Sentinel Rock Oil Corporation: News Release
28 November 2008 - 9:42PM
Marketwired Canada
Sentinel Rock Oil Corporation (TSX VENTURE:SEN) ("Sentinel Rock" or the
"Company") has filed its Unaudited Financial Statements and Management
Discussion and Analysis ("MD&A") for the third quarter ended September 30, 2008
on SEDAR. The documents can be assessed on SEDAR's site at www.sedar.com.
Selected Quarterly Information
The following table provides a summary of key financial results.
THREE MONTHS ENDED NINE MONTHS ENDED
--------------------------------------------
SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
30 30 30 30
2008 2007 2008 2007
$ $ $ $
FINANCIAL
Cash flow from operating
activities
(includes working capital
change) (268,964) (105,974) (378,322) (331,210)
Net and comprehensive loss (278,648) (86,351) (816,461) (245,164)
Basic and diluted loss per share (0.010) (0.004) (0.030) (0.013)
Total Assets 6,721,163 3,173,073
Total Liabilities 401,633 489,486
SHARES OUTSTANDING
Common shares outstanding -
basic 28,493,855 19,203,836
CAPITAL EXPENDITURES
Total capital expenditures for the nine months and quarter ended September 30,
2008 were $2,655,905 and $228,098 respectively. Capital spending is up from
$1,663,821 and $12,041 for the corresponding periods in 2007. The increased
capital activity during the quarter ended September 30, 2008 is due in part to
invoices still being received for clean up from the drilling program conducted
earlier this year and to lease acquisition.
NET INCOME
The net and comprehensive loss for the nine months and quarter ended September
30, 2008 was $816,461 and $268,648.
LIQUIDITY
As at September 30, 2008, the Company had a working capital deficiency of
$73,306. The decrease in working capital is due in part to additional drilling
and seismic related charges at the Company's Hoole prospect and to general and
administrative expenses related to its amalgamation with Sabrich Capital and
resulting public listing.
ABOUT SENTINEL ROCK
Sentinel Rock is a publicly traded energy company involved in the exploration
and development of oil and natural gas properties in Western Canada.
FORWARD-LOOKING INFORMATION
This press release includes forward-looking statements and assumptions
respecting Sentinel Rock's strategies, future operations, expected financial
results, financial sources, commodity prices, costs of production and quantum of
oil and natural gas reserves and discusses certain issues, risks and
uncertainties that can be expected to impact on any of such matters. By their
nature, forward-looking statements are subject to numerous risks and
uncertainties that can significantly affect future results. Actual future
results may differ materially from those assumed or described in such
forward-looking statements as a result of the impact of issues, risks and
uncertainties whether described herein or not, which Sentinel Rock may not be
able to control. The reader is therefore cautioned not to place undue reliance
on such forward-looking statements. The forward-looking statements contained in
this news release are made as of the date hereof and Sentinel Rock undertakes no
obligation to update publicly or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as required
by applicable securities laws. The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
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