![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Serina Therapeutics Inc | AMEX:SER | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.02 | 11.92% | 9.58 | 9.64 | 8.37 | 8.66 | 23,355 | 01:00:00 |
RNS Number:8732T Sefton Resources Inc 06 January 2004 SEFTON RESOURCES INC. ("Sefton" or "The Company") Results for the nine months ending September 30, 2003 pro-forma for recent placing, initial testing of gas at Tapia Canyon Field, California and Board of Directors changes. Chairman's Statement: Although a good portion of 2003 was spent recovering from the Yule #6 blowout at our Tapia Canyon Field, we are ending the year on several positive notes: Financials: For the nine months ending September 30, 2003 oil and gas sales were in excess of that recovered for all of 2002, in addition to both oil and gas production costs and general and administrative expenses being lower. The pro-forma September 30, 2003 balance sheet at September 30, 2003 reflects the November 2003 share placing and illustrates that the current assets and current liabilities are more balanced than at the June, 30 2003 interim report stage. Material events between September 30, 2003 and the November 2003 placing, were a reduction in some stated payables and the drilling contractors' payables relating to the Yule #6 blowout being disputed by the company. We intend to seek recovery of all blowout and related costs by cross claiming against the drilling contractor in a lawsuit brought by the families of workers involved in the drilling of Yule #6. Because of the complexity and length of time it will take to finally settle these lawsuits and cross-claims, it is difficult to forecast the ultimate economic results, but we will be vigorous in our defenses and pursuit of our claims. Initial Testing of Gas at Tapia Canyon: Although we are still waiting to test the shallow gas zone in the recently drilled Yule #8 well, this formation was tested west of the Yule #8 well in an existing oil well on the Snow lease. The test at Snow #1 resulted in a flow rate of approximately 1.3 million cubic foot of gas per day at a depth of 775 feet. With the mapping of the shallow gas zone and testing of the Yule #8, together with this test at Snow #1, we will be able to estimate the extent of these new gas reserves at Tapia Canyon Field very shortly. Board of Directors Changes: With Mr. Ron Klarc unable to be as active a Director as originally thought, the Board has accepted his resignation and appointed Mr. M.A. (Tony) Ashton to Sefton's Board of Directors. Mr. Ashton was born in the UK and graduated from Manchester University with a BSC in Geology. He currently resides in Canada where until his retirement in 2001, he spent over 10 years with Canada Southern Petroleum LTD, the last five years of which were as Chief Executive Officer and President. Ron Klarc will still be associated with the Company as part of a group of "Specialist Advisors" to the Company - which provides primarily technical advice and assistance to the Company. Appointment of Managing Director of TEG Oil & Gas USA, Inc. With recent events at the Company's California operations, it has become apparent that a more significant presence is required in California and to that end, Mr. H. (Harry) P. Barnum of Ventura, California has been appointed Managing Director of TEG Oil & Gas USA, Inc. He will be responsible for the day-to-day operations of the Company's California assets. Harry has degrees (BA and MA) in Geology from the State University of New York at Buffalo and more than twenty years of industry experience, from six years with Chevron through several independent firms to his last position with Windsor Energy Corporation, all in California. In addition to geological work, Harry has been involved in the management and operational side of the oil business, which has included business economic evaluations, planning, budgets and projections, together with hiring and negotiating with service contractors. Investor Relations Program: With Mr. Harry Barnum managing the day-to-day operations in California, Mr. Ellerton will be able to spend more time informing the shareholders and potential investors of the Company's developments as they occur. An upcoming mail-out of a VSA research report, June, 30 2003 interim results and this press release will initiate the program together with web-site updates and Mr. Ellerton visiting shareholders and others in Canada, Europe and USA during January 2004. 2004 is expected to be a year of improved financial conditions, evaluation of additional gas reserves and ongoing development of current oil assets in California, while also expanding our Canadian operations. John James (Jim) Ellerton Chairman and Chief Executive Officer 5 January 2004 Consolidated Statements of Operations and Comprehensive Loss Nine months Six months ending ending Year ending September 30, June 30, December 31, 2003 2003 2002 (unaudited) (unaudited) (audited) ------------ ----------- ------------ Revenues Oil and gas sales $ 455,461 $ 326,449 $ 454,428 Costs and expenses Oil and gas production 183,797 106,579 347,981 costs Depletion, Depreciation & 79,348 65,615 132,494 Amortization Plug & Abandonment Accrual - - - (Canada) General and administrative 522,900 389,366 984,577 expenses ------------ ----------- ------------ 786,045 561,560 1,465,052 ------------ ----------- ------------ (Loss) from operations (330,584) (235,111) (1,010,624) ------------ ----------- ------------ Other income (expense) Interest income 991 1,017 1,586 Interest expense (858) (3,523) (570) Foreign currency (5,371) (5,000) (747) transaction gains ------------ ----------- ------------ (5,238) (7,506) 269 ------------ ----------- ------------ Net (loss) available for common stock $(335,822) $(242,617) #(1,010,355) ============ =========== ============ Basic and diluted earnings (loss) per share $(0.0007) $(0.0005) $(0.0034) Weighted average shares 451,644,500 451,644,500 299,644,500 outstanding ============ =========== ============ Net loss $(335,822) $(242,617) $(1,010,355) Other comprehensive income translation adjustment (50,208) (50,208) (44,781) Comprehensive loss $(386,030) $(292,825) $(1,055,136) =============== ============= ============== Nine months Six months Year September 30, September 30, ending ending ended 2003 2003 September 30, June 30, December 31, (Proforma) (Adjustments) 2003 2002 2002 (For Placing) (Nov 03 Placing) (Unaudited) (Unaudited) (Audited) ---------- ------------------- ------------- ------------- ----------- Assets Current assets Cash $ 22,225 - 22,225 288,522 34,063 Stock 824,227 824,227 - - - subscription receivable Accounts 86,159 - 86,159 163,255 147,343 receivable Other - - - - 318,168 receivables - related party Prepaid 22,180 - 22,180 24,327 24,117 expenses and ---------- ---------- ---------- ---------- ---------- other assets Total current 954,791 824,227 130,564 475,905 523,691 assets ---------- ---------- ---------- ---------- ---------- Oil and gas 3,216,816 - 3,216,816 2,682,533 2,376,510 properties, full cost method, net Equipment and 52,395 - 52,395 47,819 52,395 vehicle, at cost, net Other - - - - - receivables - ---------- ---------- ---------- ---------- ---------- related party Total assets 4,224,002 824,227 3,399,775 3,206,258 2,952,596 ========== ========== ========== ========== ========== Liabilities and Stockholders' Equity Current liabilities Accounts 897,485 (25,326) 922,811 619,729 491,689 payable Accrued - - - 5,071 5,596 expenses - related parties Accrued 14,927 (40,000) 54,927 99,986 49,584 expenses Note payable, 9,513 (81,400) 90,913 71,770 80,454 current ---------- ---------- ---------- ---------- ---------- portion Notes payable - related party, current portion - - - - 35,006 ---------- ---------- ---------- ---------- ---------- Total current 921,925 (146,726) 1,068,651 796,556 662,329 liabilities Note payable, - - - - - net of current ---------- ---------- ---------- ---------- ---------- portion Notes payable - related party, net of current portion - - - - 35,193 ---------- ---------- ---------- ---------- ---------- Total 921,925 (146,726) 1,068,651 796,556 697,522 liabilities ---------- ---------- ---------- ---------- ---------- Commitments and contingencies Stockholders' equity Common stock, no par value, 1,000,000,000 shares authorized, 451,644,500 (June 30, 2003), 299,644,500 (December 31, 2002) shares issued 6,755,589 970,953 5,784,636 5,784,636 5,411,536 and outstanding Additional common shares subscribed: 75,000,000 (June 30, 2002) - - - - - Stock (4,903) - (4,903) (19,903) (49,046) subscription receivable Accumulated other comprehensive income (loss) (55,579) - (55,579) (55,208) (50,208) Accumulated (3,393,030) - (3,393,030) (3,299,825) (3,057,208) deficit ---------- ---------- ----------- ----------- ---------- Total 3,302,077 970,953 2,331,124 2,409,700 2,255,074 stockholders' ---------- ---------- ----------- ---------- ---------- equity Total $ 4,224,002 $824,227 $ 3,399,775 $ 3,206,256 $2,952,596 liabilities and =========== ========== ========== =========== ========== stockholders' equity Notes to the financial statements dated 30 September 2003 1. The financial information for the year to December 31, 2002 has been extracted from the full audited financial statements, for that year. 2. The results for the half year to June 30, 2003 and third quarter to September 30, 2003 are both unaudited. 3. The financial information included in this document has been prepared on a consistent basis and using the same accounting policies as the audited financial statements for the year to December 31, 2002 and has been approved by the Directors of the Company. 4. The decision to issue 286,725,000 shares was approved by the Board in November 2003. The funds for the shares were actually received in November and December 2003. A pro-forma statement for September 30, 2003 including this placement has been included. 5. The only material events to occur between September 30, 2003 and the November 2003 share placing for the pro-forma statement has been a reduction of $84,912 from original payables of $139,912 and a dispute involving the drilling contractor of Yule # 6 blowout (Tapia Canyon Field) in which $196,975 of payables are disputed. In addition, recovery of costs related to the blowout will be sought and cross claims filed in relation to a lawsuit involving the families of workers present during the blowout. Subsequently, bush fires in California affected production at the Eureka Field, which is currently being repaired. 6. The long-term receivable of $315,000 reflected on the balance sheet accounts for a loan made to a shareholder and former operator at Tapia Canyon, secured by equipment, which was in default. Additionally, there are other items in dispute that the Company was seeking to recover. The Company proceeded with litigation with the borrower and settled on terms favorable to the Company, during the early part of 2003. 7. Canadian oil and gas production costs consist of actual figures for the first quarter of 2003 and include an estimate for the second and third quarters of 2003. The second quarter estimate is 60% of second quarter gross revenue accruals and the third quarter estimate is the averaging of all income and expenses through the period ending September 30, 2003. This cost estimate is necessary due to a lag in receiving actual revenue and cost data. Production accruals have been done for the period ending September 30, 2003. 8. There was no dividend paid in the reporting period. 9. Copies of the Interim Statement and third quarter statements will be sent to shareholders in January 2004. Copies of the Interim Statement will be available from the Company Secretary: Masons Secretarial Services Limited, 30 Aylesbury Street, London EC1R 0ER. For more information, please contact: Jim Ellerton, Chairman and CEO Tel: +1 303 759 2700 This information is provided by RNS The company news service from the London Stock Exchange END QRTDELFBZFBEBBQ
1 Year Serina Therapeutics Chart |
1 Month Serina Therapeutics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions