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November 2018
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Aytu BioScience Announces Positive Interim Results from Natesto(R) Spermatogenesis Study

By Aytu BioScience, Inc.

Fertility Preserved in Hypogonadal Men Taking Natesto, Based on Semen Analyses Conducted at Three-Month and Six-Month Timepoints

ENGLEWOOD, CO / ACCESSWIRE / November 15, 2018 / Aytu BioScience, Inc. (NASDAQ: AYTU), a specialty pharmaceutical company focused on global commercialization of novel products addressing significant medical needs, today announced an update to the positive interim results from the Natesto® Spermatogenesis Study. This study is being conducted at the University of Miami’s Department of Urology, and Dr. Ranjith Ramasamy, MD, the Director of Reproductive Urology, is the study’s principal investigator.

The interim read-out further demonstrates the restoration of hypogonadal patients’ serum testosterone levels while maintaining normal semen parameters for a larger group of study participants than was previously reported on September 17, 2018. Normal semen parameters, including sperm concentration, sperm motility, and total motile sperm count (TMSC), were maintained at both three months and six months in hypogonadal men taking Natesto three times daily. The interim analysis was presented at a meeting held in conjunction with the 19th Annual Fall Scientific Meeting of the Sexual Medicine Society of North America held in Miami, FL November 8-11, 2018.

Testosterone therapy (TTh), as a whole, is known to decrease gonadotropin levels, diminish sperm production and function, and decrease the natural production of endogenous testosterone in men being treated with TTh. Maintenance of fertility and family planning is an important discussion topic for more than 2 million men considering TTh. Therefore, the effect of Natesto possibly minimizing the impact on sperm production would be clinically impactful and novel by providing a safe and effective approach for treating men with hypogonadism.

The Natesto Spermatogenesis Study is a single-center, prospective study evaluating testosterone levels, gonadotropin levels, and semen parameters in 40 hypogonadal men between 18 and 55 years of age, receiving treatment with Natesto testosterone nasal gel over six months. This is the first such study utilizing TTh to evaluate preservation of gonadotropins and fertility while restoring serum testosterone levels.

Interim Analysis Summary:

  • Thirty-nine patients have been enrolled in the study.
    • Fourteen Natesto-treated patients have been evaluated at their three-month treatment timepoint, reflecting one complete sperm cycle.
    • Nine Natesto-treated patients have been evaluated at their six-month treatment timepoint, reflecting two sperm cycles.
  • Zero patients in the study have become azoospermic during the study.
  • Across the cohort of patients treated for three and six months, all three measured semen parameters were maintained.
  • Median values of sperm concentration, sperm motility, and total motile sperm count (TMSC) remained statistically unchanged. Median values for each semen parameter, at each timepoint, are shown in the table below.

Semen Parameter


3 Months

6 Months

Sperm concentration
(million / mL)

19.0 (16 – 24.5)

19.0 (10.8 – 30.8)

16.25 (3.3 – 29.5)

Sperm motility (% motile)

53.5 (45.5 – 56.5)

58.5 (38 – 59.8)

55.0 (24.1 – 58.6)

Total motile sperm count – TMSC (million)

29.0 (14.5 – 41.0)

31.5 (13.8 – 62.0)

26.0 (2.8 – 51.1)

  • Luteinizing hormone (LH) and follicle stimulating hormone (FSH) remained within their normal respective reference ranges across groups completing both three-month and six-month treatment courses.
  • 78.6% of patients taking Natesto achieved serum testosterone > 300 ng/dL at 3 months (n = 14).
    • Mean serum testosterone increased to 612.2 ng/dL (SD: 337.9 ng/dL).
  • 88.9% of patients achieved serum testosterone > 300 ng/dL at six months (n = 9).
    • Mean serum testosterone increased further to 647.2 ng/dL (SD: 262.5 ng/dL).
  • Mean baseline serum testosterone was 239.4 ng/dL (SD: 57.2 ng/dL).
  • Testis volume remained statistically unchanged at both three and six months.

Dr. Ranjith Ramasamy, said, “About two million men in the US with low testosterone are young and interested in maintaining their fertility. The current options to increase testosterone and simultaneously maintain sperm production are not FDA-approved and therefore need to be used off-label. The interim results from the trial with Natesto are exciting, and we are optimistic that the final results will be similar to the data reported to date. Increasing testosterone while maintaining fertility with Natesto could be a paradigm shift in the treatment of men with low testosterone.”

Josh Disbrow, Chief Executive Officer of Aytu BioScience commented, “This interim data read-out is highly encouraging as, with a larger number of men now having completed three months and six months of treatment with Natesto, the investigators continue to see maintenance of patients’ semen parameters and gonadotropin levels over a sustained treatment period. Further, with median serum testosterone levels at 90 days increasing to above 600 ng/dL on average, a very high proportion of men have achieved restoration of their testosterone levels. A therapeutic option that combines efficacy with the potential for fertility preservation would stand alone among the existing testosterone therapies. We thank Dr. Ramasamy and his team for their ongoing leadership around these promising developments.”

The Natesto Spermatogenesis Study is expected to be completed in the summer of 2019.

Aytu BioScience is sponsoring this investigator-initiated trial, and complete details on the study can be found at

About Aytu BioScience, Inc.

Aytu BioScience is a commercial-stage specialty pharmaceutical company focused on global commercialization of novel products addressing significant medical needs. The company currently markets Natesto®, the only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or “Low T”). Aytu also has exclusive U.S. and Canadian rights to ZolpiMist™, an FDA-approved, commercial-stage prescription sleep aid indicated for the short-term treatment of insomnia characterized by difficulties with sleep initiation. Aytu recently acquired exclusive U.S. commercial rights to Tuzistra® XR, the only FDA-approved 12-hour codeine-based liquid antitussive. Tuzistra XR is a prescription antitussive consisting of codeine polistirex and chlorpheniramine polistirex in an extended-release oral suspension. Additionally, Aytu is developing MiOXSYS®, a novel, rapid semen analysis system with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress. MiOXSYS is commercialized outside of the U.S. where it is a CE Marked, Health Canada cleared, Australian TGA approved, Mexican COFEPRAS approved product, and Aytu is planning U.S.-based clinical trials in pursuit of 510k de novo medical device clearance by the FDA. Aytu’s strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within large, growing markets. For more information visit

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical facts contained in this presentation, are forward-looking statements. Forward looking statements are generally written in the future tense and/or are preceded by words such as ”may,” ”will,” ”should,” ”forecast,” ”could,” ”expect,” ”suggest,” ”believe,” ”estimate,” ”continue,” ”anticipate,” ”intend,” ”plan,” or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: risks relating to the completion and final results of the Natesto Spermatogenesis Study, gaining market acceptance of our products, obtaining reimbursement by third-party payors, the potential future commercialization of our product candidates, the anticipated start dates, durations and completion dates, as well as the potential future results, of our ongoing and future clinical trials, the anticipated designs of our future clinical trials, anticipated future regulatory submissions and events, our anticipated future cash position and future events under our current and potential future collaboration. We also refer you to the risks described in ”Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K and in the other reports and documents we file with the Securities and Exchange Commission from time to time.

Contact for Investors:

James Carbonara
Hayden IR

SOURCE: Aytu BioScience, Inc.

ReleaseID: 527918

Eight Steps for a Successful Reinsurance System Implementation-New Whitepaper from Effisoft Lays Out a Clear Path

By Effisoft USA

A reinsurance management system has become a necessity for insurers. But installing a new ceded reinsurance system
can go wrong if you don’t follow the right strategy.

PARIS, FRANCE / ACCESSWIRE / November 15, 2018 / A whitepaper detailing the different challenges an insurance company must cope with when automating its reinsurance operations is now available from Effisoft. It incorporates the unrivaled expertise in reinsurance
information system
projects Effisoft has gained implementing its WebXL software for nearly 20 years.

Reinsurance and insurance are complex and company-specific. There are thus many risks inherent in implementing a tailored solution to automate the management process. They include incomplete functionality, difficult integration with the existing information system, complex implementation processes, poor project management as well as unreliable vendors and increased costs due to slippage.

To mitigate these risks, both the vendor and insurer must rely on a proven implementation methodology. The new whitepaper gives the various steps an insurance company needs to follow to ensure implementation goes smoothly.

Download Eight Steps for a Successful Reinsurance
System Implementation

About Effisoft

Founded in 1989, Effisoft is a Paris-based international group that designs software solutions for insurance and reinsurance professionals. The group specializes in optimizing reinsurance operations and regulatory compliance with Solvency II. Effisoft supports 300 clients in more than 20 countries through its offices in France and the United States and its worldwide network of partners. Web:

About Effisoft USA

Based in Coral Gables, Florida, Effisoft USA is Effisoft’s North American division. U.S. clients include State Auto Insurance Companies, The Motorists Insurance Group, USAA, AXA, Genpact and other insurers. Web:


Contact: Henry Stimpson, Stimpson Communications, 508-647-0705,

SOURCE: Effisoft USA

ReleaseID: 528075

American Resources Corporation Appoints Independent Board of Directors

By American Resources Corporation

FISHERS, INDIANA / ACCESSWIRE / November 15, 2018 / American Resources Corporation (OTCQB: AREC), a mining company focused on the extraction, processing, transportation and selling of metallurgical and premium thermal coal, is pleased to announce the appointment of three new independent members to its Board of Directors. Joining the Board of Directors are Randal Stephenson, Ian Sadler and Courtenay Taplin.

“We’re very excited about the addition of these accomplished executives to American Resources’ team”, stated Mark Jensen, Chief Executive Officer of American Resources Corporation. “Their individual expertise and collective guidance will be instrumental in the continued execution of our growth objectives”.

Information on the new American Resources board members are included below:

Mr. Stephenson brings over 25 years of experience and relationships in the finance, private equity, and investment banking sector to advise and assist American Resources as the company continues its path of growth. He is co-founder and CEO of a boutique FINRA-licensed broker dealer focused in the natural resources industry and has started and expanded several successful investment banking platforms at Merrill Lynch, Jefferies, CIT Group and Duff & Phelps. He has worldwide relationships with corporations, financial sponsors, entrepreneurs and governments and has closed over 200 transactions valued in excess of $40 billion. Mr. Stephenson graduated with a Bachelor of Arts degree from the University of Michigan, Ann Arbor and has a Master of Business Administration degree from Harvard University and his Juris Doctorate (with honors) from Boston College Law School.

Mr. Sadler brings decades of direct leadership and experience in the steel industry and has demonstrated expertise in successfully leading rapidly-growing companies, optimizing operational efficiencies and performance enhancements to advise American Resources with its operations as it continues to grow. Prior to retirement, Mr. Sadler was the President and CEO of Miller Centrifugal Casting International in Cecil, PA. He has a history of leadership with the Pennsylvania Foundry Group, Shenango LLC, Johnstown Corporation, Blaw-Knox Corp., and National Roll Company. Mr. Sadler received his Bachelor’s Degree, with First Class Honors, and Master’s Degree in Metallurgy from Cambridge University and was a prior President of the American Institute of Mining, Metallurgical, and Petroleum Engineers (AIME) and previously served as President of the Iron and Steel Society.

Mr. Taplin brings over 40 years of experience of sourcing and supplying iron ore, coke and metallurgical coal to the steel industry to assist and advise American Resources with their supply chain, logistics, and customer strategy. He has a vast knowledge of both the global and domestic marketplace where he works with both suppliers and consumers. Mr. Taplin currently manages his own company, Compass Point Resources, LLC which he founded in 2007. His prior experience includes Crown Coal & Coke Company and Pickands Mather & Company out of Cleveland, OH. Mr. Taplin attended Hobart College and received his degree from Case Western Reserve University.

American Resources Corporation continues to focus on its growth objective by efficiently leveraging its large number of core mining permits and through identifying strategic, supplemental acquisitions. The company is committed to being one of the lowest cost operators in CAPP and throughout all its coal mining, processing, and transportation operations.

About American Resources Corporation

American Resources Corporation is engaged in diversified energy services including mining, processing and logistics, with a primary focus on traditional energy sources such as coal and oil and gas. American Resources Corporation plans to expand its business by continuing to develop its currently leased properties and further expanding its processing and logistics business, and through the pursuit of strategic acquisitions.


Institutional/Retail/Individual Contact:

RedStone Communications, LLC

Anthony D. Altavilla, President

317-569-1617 – Office

317-590-3780 – cell

Company Contact:

Mark LaVerghetta, Vice President of Corporate Finance and Communications

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

SOURCE: American Resources Corporation

ReleaseID: 528220

Bit Chat will Bring Changes to the Existing Social Networking!

By Bit Chat

NEW YORK, NY / ACCESSWIRE / November 15, 2018 / In the field of global social networking, all the existing social platforms have the problems of revealing users’ privates, and can not be truly confidential users’ communication information. The truth is, in the past few years, it appeared successively that all kinds of social platforms have revealed the privacy information of users, which has caused panic and property losses to the end users. However, in the wave of blockchain era, we found a new platform–Sky Net and its first ecological application–Bit Chat on this platform.

Then, what’s the difference between Bit Chat and other traditional social applications? First of all, we know that the traditional social platforms are centralized and based on independent servers as its underlying storage. As a result, there is a great risk of privacy disclosure, including hackers’ attack and data packet, etc. Sometimes we found that the platforms haven’t intentionally disclosed the relevant information. However, the hackers can easily obtain users’ information on these centralized platforms and then divulge them.

Nevertheless, the underlying architecture of Bit Chat is built on distributed storage of Sky Net and its full codes are open sources. The storage of chat information is based on distributed storage, which means that users’ information is saved in different nodes and nobody knows the exact ones.

For accessing to distributed storage rights, it need users to actively store chat data on Bit Chat. Otherwise, if users do not actively store their chat data so that Sky Net will not automatically store users’ information. Bit Chat adopts technologies such as hash encryption, distributed storage technology, untraceability, full codes open source, peer-to-peer instant messenger and inner-mesh penetration, etc., all of which are demonstrated by top experts all over the world. The core of Bit Chat is to take every users’ privacy as the first principle. We put users’ privacy first and users can easily get their privacy on Bit Chat.

It is the only social platform integrated performances of decentralization, underlying distributed storage, peer-to-peer instant messenger and inner-mesh penetration in the world, which is applicable for every user. Today, we finally see a glimmer of sunlight and put our privacy in the first place. Just getting a few information from the official website, but we will surely see the positive role of Bit Chat playing in the Internet, which brings cuber privacy security spaces for Internet users that they have desired for along time.

SOURCE: Bit Chat

ReleaseID: 528214

Hill Street Secures Significant New Retail Distribution; Announces 1,000,000 Bottles Sold Milestone!

Toronto, Ontario–(Newsfile Corp. – November 15, 2018) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) has significantly increased its retail presence in Canada by securing new national distribution agreements with Loblaws Companies Limited, Sobeys, and National Importers. These distribution agreements have contributed to the achievement of a major sales milestone: 1,000,000 bottles of alcohol-free wine sold by the company since it was founded in 2008.

“You can’t drink it if you can’t buy it,” said Doug Taylor, Hill Street’s Vice-President of Sales. “Having broad retail distribution makes it easier for consumers to enjoy our award-winning products, and allows us to capitalize on the growing market trend towards alcohol-free wine and beer. Our new partnership with Direct-to-Store (DSD) distributor National Importers, along with Sobeys’ and Loblaws’ recent decisions to expand our shelf presence this Holiday season, will help make our beverages available in more retail stores for more Canadians to enjoy.”

This news follows an announcement by the Company last month that it had signed an exclusive regional sales and distribution agreement with Clarke, Drouin, Lefebvre Inc. for the province of Quebec, which significantly expands its availability in the region via 3,000 independent depanneurs and regional Quebec chains.

Collectively, these distribution agreements move Hill Street towards achieving its stated goal of having products in 7,000 outlets by the end of 2018.

“When we first launched this business, people would ask us who would choose to buy an alcohol-free wine,” said Terry Donnelly, Hill Street’s Chairman and CEO. “But with over one million bottles sold, there’s no question that North American consumers appreciate our great-tasting, award-winning products. And it’s no surprise that whenever we introduce a new product to our portfolio, consumers are eager to try it and retailers are excited to carry it.”

About Hill Street Beverage Company Inc. (TSXV:BEER)

Founded in 2008, Hill Street Beverage Company is the world’s most award-winning company exclusively focused on alcohol-free beer, wine, and adult format beverages. Hill Street products include Hill Street Craft Brewed Lager, Designated Draft alcohol-free beer, Vin(Zero) wines, and Vintense wines. Hill Street’s award-winning products have won the Retail Council of Canada’s Grand Prix, numerous medals and accolades (including three Gold, two Silver, and two Bronze Medals at the U.S. Open Beer Championships), and a prestigious Double Gold Medal at the San Francisco International Wine Challenge. Hill Street has applied for licenses to produce and sell cannabis-infused adult beverages in Canada, and plans to do so as soon as cannabis-edibles become legal, currently expected by the fall of 2019.

For further information:

Press only:
Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,, (416) 543-4904;

For investors:
Gareth Tingling, Investor Relations,, (647) 797-0219

Follow Hill Street on Twitter and on Facebook.

About National Importers
Since 1947, National Importers has been importing fine food products into the North American marketplace. National Importers provides innovative marketing and distribution solutions to many of the world’s finest specialty food producers. National Importers manages and distributes retail products from our two state-of-the-art warehouse facilities. We provide comprehensive coverage for key distribution channels including: Grocery, Mass Merchandise, Club, Drug, and Specialty stores. Strategic partnerships with specialty food brokers and distributors ensures seamless distribution for our products throughout the US and Canada.


Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CORRECTION – Jadestone Announces Maintenance & Inspection Shutdown at Montara

By RNS London Stock Exchange

This press release replaces the press release disseminated November 15, 2018 at 02:00 AM EST. The press release has been reformatted with text being amended to note that production from Montara has been stated to restart in early December. The corrected press release is below:

Jadestone Energy

Maintenance & Inspection Shutdown at the Montara Field

SINGAPORE / ACCESSWIRE / November 15, 2018 / Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (“Jadestone”), an independent oil and gas production company focused on the Asia Pacific region, provides an update on the Montara oil field (“Montara”).

Since completion of the acquisition of Montara on September 28, 2018, the Company has been working closely with PTT Exploration and Production Public Company Limited (“PTTEP”) who remains the operator of Montara, during a transition period, in line with the normal regulatory approval process for operatorship transfer. Since the start of transition, which commenced early last month, Jadestone has identified a backlog of maintenance and inspection activities that need to be addressed, and a decision was taken to undertake a voluntary shutdown from November 1, 2018 to undertake the required work.

The Company and PTTEP had already scheduled a planned shut-down, but chose to accelerate this, in order to manage the maintenance work as efficiently as possible. The decision has been supported by NOPSEMA, the Australian offshore regulator, and among the scope of work being executed are overdue inspections, regular maintenance, and three specific areas of remediation which will address issues previously raised by NOPSEMA about the continued safe operation of the facility. The Company and PTTEP have also taken the decision to bring forward maintenance work planned for 2019 and the Company now anticipates that following this shut-down event, further major planned maintenance shutdowns will not be required until at least the second half of 2020. This should enable the Company to realise operational efficiencies and increase uptime through the course of next year and into 2020.

A restart of production is expected in early December.

Paul Blakeley, President and CEO, commented:

“Working closely with PTTEP, we have built a shutdown work scope to catch up on inspection work to ensure the ongoing safe and reliable operation of Montara.

“The Montara operations team, which has now been supplemented by several senior members of the Jadestone operations team, seconded into the PTTEP organisation, have prioritised a number of items that warrant immediate inspection and/or maintenance. In our view there was a window of opportunity to bring much of our 2019 shutdown work scope forward, clear up an excessive backlog of inspection work, and to set the asset up for successful operations with improved uptime going forwards. After a month of detailed assessment, we have chosen the most efficient way to get the asset in good shape to deliver the value proposition we have identified.”

– ends –


Jadestone Energy Inc.

+65 6342 0359

Paul Blakeley, President and CEO

Dan Young, CFO

Investor Relations Enquiries

+1 403 975 6752

Nomad and Joint Broker

Stifel Nicolaus Europe Limited:

+44 (0) 20 7710 7600

Callum Stewart

Nicholas Rhodes

Ashton Clanfield

Joint Broker

+44 (0) 20 7236 1010

BMO Capital Markets Limited:

Thomas Rider

Jeremy Low

Thomas Hughes

Public Relations Advisor


+ 44 (0) 203 757 4980

Georgia Edmonds

Billy Clegg

James Crothers

About Jadestone Energy Inc.

Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.

The Company has a 100% operated working interest in Stag, offshore Australia, and a 100% working interest in the Montara project, offshore Australia, effective January 1, 2018. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest (subject to registration of PVEP’s withdrawal) in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman’s business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets throughout the Asia-Pacific region.

Jadestone Energy Inc. is currently listed on the TSXV and AIM. The Company is headquartered in Singapore. For further information on Jadestone please visit

Cautionary statements

Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “guidance”, “objective”, “projection”, “aim”, “goals”, “target”, “schedules”, and “outlook”). In particular, forward-looking statements in this press release include, but are not limited to statements regarding the timing for resumed production from Montara.

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company’s obligations under Article 17 of that Regulation.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

SOURCE: Jadestone Energy Inc.

ReleaseID: 528216

Tidal Royalty and Harborside Announce Strategic Royalty Financing Partnership

Toronto, Ontario–(Newsfile Corp. – November 15, 2018) – Tidal Royalty Corp. (CSE: RLTY.U) (“Tidal Royalty“), a leading provider of royalty financing to licensed U.S. cannabis operators, is pleased to announce it has signed a non-binding memorandum of understanding for a strategic royalty financing partnership. The Company is also participating in the series B equity financing of FLRish, Inc. (“Harborside“), the parent company of the iconic Harborside dispensaries in California, which closed today.

The parties have entered into a non-binding memorandum of understanding whereby Tidal Royalty commits to provide US$10 million in royalty financing to prospective dispensary operators licensing the “Harborside” brand. Each potential dispensary financing transaction will be assessed on a case-by-case basis and specific financing terms will be negotiated among the parties.

“Harborside is one of the preeminent cannabis companies in the U.S.,” stated Paul Rosen, Tidal Royalty’s CEO and Chairman. “They are a leading operator in California already, and we expect that their business strategy and strong executive team will enable them to enhance their leadership position. Through our strategic financing partnership, Tidal Royalty would provide select operators with the capital required to launch a dispensary licensing the “Harborside” brand in exchange for a royalty on sales.”

Harborside, a vertically-integrated California licensed operator, was founded in 2006 by cannabis industry activist and entrepreneur Steve DeAngelo. He remains the company’s Chairman Emeritus and stated: “This is yet another step on our path to fulfill the goal we set for Harborside at the outset. From the caliber of our dispensaries, to the product knowledge of our team members, to the quality of products that we sell, we have aimed to change the perception of cannabis in our communities and demonstrate that it can be an agent for positive change.”

Harborside operates two dispensaries and one of California’s largest cultivation facilities and owns the Harborside brand. Its flagship location in Oakland, California is the largest medical cannabis dispensary in the U.S. It was the first medical cannabis dispensary in the U.S. to introduce lab testing, the first to offer CBD-rich medicine, and the first to treat children with Dravet syndrome. Harborside was also reported to be the first dispensary to legally sell non-medicinal cannabis in California following the state’s legalization of adult use sales on January 1, 2018.

“Our business model has been California-centric, and we will continue to pursue a growth strategy in the nation’s largest cannabis market,” stated Harborside CEO Andrew Berman. “We have numerous options available to us to do so, and Tidal Royalty’s financial support allows us to accelerate growth opportunities with partners that are looking to operate under the Harborside umbrella.”

This transaction continues to grow Tidal Royalty’s portfolio of licensed cannabis operators and follows Tidal Royalty’s announcement of its strategic subscription and financing arrangement with Lighthouse Strategies, LLC, which is subject to, among other things, the satisfactory completion of due diligence, which is currently underway, the receipt of all corporate and regulatory approvals, and the closing of a financing transaction by Lighthouse. Tidal Royalty has also previously announced an agreement to finance Diem’s expansion into Massachusetts, and a binding letter of intent to purchase equity in, and assume a royalty agreement with, AltMed (a vertically-integrated license holder with operations in Arizona and Florida). Tidal Royalty is currently in the process of evaluating multiple additional opportunities across the U.S., including in California, New York, Illinois, Ohio, Pennsylvania, Texas and Michigan. Tidal Royalty intends to provide further information on those opportunities when the respective parties reach an agreement and execute letters of intent.

Tidal Royalty has also purchased C$3,000,000 of senior unsecured convertible debenture units, which pay 12% interest and are convertible into Harborside common shares. The units also include warrants to purchase 87 additional common shares per unit, for 24 months after the closing date of the financing. Harborside announced in August 2018 that it has signed a binding letter of intent with Lineage Grow Company (CSE: BUDD) to effect a reverse take-over (“RTO“) transaction and to file an application to trade on the Canadian Securities Exchange. Following completion of the RTO, the debentures and share purchase warrants are convertible into common shares of the resulting issuer pursuant to their terms.

About Tidal Royalty

Tidal Royalty provides royalty financing to the U.S. regulated cannabis industry. Led by an executive team with extensive industry experience in Canada and the U.S., Tidal Royalty provides operators with the funding they need to grow their business. Operators benefit from non-dilutive capital and investors get top-line access to a diversified portfolio of companies that will form the future of this transformative industry.

For further information, please contact:

Tidal Royalty Corp.
Terry Taouss, President

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. Readers are cautioned that forward-looking information contained in this new release is not based on historical facts but instead is based on reasonable assumptions and estimates of management. Forward-looking information contained in this news release includes, but is not limited to: the ability to enter into definitive documentation in respect of letters of intent currently entered into by Tidal Royalty, the closing of the Lighthouse Strategies, LLC transaction and satisfaction of those closing conditions; Tidal Royalty’s entitlements under the memorandum of understanding and the potential financings; the ability of Tidal Royalty to enter into additional letters of intent and associated definitive documentation with current or further proposed investee companies, the operating and financial performance of any investee company to be funded by Tidal Royalty from time to time and the ability of Tidal Royalty to generate revenue or realize profit through royalty agreements or equity investments with any future investee companies. In addition, this news release contains forward-looking statements attributed to third-party sources, the accuracy of which has not been independently verified by Tidal Royalty. Forward-looking information contained herein is based on the opinions and reasonable assumptions and estimates of management as at the date hereof and is subject to a variety of known and unknown risks and uncertainties and other factors, many of which are beyond the control of Tidal Royalty, that could cause actual events or results of Tidal Royalty to differ materially from those expressed or implied in the forward-looking information. Such factors include: U.S. regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change, risks relating to anti-money laundering laws and regulation, other governmental and environmental regulation, public opinion and perception of the cannabis industry, risks related to the enforceability of contracts, the requirement by Tidal Royalty to obtain additional financing, the limited operating history of Tidal Royalty, timeliness of government approvals for granting of permits and licences needed by any future investee companies, including licences to cultivate cannabis, the actual operating and financial performance of any future investee company, competition and other risks affecting Tidal Royalty in particular and the U.S. cannabis industry generally, and the risk factors effecting Tidal Royalty disclosed in the listing statement of Tidal Royalty available at Because of such risks, uncertainties and other factors, investors should not place undue reliance on the forward-looking information contained herein. Tidal Royalty is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. The foregoing statements expressly qualify the forward-looking information contained herein. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Sphinx et SOQUEM recoupent 21,2% zinc sur 1 mètre dans de nouvelles tranchées; prolongeant la minéralisation en surface jusqu’à 1 500 m sur le projet Calumet-Sud au Québec

By Sphinx Resources Ltd.

MONTRÉAL,QC / ACCESSWIRE / le 15 novembre 2018 / Ressources Sphinx ltée (« Sphinx » ou la « Société ») (TSX V : SFX) est heureuse d’annoncer les résultats de l’échantillonnage en rainures provenant 13 nouvelles tranchées réalisées durant l’automne sur le projet Calumet-Sud, détenue en partenariat avec SOQUEM. Ces tranchées s’échelonnent jusqu’à 1 500 m au nord du gîte Sonny (voir Figure 1 ci-jointe). Des teneurs supérieures au pourcent, culminant à 21,2 % Zn, ont été obtenues dans treize (13) tranchées rainurées. Des échantillons de longueur métrique ont été prélevés pour un total de 174 échantillons. Ces nouvelles découvertes incluent les intervalles composites rainurés suivants : 8,14 % Zn sur 1,5 m (T-18-06), 6,61 % Zn sur 5,0 m (T-18-03) et 6,72 % Zn sur 1,0 m (T-18-05). Il est à noter que les épaisseurs rapportées dans le présent communiqué sont apparentes car elles sont influencées par le pendage des couches et la plongée des plis (voir les figures ci-jointes 2 à 14 et photos pour les tranchées T-18-03, T-18-04 et T-18-08). Une concentration de minéralisation zincifère dans des charnières de plis isoclinaux est observée dans plusieurs tranchées. Ce type de concentration a été documentée à la mine Balmat-Edwards.

Depuis la découverte d’une minéralisation zincifère en surface en 2014, les travaux d’exploration, incluant des forages au diamant (24 sondages totalisant 1 525 m), ont révélé la présence d’au moins deux horizons (sphalérite) contenant du zinc. Cette minéralisation est de type SEDEX (SEDimentaire EXhalative, plus de la moitié de la production mondiale de zinc et de plomb provient de ce type de gisement). La minéralisation zincifère se présente sous forme de bandes massives de sphalérite d’un centimètre à plusieurs centimètres d’épaisseur, localisée dans des horizons de marbre dolomitique d’épaisseur pluri-métrique à décamétrique, contenant de la sphalérite, de la pyrite et de la pyrrhotite disséminées. La cartographie géologique des tranchées échantillonnées suggère que la minéralisation zincifère est continue entre celles-ci.

Situé dans la Municipalité régionale de comté de Pontiac au Québec, le projet Calumet-Sud est adjacent à l’ancienne mine New Calumet qui a produit 3,8 millions de tonnes métriques de minerai à une teneur de 5,8% Zn, 1,6% Pb, 65 g/t Ag et 0,4 g/t Au de 1944 à 1968 (référence: rapport annuel New Calumet Mine 1968).

Prochaine campagne de forage

Une nouvelle campagne de forage au diamant, d’un minimum de 2 000 m est prévue d’ici la fin de 2018. Avec cette campagne Sphinx a l’intention de valider les secteurs rainurés depuis le gîte Sonny jusqu’à 1 500 m au nord.

Protocole analytique

Les échantillons des rainures ont été analysés au laboratoire ALS de Val-d’Or, au Québec. La procédure d’analyse comprend le broyage, la séparation et l’analyse en utilisant une dissolution au peroxyde de sodium avec une finition avec ICP-AES. Sphinx applique au programme des procédures de QA/QC conformes aux normes de l’industrie.

Personnes qualifiées

Le programme de tranchées de l’automne 2018 a été géré par Sphinx sous la supervision de Normand Champigny et sous la direction de Michel Gauthier, Ph. D. sur le terrain (géo et membre du conseil d’administration de la Société). Ceux-ci sont des personnes qualifiées en vertu du Règlement canadien 43-101. Ce communiqué de presse a été préparé par Normand Champigny, en qualité de personne qualifiée de Sphinx.

Au sujet de SOQUEM

SOQUEM, filiale de Ressources Québec, est un acteur de premier plan dans l’exploration minière au Québec. SOQUEM a pour mission de favoriser l’exploration, la découverte et la mise en valeur de propriétés minières au Québec. Elle a participé à plus de 350 projets d’exploration et pris part à d’importantes découvertes d’or, de diamants, de lithium et de plusieurs autres minéraux.

Au sujet du Québec et de Sphinx

Le Québec s’est imposé comme l’une des juridictions minières les plus attrayantes au monde et est classé au 6e rang mondial (communiqué de presse de l’Institut Fraser, 22 février 2018). Le gouvernement du Québec a créé la confiance du marché en suivant une approche proactive en matière de politique minière. Le secteur minier du Québec a également été encouragé par la clarté et la certitude du cadre légal et règlementaire adopté par son gouvernement. Sphinx est une société axée sur la génération et l’acquisition de projets d’exploration pour le zinc au Québec.

Pour plus de renseignements, veuillez consulter le site web de Sphinx ou communiquer avec la personne suivante :

Normand Champigny
Président et chef de la direction
514 979-4746

Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (au sens attribué à ce terme dans les politiques de la Bourse de croissance TSX) n’acceptent de responsabilité quant au caractère adéquat ou à l’exactitude du présent communiqué.

Le présent communiqué peut contenir des énoncés prospectifs qui sont assujettis à des risques et à des incertitudes connus et inconnus qui pourraient faire en sorte que les activités et les résultats réels diffèrent considérablement des résultats attendus et des activités prévues. Ces risques et incertitudes comprennent ceux qui sont décrits dans les rapports périodiques de Sphinx, y compris le rapport annuel, ou les documents que Sphinx dépose à l’occasion auprès des autorités en valeurs mobilières.

Tous les énoncés prospectifs qui figurent dans le présent communiqué de presse sont à jour à la date des présentes. Sphinx ne s’engage pas à mettre à jour les énoncés prospectifs suite à de nouveaux renseignements, d’événements futurs ou pour quelque autre raison que ce soit, sauf tel qu’exigé par la loi.

LA SOURCE : Ressources Sphinx ltée

ReleaseID: 528190

Sphinx and SOQUEM Cut 21.2% Zinc over 1 Metre in New Trenches; Extending Surface Mineralization up to 1,500 m at the Calumet-Sud Project, Quebec

By Sphinx Resources Ltd.

MONTRÉAL,QC / ACCESSWIRE / November 15, 2018 / Sphinx Resources Ltd. (“Sphinx” or the “Corporation”) (TSX-V: SFX) and its partner SOQUEM are pleased to announce the results of channel sampling from 13 new trenches completed this fall, on the Calumet-Sud project, held in partnership with SOQUEM. These trenches extend up to 1,500 m north of the Sonny zone on the Calumet-Sud project (see Figure 1 attached). Grades greater than one percent, up to 21.2% Zn, were obtained in channel samples taken from thirteen (13) trenches. Sampling of the channels was conducted at 1-metre intervals, totalling 174 channel samples. These new discoveries include the following composite channel-sampled intervals: 8.14% Zn over 1.5 m (T-18-06), 6.61% Zn over 5.0 m (T-18-03) and 6.72% Zn over 1.0 m (T-18-05). It should be noted that the thicknesses reported in this release are apparent because they are influenced by the dip of the zinc-bearing layers and the plunge of folds (see figures 2 to 14 attached and photos for trenches T-13-03, T-18-04 et T-18-08). A concentration of zinc mineralization in isoclinal fold hinges is observed in several trenches. This type of concentration has been documented at the Balmat-Edwards mine.

Since the discovery of zinc mineralization at surface in 2014, the exploration work, including diamond drilling (24 holes totalling 1,525 m), revealed the presence of at least two zinc-bearing horizons (sphalerite). This mineralization is of the SEDEX-type (SEDimentary EXhalative, more than half of the world’s zinc and lead production is from this type of deposit). The zinc mineralization is defined by the presence of massive sphalerite bands ranging from one centimetre to several centimetres in thickness, as well as disseminated sphalerite, pyrite and pyrrhotite, all hosted in dolomitic marble. Geological mapping of sampled trenches suggests that zinc mineralization is continuous between them.

Located in the Pontiac regional municipal county of Quebec, the Calumet-Sud project is adjacent to the former New Calumet mines that produced 3.8 million metric tonnes of ore at a grade of 5.8% Zn, 1.6% Pb, 65 g/t Ag et 0.4 g/t Au from 1944 to 1968 (reference: Annual report New Calumet Mine 1968).

Next drilling campaign

A new diamond drilling campaign, of a minimum of 2,000 m is scheduled before the end of 2018. With this campaign Sphinx intends to validate the channel-sampled areas from the Sonny zone up to 1,500 m to the north.

Analytical protocol

The channel samples were analyzed by ALS in Val-d’Or, Quebec. The analytical process consisted of crushing, splitting and assaying using sodium peroxide digest finish with ICP- AES finish. Sphinx applies industry-standard QA/QC procedures to the program.

Qualified Persons

The 2018 fall trenching program was managed by Sphinx under the supervision of Normand Champigny and under the field direction of Michel Gauthier, Ph.D. (géo., and Board member of the Corporation). Both are Qualified Persons under National Instrument 43-101. This press release was prepared by Normand Champigny, Qualified Person for Sphinx.


SOQUEM, a subsidiary of Ressources Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.

About Québec and Sphinx

Quebec has established itself as one of the world’s most attractive mining jurisdictions, ranking 6th globally (Fraser Institute press release, February 22 2018). The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec’s mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec with a focus on zinc.

For further information, please consult Sphinx’s website or contact:

Normand Champigny
President and Chief Executive Officer

Neither 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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx’s periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

All forward-looking statements in this press release are made as of the date of this press release. Sphinx does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE:Sphinx Resources Ltd.

ReleaseID: 528189

PetroShare Corp. Issues Third Quarter 2018 Financial Results

By PetroShare Corp.

ENGLEWOOD, CO / ACCESSWIRE / November 15, 2018 / PetroShare Corp. (OTCQB: PRHR), a Colorado-based oil and gas exploration and production company with operations in the Wattenberg Field of the Denver-Julesburg Basin, today provided its 2018 third quarter financial results.

Third Quarter 2018 Highlights

  • Production increased 23% to 112,564 BOE, or 1,224 BOE/day compared to the corresponding prior year period.
  • Revenues increased 84% to $5.2 million for the three months ended September 30, 2018 vs the corresponding period year period.
  • Net loss was $1.4 million, Operating Income was $1.3 million and Adjusted EBITDA was $3.3 million for the three months ended September 30, 2018 (see further discussion regarding the presentation of Adjusted EBITDA in “Use of Non-GAAP Financial Measures” below)

Third Quarter 2018 Financial Results*

The following tables present a comparison of results of operations for the three and nine months ended:

Net Sales Volumes
Three Months Ended 9/30/2018 Nine Months Ended 9/30/2018
Oil (Bbls)
65,960 153,530
Natural Gas Liquids (Bbls)
13,300 37,125
Natural Gas (Mcf)
199,828 479,014
Volumes: (BOE)
112,564 270,490
Average Daily Sales Volumes
sales volumes (BOE/day)
1,224 991
Product Price Received
Oil ($/Bbl)
$ 64.11 $ 63.16
Natural Gas Liquids ($/Bbl)
$ 21.96 $ 19.56
Natural Gas ($/Mcf)
$ 3.46 $ 3.10
Average Realized Price ($/BOE)
$ 46.30 $ 44.02

Per Unit Cost Information ($/BOE)
Operating Exp.
$ 2.02 $ 2.66
Production Tax
$ 3.44 $ 3.12
Transportation and other
$ 2.69 $ 2.21
DD&A Expense
$ 15.02 $ 13.27
G&A Expense
$ 10.92 $ 10.23

Crude oil, natural gas and NGL sales revenue was $5.2 million, for the three months ended September 30, 2018 compared to $2.8 million for the three months ended September 30, 2017. The revenue increase is due to both increased production and higher realized prices for our production than in the corresponding prior year period. The revenue that we reported in the third quarter of 2018 came from the sale of crude oil, natural gas and NGLs produced primarily from horizontal wells in which we participated as a non-operator and our operated Shook pad.

The Company’s 2018 third quarter net loss totaled $1.4 million, or $(0.05) per diluted share compared to a net loss of $1.7 million or $(0.08) per diluted share in the year ago quarter. Operating Income was $1.3 million compared to generating an Operating Loss of $0.3 million in the corresponding prior year period. Adjusted EBITDA in the third quarter was $3.3 million as compared to $1.3 million in the corresponding prior year period.

*Please refer to the form 10-Q filed with the SEC for the period ending 9/30/2018 for detailed financial data, which may be found on our website at

Management Comment

Frederick J. Witsell, President, of PetroShare Corp., commented, “The improved results in the third quarter compared to a year ago reflect an initial contribution from our operated Shook pad and additional non-operated wells coming online. Initial flowing pressures on the Shook wells are strong and we expect further production increases in the fourth quarter from the Shook wells as mid-stream expansion projects come fully online and we optimize our production facilities allowing us to flow all wells to their full capacity. Consequently, we believe our previous guidance of 2,000-2,600 BOED for the fourth quarter remains valid. We have a total of 96 permits approved or in process. It is our understanding that all such permits would have been grandfathered, and we would have been allowed to move forward with development, even in the case that Proposition 112 had passed. Furthermore, our production facility at Shook represents a step forward in reducing truck traffic, air emissions, and surface footprint, as our facility design has the wells flowing directly into pipelines at the pad site for both our oil and gas production. We believe these attributes will be important to the further development of our asset base as we work with the counties and stakeholders where we operate. We continue to pursue strategic alternatives to address our balance sheet and capital needs, but we are encouraged by the potential for a substantial increase in our operated production and the quality of the undeveloped assets we control.”

Important Cautions Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. The use of words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “should,” “likely,” “guidance” or similar expressions indicates a forward-looking statement. Forward-looking statements herein include statements regarding future transactions, plans and midstream issues. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. The identification in this press release of factors that may affect the Company’s future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the Company’s actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the success of the Company’s exploration and development efforts; the price of oil and gas; worldwide economic situation; changes in interest rates or inflation; willingness and ability of third parties to honor their contractual commitments; the availability of adequate midstream infrastructure, the Company’s ability to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the Company’s capital costs, which may be affected by delays or cost overruns; costs of production; environmental and other regulations, as the same presently exist or may later be amended; the Company’s ability to identify, finance and integrate any future acquisitions; the volatility of the Company’s stock price; and the other factors described in the “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, all of which are incorporated by reference in this release.

Reconciliation of Non-GAAP Financial Measures

We define adjusted EBITDA, a non-GAAP financial measure, as net (loss) adjusted to exclude the impact of the items set forth in the table below. We exclude those items because they can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. We believe that adjusted EBITDA is widely used in our industry as a measure of operating performance and may also be used by investors to measure our ability to meet debt covenant requirements. The following table presents a reconciliation of adjusted EBITDA to net (loss), its nearest GAAP measures.



Three Months Ended September 30,
2018 2017
Adjusted EBITDA:
$ (1,420,408 ) $ (1,714,472 )
Depletion, depreciation, and accretion
1,703,433 849,430
Stock-based compensation
218,764 397,205
Interest expense, net of interest income
2,895,551 1,731,834
Other non-cash
(141,362 )
$ 3,255,978 $ 1,263,997


Investor Relations Contacts

PetroShare Corp.
Jon B. Kruljac

SOURCE: PetroShare Corp.

ReleaseID: 528078