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Latest Headlines
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Apr 6, 2009 10:16:00 AM MST
Paris Energy warns it may go out of business; annual loss widens to $1.9M from $119,051 (Paris)
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CALGARY _ Paris Energy Inc. (TSXV:PI), a Calgary-based oilpatch junior, warned it may go out of business as it posted a bigger annual loss of $1.9 million as a result of a "writedown of the carrying value of the company´s assets."
"As a result of the decline in natural gas prices and the company´s year-end working capital deficiency, Paris has a cautionary note in its financial statements with respect to its ability to continue as a going concern," the company said in a statement Monday.
Paris Energy said that loss amounted to 20 cents a share compared with a loss of $119,051 or a penny from a year earlier.
Annual revenue was up slightly to $845,428 from $800,676.
The company ended the year with a working capital deficiency of $388,000 while its annual production was unchanged from last year at the equivalent of 35 barrels of oil per day.
Paris Energy said that 2008 was a "challenging" year for the company as it was "overshadowed by the precipitous decline in product prices and the global economic crisis" which affected the entire oil and gas industry.
During the year, the company faced management changes and downsizing to reduce operating costs.
Shares of Paris Energy on the TSX Venture market last traded on March 26 at three cents a share.
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