HOUSTON, Jan. 21 /PRNewswire-FirstCall/ -- Petrogen Corp., (OTC Bulletin Board: PTGC; Frankfurt-Berlin: PTD) today announced that it intends to change its fiscal year-end from September 30 to December 31. This step is being taken to synchronize the company''s fiscal reporting period with the majority of Petrogen''s industry peers and with the Securities and Exchange Commission''s required year-end reserve reporting period of December 31.
The last day of Petrogen''s most recently completed financial year was September 30, 2003. It completed a three month transitional financial year on December 31, 2003. The company has filed an SEC form 10KSB for the fiscal year ended September 30, 2003, and will file interim financial statements as Form 10KSB for the three month transition period ending December 31, 2003 by March 31, 2004.
"This change of year-end to December 31 is another step toward refining the company''s corporate structure and improving our reporting process," stated Sacha Spindler, Petrogen''s Chief Executive Officer. This more conventional year-end should also make it easier for members of the investment community to perform their analysis and peer comparisons."
Petrogen Corp. is an oil and natural gas development and production company with operations based in Houston, Texas. It is engaged in the acquisition of oil and natural gas properties throughout the continental US that possess proven reserves representing significant upside development potential. The Company specializes in the development and expansion of proven producing, non-producing, undeveloped and behind pipe reserves while maintaining a financially stable fiscal strategy. Petrogen aggressively approaches its acquisitions strategy with a specific emphasis placed upon the expansion of its natural gas reserves. For further information, please visit the Company''s website at www.petrogencorp.com/ .
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY''S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.
Contact: Sacha H. Spindler, CEO Petrogen Corp. 888-875-1155
Petrogen Corp.
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