"We have completed sixteen significant acquisitions to date, ten of those in the fourth quarter," said Mr. Cox. "These transformative additions have greatly expanded our capabilities and revenue base but have also added to the complexity of our financial reporting, as we are now subject to full SEC oil and gas accounting rules. These rules include reserve reporting, estimation of revenues in suspense, impairment Ceiling Tests and full SMOG Disclosures. In abundance of caution, we prefer to take the extra time now, rather than finding errors and being forced to restate our numbers. Our accounting and audit groups are working to complete all remaining matters and expect to file our Form 10-K within the 15-day extension period afforded by Rule 12b-25 under the Securities Exchange Act of 1934, as amended."
Famous Quotes:
"Patience is a virtue, so I am told, of course I haven’t any."
"If they make me rich, all is forgiven"
~Me~
Disclaimer; My posts are for entertainment only.
