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Kingsland Energy Corp
Symbol C : KLE.H
Shares Issued 124,859,236
Close 2019-04-03 C$ 0.01
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Kingsland Energy loses $29,769 in Q1

2019-04-18 20:07 ET - News Release

Mr. Jeffrey Allison reports


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.

Financial results

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
the period
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 increases.

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.

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