TORONTO, ONTARIO — (Marketwire) — 05/29/12 — North Sea Energy Inc. (“NSE” or the “Company”) (TSX VENTURE: NUK) announces its unaudited financial results for the period ended March 31, 2012. The summary of the selected financial information should be read in conjunction with the Company–s Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended March 31, 2012 dated May 29, 2012, which have been filed on SEDAR ().
Financial highlights for the period ended March 31, 2012:
Selected Quarterly Information
Significant Developments
On January 4, 2012, The Company announced that it was notified by the UK Department of Energy and Climate Change (DECC) that it, together with its partners, has been awarded three new blocks in the UK North Sea in the 26th Seaward Licensing Round, namely the Norfolk prospect – block 12/16b (20% interest), the Norfolk East lead – block 12/17b (20% interest) and the Badger lead – block 12/30 (50% interest). NSE holds its interest in the Norfolk prospect and the Norfolk East lead through its wholly owned subsidiary, North Sea Energy (UK No2) Limited. The Company–s interest in the Badger lead is held through an additional wholly owned subsidiary, Echo Exploration Limited.
On January 16, 2012, Premier Oil plc (“Premier”) completed the acquisition of Encore Oil plc. As a result, Premier is now partner on 95% of NSE–s exploration resource estimates. Premier is a publicly traded company on the London Stock Exchange with a market cap in excess of GBP 2 billion.
On January 26, 2012, NSE announced that it has hired Senergy GB Limited (“Senergy”) to commence additional work on its Bobcat Prospect (Block 13/28b), Bass Prospect (Block 22/5c), Badger Prospect (Block 12/30), Bluebird Discovery and Blackbird Prospects (Block 15/21d). Senergy operates across the globe in many energy sectors delivering technical and operational solutions to help their clients realise the value from their assets.
About North Sea Energy Inc.
NSE (TSX VENTURE: NUK) is a UK-focused oil and gas exploration and production (“E&P”) company listed on the TSX Venture Exchange. NSE is producing light oil from the Jacky field, located in the Inner Moray Firth off the Scottish coast and has acquired an interest in nine blocks in the North Sea.
Forward-looking statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
North Sea Energy Inc.
J. Craig Anderson
CEO
416-366-4700
Investor Relations: Auburn Partners Inc.
647-430-8760