News

XEMPLAR ENERGY RESTATES QUARTERLY FINANCIALS

As a result of a review by the British Columbia Securities Commission, Xemplar Energy Corp. is clarifying its disclosure. The interim financial statements issued for the periods ended March 31, 2007, June 30, 2007, and Sept. 30, 2007, have been amended and restated to include the following: the application of CICA Handbook sections 3855 and 3861; the company's amortization policy regarding computer and office equipment, exploration equipment, and vehicles; the recognition of stock-based compensation expense; and disclosure of the measurement basis used for the company's related-party transactions.

Furthermore, the interim financial statements for the period ended Sept. 30, 2007, have been amended and restated as follows: CICA Handbook Accounting Guideline 11 requires that revenues recognized during the development stage be presented as a reduction of any related deferred development or preoperating costs. The comparative figures have been revised accordingly to show the correct application of the $50,000 property option payment.

The management discussion and analysis issued for the year ended Dec. 31, 2006, and the interim periods ended March 31, 2007, June 30, 2007, and Sept. 30, 2007, have been amended and restated to include the changes to the following sections: overall performance (Item 1.2) has been revised to include discussion regarding the failure of Garuda Capital Corp. to meet its obligations under an agreement with the company and the consequences and status; and details of the work done on the Otish property in connection with the airborne geophysical survey. Results of operations (Item 1.4) have been revised to include discussion regarding deposits and prepaid expensed of $421, 227 shown on the Sept 30, 2007, balance sheet; and discussion regarding the increases in consulting fees and professional fees related to the company's subsidiary in Namibia.

A summary of quarterly results (Item 1.5) has been revised to include a discussion on the factors causing significant variations over the quarters. Changes in accounting policies (Item 1.13) have been revised to include a discussion on the new accounting standards that came into effect for fiscal years beginning on or after Oct. 1, 2006.

Other management discussion and analysis requirements (Item 1.15) have been revised to include a breakdown of the exploration and development costs incurred for each of the Corhill property, the Otish basin and the Namura uranium property. Please see the revised financial statements and related management discussion and analysis filed on SEDAR.

Go back to the previous page