![]() The Company has positioned itself to provide Encore, and its partners, years of production income from both oil and natural gas.Įncore ships oil directly to Ergon through the Kentucky Oil Refining Company (KORC), and sells natural gas directly to Lawrence County Gas LLC.Įncore is the bonded well operator for each project and manages its gas pipeline system(s) through a subsidiary, Encore Peters Branch Gas Pipeline. Lawrence County is one of over sixty oil-producing counties and is the highest oil-producing county in Kentucky, representing nearly 25% of the state’s oil production.Įncore has recently made horizontal oil and natural gas discoveries in the Peters Branch area of Lawrence County and is currently developing a natural gas transmission “pipeline” system to optimize oil production and sell natural gas to the end purchaser. Encore is currently drilling multiple horizontal oil wells directly off-set to some of the very best oil and natural gas production and reserves across this entire horizontal play. Weighted average number of common shares outstandingEncore is drilling in an area of proven oil and natural gas production where horizontal well projects have produced in excess of ~30000 barrels of oil equivalent (BOE) per well in the first year from the horizontal Berea Oil Sandstone. (Loss) gain on change in asset retirement obligation estimate Gain (loss) on divestment of mineral properties Loss on write-off of sales tax recoverable The accompanying notes are an integral part of these consolidated financial statements.Ĭonsolidated Statements of Loss and Comprehensive Lossįor the years ended Decemand December 31, 2021 Total liabilities and shareholders' equityĪpproved on behalf of the Board of Directors on April 26, 2023: We have served as the Company's auditor since 2016.Ĭonsolidated Statements of Financial PositionĪs at December 31, 2022, Decemand January 1, 2021 We believe that our audits provide a reasonable basis for our opinion. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. ![]() We conducted our audits in accordance with the standards of the PCAOB. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. These consolidated financial statements are the responsibility of the Company's management. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, Decemand January 1, 2021, and the results of its operations and its cash flows for the years ended Decemand 2021 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.Īs discussed in Note 2 to the consolidated financial statements, during the year ended December 31, 2022, the Company retroactively changed its presentation currency from the Canadian Dollar to the United States Dollar. (the "Company"), as of December 31, 2022, Decemand January 1, 2021, and the related consolidated statements of loss and comprehensive loss, changes in shareholders' equity, and cash flows for the years ended Decemand 2021, and the related notes (collectively referred to as the "financial statements"). We have audited the accompanying consolidated statements of financial position of enCore Energy Corp. Opinion on the Consolidated Financial Statements To the Shareholders and Directors of enCore Energy Corp.
0 Comments
Leave a Reply. |