Shares outstanding as of period-end 124,859,236 75,532,228
Profit (loss) per common share* $ (0.0002) $ 0.0002
Three-month period Year ended
ended Feb. 28, 2019 Nov. 30, 2018
Total assets $ 672,946 $ 711,166
Current liabilities $ 25,412 $ 36,391
Long-term liabilities $ 326,829 $ 324,301
* From operations, in total and on a per-share and diluted per-share basis
Revenues for the period were $9,000 compared with $25,000 for the period ending Feb. 28, 2018. Revenues
for the period are associated with consulting services. Revenue from consulting services may occur from time
to time as opportunities arise but are not a continuing source of revenues. There are no revenues from oil and
gas production for the period. Revenues from oil and gas will not resume until the corporation acquires existing
production and realizes revenue from farm-in opportunities. Net income and comprehensive income for the
period were negative $29,769 compared with $13,265 as at Feb. 28, 2018. The change is due to a reduction of
consulting revenues in 2019, and an increase in general and administrative expenses associated with an EHR's
employee addition in 2019.
Total assets for the period were $672,946 versus $711,166 as at Nov. 30, 2018. The decrease in assets
relates to the reduction in cash related to general and administrative expenses and net of accounts receivable
As at Feb. 28, 2019, current liabilities were $25,412 versus $36,391 as at Nov. 30, 2018. The overall
decrease is due to timing of transactions.
Long-term liabilities for the period were $326,829 versus $324,301 as at Nov. 30, 2018. The increase is
due to interest charged on secured debt.
We seek Safe Harbor.
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