1st & 2nd Quarterly Filings
As stated in the July 26, 2013 newsletter, the Company began work on the first and second quarter (Q1 and Q2) financials. The Q1 financials are nearing completion and will likely be filed the week of August 19, 2013 or the week of August 25, 2013. The Company is currently awaiting auditor’s final approval, which is required before submission to the Security and Exchange Commission.
The 10-Q was scheduled to be completed the week of August 12, 2013 as stated in the newsletter for that same week. The Company’s auditors requested more time to review our materials and have requested some documents for verification which has delayed the final release of the Q1 financials.
In anticipation, the Q2 financials are currently being prepared based on the already adjusted Q1 financials.
Prior to their release, shareholders should be aware that the Q1 2013 financial statement will reflect actions taken by management in its evaluation of existing well operations, while simultaneously making several internal operating changes. Q2 2013 will reflect the transition in operating strategy from marginal “shallow well” operations to exploratory drilling operations with new “deeper” wells (Mitchell #3 and #4). Q3 2013 and beyond will start reflecting the success of management’s strategic policy changes.
Following the submission of the Q1 financials, a formal press release will be issued the following day that will repeat this sentiment.
