RUBELLITE ENERGY INC. CONDENSED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
REFLECTS ACTIVITY FROM INCORPORATION ON JULY 12, 2021 AND OPERATING RESULTS FROM SEPTEMBER 3, 2021, THE EFFECTIVE DATE OF THE ARRANGEMENT, TO SEPTEMBER 30, 2021
RUBELLITE ENERGY INC.
Condensed Interim Statements of Financial Position (unaudited)
As at | September 30, 2021 | |
(Cdn$ thousands) | ||
Assets | ||
Current assets | ||
Cash and cash equivalents | $ | 4,153 |
Restricted cash (note 4) | 50,000 | |
Accounts receivables and prepaids | 2,089 | |
56,242 | ||
Property, plant and equipment (note 4,5) | 56,888 | |
Exploration and evaluation (note 4,6) | 10,094 | |
Deferred tax asset (note 4) | 9,146 | |
Total assets | $ | 132,370 |
Liabilities | ||
Current liabilities | ||
Accounts payable and accrued liabilities | $ | 7,116 |
Subscription receipts and non-brokered placement (note 4) | 50,000 | |
Promissory Notes (note 4) | 59,373 | |
116,489 | ||
Decommissioning obligations (note 4,7) | 763 | |
Total liabilities | 117,252 | |
Equity | ||
Share capital (note 4,8) | 4,141 | |
Share purchase warrants (note 4,8) | 2,000 | |
Contributed surplus (note 9) | 10 | |
Retained earnings | 8,967 | |
Total equity | 15,118 | |
Total liabilities and equity | $ | 132,370 |
Subsequent events (note 4, 12) | |
See accompanying notes to the condensed interim financial statements. | |
/s/ Holly Benson | /s/ Bruce Shultz |
Holly Benson | Bruce Shultz |
Director | Director |
RUBELLITE ENERGY INC. | Q3 2021 Financial Statements | Page 2 |
RUBELLITE ENERGY INC.
Condensed Interim Statements of Income and Comprehensive Income (unaudited)
For the period ended | ||
September 30, 2021(1) | ||
(Cdn$ thousands, except per share amounts) | ||
Revenue | ||
Oil and natural gas (note 10) | $ | 992 |
Royalties | (87) | |
905 | ||
Expenses | ||
Production and operating | 118 | |
Transportation | 87 | |
General and administrative | 192 | |
Transaction costs (note 4) | 382 | |
Share based payments (note 9) | 10 | |
Finance - accretion of decommissioning liabilities (note 7) | 1 | |
Depletion (note 5) | 294 | |
Gain related to deferred tax on acquisition (note 4) | (9,146) | |
Net income and comprehensive income | 8,967 | |
Net income per share (note 8) | ||
Basic | $ | 12.34 |
Diluted | $ | 5.16 |
- Reflects activity from incorporation on July 12, 2021 and operating results from September 3, 2021, the effective date of the Arrangement, to September 30, 2021
See accompanying notes to the condensed interim financial statements.
RUBELLITE ENERGY INC. | Q3 2021 Financial Statements | Page 3 |
RUBELLITE ENERGY INC.
Condensed Interim Statements of Changes in Equity (unaudited)
Share capital | |||||||||||
Share | |||||||||||
purchase | Contributed | Retained | Total | ||||||||
(thousands) | ($thousands) | warrants | surplus | earnings | Equity | ||||||
(Cdn$ thousands, except share amounts) | |||||||||||
Net income | - | $ | - | $ | -- | $ | - | $ | 8,967 | $ | 8,967 |
Issued pursuant to plan of arrangement | 2,128 | 4,141 | 2,000 | 6,141 | |||||||
(note 4,8) | |||||||||||
Share-based payments (note 9) | - | - | - | 10 | 10 | ||||||
Balance at September 30, 2021 | 2,128 | $ | 4,141 | $ | 2,000 | $ | 10 | $ | 8,967 | $ | 15,118 |
- Reflects activity from incorporation on July 12, 2021 and operating results from September 3, 2021, the effective date of the Arrangement, to September 30, 2021
See accompanying notes to the condensed interim financial statements.
RUBELLITE ENERGY INC. | Q3 2021 Financial Statements | Page 4 |
RUBELLITE ENERGY INC.
Condensed Interim Statements of Cash Flows (unaudited)
For the period ended | ||
September 30, 2021(1) | ||
(Cdn$ thousands) | ||
Cash flows from operating activities | ||
Net income | $ | 8,967 |
Adjustments to add (deduct) non-cash items: | ||
Depletion (note 5) | 294 | |
Share-based payments (note 9) | 10 | |
Gain on acquisition associated with deferred tax | (9,146) | |
Finance - accretion on decommissioning obligations (note 7) | 1 | |
Change in non-cash working capital | (126) | |
Net cash flows from operating activities | - | |
Cash flows used in investing activities | ||
Capital expenditures (note 5, 6) | (178) | |
Cash from acquisitions (note 4) | 4,051 | |
Change in non-cash working capital | 280 | |
Net cash flows used in investing activities | 4,153 | |
Change in cash and cash equivalents | 4,153 | |
Cash and cash equivalents, beginning of period | - | |
Cash and cash equivalents, end of period | $ | 4,153 |
- Reflects activity from incorporation on July 12, 2021 and operating results from September 3, 2021, the effective date of the Arrangement, to September 30, 2021
See accompanying notes to the condensed interim financial statements.
RUBELLITE ENERGY INC. | Q3 2021 Financial Statements | Page 5 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Rubellite Energy Inc. published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 19:08:04 UTC.
