Monday, August 13, 2012

Sonde Resources Share Price Getting Whacked On This

Mr. Schanck concluded with, “We drilled three oil wells at Michichi and drilled and cased our inaugural well in the Montney. We anticipate early hook-up and production tests on these wells that will provide operating cash flow and an increase in our debt capacity. We will cautiously use part of our existing cash and draw upon our credit facility to maintain our liquidity. Sonde’s management has added a “going concern” emphasis paragraph to this quarter’s financial statements and disclosures. While we have cash and borrowing capacity, the uncertainty and magnitude of our North Africa obligations are daunting and we are making every effort to mitigate the going concern situation in future financial statements.”

Link to full release:

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