London, Ontario, CANADA, May 5, 2017
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), announces that it has filed its Audited Consolidated Financial Statements, related Management Discussion and Analysis, and information regarding its reserves for the year ended December 31, 2016 on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Copies of these documents can be found on the SEDAR website at www.sedar.com.
The 2016 financial statements have been filed under the International Financial Reporting Standards.
Tribute recorded a loss of $1,908,757 for the year ended December 31, 2016 compared to a loss of $3,576,195 for the year ended December 31, 2015 which includes a provision for decline in the value of assets for 2016 in the amount of $600,609.
Tribute had working capital of ($1,542,124) as at December 31, 2016 compared to working capital of $280,778 for December 31, 2015. Cash flow from operations for 2016 showed a loss of $1,096,161 compared to a loss of $1,184,474 in 2015. Net cash flow for the year ended December 31, 2016 decreased by ($123,804) compared to a net cash increase of $64,725.
Capital expenditures totaled $1,107,416 in 2016 compared to expenditures of $1,108,716 during 2015. Included in this amount for the period ended December 31, 2016 is $276,850 for energy projects under development, $nil for exploration and evaluation assets, and ($1,300) for property and equipment. For the year ended December 31, 2015 capital expenditures were as follows: $281,545 for energy projects under development, $52,171 for property and equipment and $nil for exploration and evaluation assets.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy company that was incorporated under the Business Corporations Act of the Province of Alberta on May 15, 1997. Tribute’s primary focus is on adding value to shareholders by investing in energy projects including market-based priced underground natural gas storage assets, oil and natural gas reserves and renewable energy projects in Canada. Tribute’s objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy projects that will generate stable long-term cash flow when fully developed. Tribute’s business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will create value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Certain statements in this press release may include “forward-looking” statements or information which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Tribute to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as “may”, “will”, “expect”, “anticipate”, “project”, “believe”, “plan”, “intend” and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by Tribute with applicable securities regulatory authorities. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Tribute to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information and statements contained in this press release speak only as of the date hereof, and Tribute does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.
For further information on this press release please contact Jennifer Nisker, CFO of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.