Average Wall St. bonus up 15% to $164,530 US

CBC News Posted: Mar 12, 2014 9:44 AM ET Last Updated: Mar 12, 2014 8:31 PM ET

The average Wall Street banker's bonus last year rose to the highest level since the recession, and up to the third highest figure on record, new data out of the N.Y. state comptroller's office showed Wednesday.

"Wall Street navigated through some rough patches last year and had a profitable year in 2013," New York State Comptroller Thomas P. DiNapoli said. "Securities industry employees took home significantly higher bonuses on average."

The typical Wall Street worker took home $164,530 US in bonuses last year, the data shows. That's up 15 per cent from 2012's level and dwarfs compensation seen in any other industry.

The most recent data from Statistics Canada shows the average salaried worker earned $933 a week in December 2013. That works out to just over $48,000 a year — less than a third what Wall Street bankers were paid on top of their base salaries.

There's also evidence, however, that New York bankers may feel they're earning their pay. Total reported profits for broker/dealer operations among the big banks totalled $16.7 billion in 2013. That's 30 per cent less than the $23.9 billion they made in 2012 but still strong by historical standards.

Indeed, the industry as a whole has definitely rebounded from the financial crisis it started. Wall Street's securities industry has now been profitable for five consecutive years, including the three best years on record, the comptroller's office said.

If there's an area in which Wall Street is still hurting, it's likely in job numbers. DiNapoli estimates the securities industry employed 165,200 workers in New York City in December 2013, which is 12.6 per cent fewer workers than before the financial crisis. 

It's still an economic engine for New York, though. Wall Street makes up five per cent of the private sector jobs in New York, but it's responsible for 22 per cent of all the wages paid. And the state collected $10.3 billion in taxes from the industry last year, the data shows.

Mar 12, 2014 4:41 PM ET Mar 12, 2014 4:34 PM ET Mar 12, 2014 4:15 PM ET Mar 12, 2014 4:34 PM ET Mar 12, 2014 4:41 PM ET

The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.

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Justin Trudeau shares 'steadfast' Keystone XL support in D.C.

By Meagan Fitzpatrick, CBC News Posted: Oct 25, 2013 2:39 PM ET Last Updated: Oct 25, 2013 3:44 PM ET

Liberal Leader Justin Trudeau concluded his first visit to the U.S. capital on Friday after a series of meetings with White House officials and others and following a panel discussion a day earlier where he touted the benefits of building the proposed Keystone XL pipeline.

Trudeau appeared Thursday on a panel with Madeleine Albright, former U.S. secretary of state, and Julia Gillard, Australia’s former prime minister, at a conference hosted by the Centre for American Progress.

The Montreal MP said during the talk that he supports TransCanada’s proposed pipeline that would carry crude oil from Alberta to refineries on the Gulf Coast because it would be good for Canada and the U.S.

He acknowledged that his position may have surprised some in an audience that would have included strong critics of the project.

“There were some people who raised an eyebrow, absolutely,” Trudeau told reporters on Friday. “I'm seen as a strong, young progressive with an environmental background. The fact that I'd be talking positively about the project I think got people thinking about the fact that perhaps it's not as bad as it's been caricatured.”

Trudeau added that the pipeline is “an important energy infrastructure” for both countries, will be good for the Canadian economy and that it must be done in a sustainable and properly regulated way.

A decision on whether the controversial Keystone XL pipeline can go ahead is currently in the hands of U.S. President Barack Obama and it’s not clear when he will make it. Ministers in Harper’s cabinet have made multiple trips to Washington in recent years to lobby for its approval.  Alberta Premier Alison Redford is also a frequent visitor.

Now Trudeau has added his voice to the Canadian contingent of Keystone backers who push for its approval while in Washington. “My support for Keystone is steadfast,” he said while talking on a street near the Canadian Embassy.

Not far away there is a bus shelter with an anti-Keystone poster designed by Canadian Franke James in it. James was recently in the city along with Canadian environmentalist David Suzuki for a panel discussion sponsored by the Natural Resources Defence Council. They urged the Obama administration to reject Keystone.

Many environmentalists are opposed to the pipeline and some Americans are against it because they say it won’t create all the jobs its proponents say it will and is more in Canada’s interest than in America’s. Trudeau, however, said the U.S. will benefit from the pipeline.

Liberal Leader Justin Trudeau arrives to speak to reporters during his first official visit to Washington on Friday. (Susan Walsh/Associated Press)

“There are lots of American jobs involved and there's lots of opportunities for the United States as well,” he said. “There are many Americans who support Keystone as well, so I'm not particularly worried about it being an unbalanced deal. It's just part of a longstanding working friendship between our two countries.”

While Trudeau is in favour of the Keystone pipeline, he’s not supportive of the proposed Northern Gateway project that would transport oil from Alberta to British Columbia’s coast. “They are very, very different proposals,” the Liberal leader said. Keystone, for example, has been signed off on by Canada’s energy board while the Northern Gateway line would mean bigger risks to more ecologically sensitive areas and to people in B.C. who rely on the water for their livelihoods, he said.

"It's important that we get our resources to market, but it's also important that we understand that it's not just up to governments to grant permits anymore. We have to get communities to grant permission and that's something that we need to spend more time focusing on," Trudeau said.

He was also asked about the Senate scandal dominating politics back home and said he is “very proud” of the motion put forward by his party’s leader in the upper chamber, James Cowan. He said it would encourage an open hearing.

“I’m not being overly controversial when I say I believe in the rule of law and due process and I think that's important that we continue to fight for," said Trudeau.

But when asked about the government’s budget bill that could curtail some federal workers’ right to strike, Trudeau wouldn’t bite. He would only say that he supports collective bargaining and unions generally and that he didn’t want to criticize Harper while abroad. There is a traditional protocol in politics, that when followed, involves politicians not criticizing their country's government while outside their borders.

“I feel that when I'm on a foreign trip, on foreign soil, my primary role is as a representative of Canada and a representative of the Canadian people and I try not to be too critical,” Trudeau said.

Trudeau has travelled to more than 80 countries but had never been to Washington. He met with White House officials including Gene Sperling, director of the National Economic Council, and Jason Furman, who chairs the President’s Council of Economic Advisers, during his visit.

One of his goals on the trip was to build relationships that will be important in the years to come, Trudeau said, as he works toward a bigger goal – becoming prime minister.

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Paul Reichmann, real estate magnate, dies at 83

Once the head of the largest real estate development company in the world, which went bankrupt in 1992, Paul Reichmann died Friday in Toronto. He was 83.

The reclusive Reichmann brothers built Olympia & York into a major international development firm after starting out as a small company marketing flooring and tile in Toronto.

The five Reichmann brothers were the sons of Orthodox Hungarian Jews who fled central Europe during the Second World War.

Older brother Edward started Olympia Flooring and Tile in Montreal and was joined in Canada by Paul, Albert, Louis and Ralph. After the brothers began a small company in Toronto, Paul Reichmann was the force who parlayed it into a global real estate empire.  

Their developments included First Canadian Place in Toronto, the World Financial Center (right next to the World Trade Center in New York), and Canary Wharf in London.

Paul Reichmann was born in Vienna in 1930, where his father, Samuel, had his business at the time. His mother's name was Renée.

Paul Reichmann is shown in London in 1989. He was the driving force behind the huge Canary Wharf development in the British capital. (Canadian Press)

By sheer luck, in 1938, the family was visiting Paul's grandfather in Hungary when the Nazis occupied Austria and annexed it with Germany.

They settled in Paris for a time, but by 1940, the Nazis were there too. Late in life, Reichmann could still remember the Nazi bombing of refugees south of Paris.

The family moved to Tangier in Morocco, where they prospered, as his father became a successful currency trader.

When the war ended, Paul studied religion in Britain and Israel, and became a rabbi. In 1953, he went back to Morocco and became a shirt retailer. That same year he married Lea Feldman.

In 1956, Paul joined his brother Edward in Montreal. Then, joined by brothers Albert and Ralph, they started a development business in Toronto.

Initially, they built warehouses and commercial buildings. Their first major project was the development of Flemingdon Park in Toronto's Don Mills neighbourhood.

In 1971, they advanced right into the heart of Toronto's financial district and won the contract to build what was then Canada's tallest building, First Canadian Place, at King and Bay streets.

By the 1980s, Olympia & York was the largest property development firm in the world, having bought a portfolio of skyscrapers in New York.

"He seemed to have this extraordinary knack of being able to see value where other people couldn't see it, and also extracting value from the buildings he built by financing them in creative ways and raising money to go on to bigger and better things," said Peter Foster, the author of the 1993 book, Towers of Debt: The Rise and Fall of the Reichmanns.

In 1980, they got 50-per-cent control of Brinco Ltd., a natural resources development company in Newfoundland and Labrador. The next year they bought an 82-per-cent controlling interest in Abitibi-Price Inc., and they held a significant share of Royal Trust Company. In 1985, they bought Gulf Canada Resources Ltd.

Along the way, they had acquired English Property Corp., one of the largest developers in Britain. That was the company that enabled them to build Canary Wharf in east London, at once their greatest achievement and their greatest failure.

The largest real estate development in the world at the time, it boasted Britain's tallest building, One Canada Square.

It was Reichmann's vision (only now coming to fruition) that it would be a kind of Wall Street of London and successfully compete with the city's historic financial district known as the City.

But by the time it was finished in 1992, the London commercial property market had collapsed, bringing down Olympia & York.  In March of that year, Reichmann was forced to resign as president.

When it filed for bankruptcy in May 1992, Olympia & York owed more than $20 billion US to various banks and investors. It was closed down in 1993, and the Reichmanns were left with a small firm, Olympia & York Properties Corp.

There are several theories about what went wrong with Paul Reichmann's judgment when he embarked on the Canary Wharf enterprise.

His reliance on his own business instincts may have led him astray, claims Foster.

According to the president of Canary Wharf, George Iacobescu, the Iron Lady herself, Margaret Thatcher, had personally called to ask Olympia & York to take on the development, and she promised that the Jubilee Line of the London Underground would be extended to speed up the trip to Canary Wharf from central London.

That promise was key to the development's success. But the line was not extended in her time. It opened only in 2000, long after the demise of Olympia & York.

Paul Reichmann was famous for sealing deals with a handshake and not bothering with corporate lawyers, and he always kept his word. He may have thought Thatcher would do the same thing.

The Olympia & York bankruptcy did not leave Reichmann poor by any means. In 2011 he was still listed among the richest Canadians. At number 30 on the list, his net worth was given as $1.83 billion, and that was up slightly from the year before.

In his usual secretive manner, Paul had continued with canny investments. For instance, he owned 70 per cent of Central Park Lodges, which in 1999 operated 74 retirement homes, 63 in Canada, the rest in the U.S., according to the National Post.

He was also involved in a $107-million project in Israel, according to the Jerusalem Post newspaper.

His company, IPC Jerusalem Ltd., built a five-star hotel and luxury condominium, called The Palace Jerusalem — The Waldorf Astoria Collection.

In 2004, he again bought a controlling stake in Canary Wharf, a development that by then was considered essential to the fabric of London. He gave it up in 2009.

Reichmann always lived humbly and austerely, in keeping with his ultra-Orthodox Jewish beliefs, even to the point of closing down his many development projects, and allowing no work there on the Sabbath.

"His accomplishments were titanic, just look at the Bank of Montreal building for example," said Tom Caldwell of Caldwell Securities. "Yes, he got bushwacked in Canary Wharf in England, but he came from a small business to play in the big leagues and he played it well. And he played it with dignity."

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Harper to reveal Canada-EU trade deal details Tuesday

Prime Minister Stephen Harper will table the tentative free trade agreement with the European Union in the House of Commons on Tuesday — the same day his government hopes to cut off debate in the Senate on the motion to suspend Senators Mike Duffy, Pamela Wallin and Patrick Brazeau without pay.

Harper’s office is sending out invitations to industry groups and business executives to witness the tabling of the agreement on principle on the Comprehensive Economic and Trade Agreement.

A reception with Trade Minister Ed Fast will follow question period.

The timing is no coincidence. It dovetails with a vote on the procedural move to cut off the debate over suspending the three former Conservative senators embroiled in the scandal over living and travel expenses.

That debate continues to drag on in the Senate, and cracks are beginning to appear in the Conservative caucus over the fairness of depriving the three of their livelihood before they have had a public hearing, or criminal charges have been laid.

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Marauder Resources East Coast Inc.: News Release

CALGARY, ALBERTA--(Marketwired - Aug. 28, 2013) - Marauder Resources East Coast Inc. (TSX VENTURE:MES) ("Marauder") announces that it has filed with Canadian securities authorities its interim unaudited consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2013.

Copies of the filed documents may be obtained through http://www.sedar.com/.

This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

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Douglas Channel LNG Project, British Columbia

HAMILTON, BERMUDA--(Marketwired - Aug 30, 2013) - Further to recent announcements regarding the Douglas Channel LNG Project, a clarification press release has been issued by the Project Partners and is attached below for reference.

August 30, 2013The Board of DirectorsGolar LNG LimitedHamilton, Bermuda.Questions should be directed to:Golar Management Limited - +44 207 063 7900Doug Arnell - Chief Executive OfficerBrian Tienzo - Chief Financial OfficerStuart Buchanan - Investor Relations

BCLNG Release - August 30 2013: http://hugin.info/133076/R/1726437/576077.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Golar LNG via Thomson Reuters ONE [HUG#1726437]

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Elumelu Broadens Oil and Gas Focus, Expands Into West African Offshore Services

Heirs Holdings Has Acquired Significant Stake in Seadrill Mobil Units (Nigeria) Limited, a West African Affiliate of NY Listed Global Offshore Drilling Company, Seadrill

LAGOS, NIGERIA--(Marketwired - Aug 29, 2013) - Tony O. Elumelu's pan-African investment vehicle, Heirs Holdings, today announced a substantial investment in Seadrill Mobil Units (Nigeria) Limited, an affiliate of one of the world's leading offshore deepwater drilling companies, Seadrill. Elumelu has been appointed as chairman of the Board of Seadrill Mobil Units.

The investment is further evidence of Elumelu's strategy of increasing African businesses participate across the oil and gas value chain, and complement existing interests in oil and gas production and exploration. Seadrill, the world's leading offshore driller is listed on both the New York and Oslo stock exchanges, operating the second largest ultra-deepwater fleet and largest premium jackup fleet in the industry with 7,500 staff in 15 countries.

Commenting on the investment, Elumelu said, "Seadrill is a significant player in the oil and gas space, with a strong track record and one of the most respected names in the industry. The partnership makes strong commercial sense, bringing together a major global player and a leading African participant in the oil and gas industry. Successful development of Nigeria's deep water oil and gas fields is of strategic importance for our country. This is an important part of our own approach of creating synergistic added value investment across the energy sector, from extraction to processing and perhaps most importantly for Nigeria, industrial production and power generation."

Commenting further, Elumelu said, ''This partnership sets the stage for greater development in our energy sector, driven by local talent and should serve as a model for further, genuine, indigenous participation, creating both economic and social impact."

Seadrill Mobil Units (Nigeria) Limited, Director Svend Anton Maier added, "The partnership with Heirs Holdings creates the right mix of global technical expertise, backed by operational excellence and sound financial management to the Nigerian market. It positions the company as a local industry leader and a truly indigenous player."

Heirs Holdings makes proprietary investments in strategic sectors throughout Africa. Through affiliates Tenoil Petroleum & Energy Services; and Transcorp Energy -- established to lead Transcorp's focus on the energy sector, Heirs Holdings has already made significant commitments to the oil exploration and production sector, through the acquisition of OPL 281, an onshore oil field with substantial gas reserves, by Transcorp and Tenoil's development of OPL 2008, which is intended to enter production in 2014.

About Heirs Holdings
Heirs Holdings is a pan-African proprietary investment company driving Africa's development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent. Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa.

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RenuEn Corp Announces Investor Conference Call

Company to Update Shareholders on Recent Quarter and St. Cloud Project

ST. CLOUD, FL--(Marketwired - Aug 30, 2013) - RenuEn Corporation (OTC Pink: RENU), a Renewable Energy Development Company, announces a shareholder conference call on September 13 at 4:15pm EST. The company will discuss its latest quarterly financials and the St. Cloud Landfill gas project.

RenuEn will be accepting questions PRIOR to the scheduled Webinar. All questions should be received no later than Wednesday, September 11th, at 5:00 pm EST for consideration. Please submit your questions to our Investor Relations liaison, Mike Irving (mike@parvise.com). These questions will be compiled via email and culled through to determine the most frequently asked and most relevant to the purpose of the call.

To participate in the scheduled webinar please follow the below link to register for the webinar and to receive updates:
https://www1.gotowebinar.com/register/189022224

You will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended.

Or, you may select "Use Telephone" after joining the Webinar.

Dial +1 (702) 489-0001
Access Code: 171-575-350
Audio PIN: Shown after joining the webinar

Webinar ID: 189-022-224

About RenuEn Corporation
RenuEn Corporation is a Renewable Energy Development company. The company focuses on Landfill Compressed Natural Gas capture, International Renewable Power projects and the development of solar, geothermal and other renewable energy strategies.

Safe Harbor Statement
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RenuEn Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. RenuEn Corporation assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors. There may be other factors not mentioned above that may cause actual results to differ materially from those projected in any forward-looking statement. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by applicable securities laws.

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Pine Cliff Completes Acquisition of Further Working Interests in Shallow Gas Assets and Assumes Operatorship

CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Pine Cliff Energy Ltd. ("Pine Cliff") (TSX VENTURE:PNE) is pleased to announce that the previously announced acquisition of additional working interests in the Monogram Unit and the Southern Alberta and Southern Saskatchewan properties (the "Assets") for cash consideration of $13.25 million, prior to adjustments, has closed.

Pine Cliff now owns a 90.7639% working interest in the Monogram Unit and an approximate 96% working interest in the Southern Alberta and the Southern Saskatchewan properties. As part of the acquisition, the asset management agreement governing Pine Cliff's interests in the Assets was terminated and Pine Cliff has assumed operatorship of the Assets.

Pine Cliff's current production levels are approximately 6,850 barrels of oil equivalent per day, weighted approximately 97% towards natural gas.

Cautionary Statements

Certain statements contained in this news release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to, production levels going forward. All such forward-looking information is based on certain assumptions and analyses made by us in light of our current experience and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may be impacted by other factors, many of which are beyond our control. Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this release is expressly qualified by this cautionary statement. This news release should not be considered a suitable source of information for readers who are unfamiliar with Pine Cliff and should not be considered in any way as a substitute for reading all of Pine Cliff's public disclosure.

Where amounts are expressed in a BOE or daily equivalent of BOE, natural gas volumes have been converted to BOE's on the basis that six thousand cubic feet of natural gas is equal to one barrel of oil. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The term BOE may be misleading, particularly if used in isolation.

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 news release.

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Detector Announces Filing of Second Quarter, 2013 Interim Financial Statements

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") announces that Detector has filed (through SEDAR) Detector's:

(a) second quarter ended June 30, 2013 unaudited financial statements,

(b) second quarter report to the Shareholders, operations review (including management discussion and analysis).

Copies of all of these materials are available for viewing by electronic means from the SEDAR web site (www.sedar.com).

Detector is an oil and gas corporation whose shares are listed for trading on TSX Venture Exchange Inc. under the symbol DEX.

As of August 29, 2013 Detector has outstanding 11,918,701 Common Shares. Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 5,589,752 based on information provided to Detector by its insiders.

The officer responsible for issuance of this press release and who may be contacted for further information is:

Ronald E. Alexander, PresidentSuite 1100, 540 - 5th Avenue S.W.

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.

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Estrella International Energy Services Ltd. Announces Filing of Q2 Financial Statements

TORONTO, ONTARIO--(Marketwired - Aug. 30, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Estrella International Energy Services Ltd. ("Estrella" or the "Company") (TSX VENTURE:EEN) announces that it has filed its Interim Condensed Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the three and six month period ended June 30, 2013. Copies of these documents can be found on the SEDAR website at www.sedar.com. In this press release all dollar amounts are in US$ '000 unless otherwise specified.

Financial Highlights for the Quarter Ended June 30, 2013

During the quarter the Company recorded the highest quarterly revenues to date of $18,717 ($16,868 in 2012), this notwithstanding that the Company's rig utilization rate was 57% (49% in 2012). The company achieved an exit utilization in June of 63%, resulting in the highest monthly revenues in the company's history of $6,862. Utilization outside of Colombia continues to be very strong, with further improvements in Colombia being the main area of focus for the company going forward.

The revenues for were offset by general and administrative expenses (exclusive of turnover tax) of $2,528 or 13.5% of revenues ($2,487 in 2012 or 14.7% of revenues), depreciation of $3,142 ($2,859 in 2012), interest expense of $1,932 ($2,338 in 2012) and oilfield expenses of $15,870 ($13,903 in 2012). For the quarter ended June 30, 2012, the Company also recorded other income of $523 ($1,186 during 2012). The net loss was $4,320 ($3,802 in 2012). The Company recorded an EBITDA of -$45 ($204 in 2012).

Significant Events Subsequent to the Quarter End

Subsequent to the quarter end, the Company completed its previously announced acquisition of San Antonio Internacional Co. Inc. ("SAIC") for a purchase price of approximately US$122 million (the "Acquisition"). Full details of the Acquisition and the associated transactions can be found in the Company's press releases dated June 17, 2013 and August 2, 2013.

On August 19, 2013, the Company held its annual general and special meeting of shareholders (the "AGM"). At the AGM the following persons were elected as directors for the Company for the ensuing year: Horacio Reyser, Warren Levy, Riccardo Rodriguez, Daniel Kokogian, Diego Acevedo, Remo Mancini and Phil MacDonnell. Collins Barrow LLP was appointed as auditor of the Company for the ensuing year. The stock option plan for the Company was also approved by the shareholders for the ensuing year.

At the AGM the disinterested shareholders of the Company overwhelmingly approved the proposed private placement of Series B Preference Shares to Ringo Holding L.P. as disclosed in the press release of the Company dated June 17, 2013. The private placement is expected to close in September, 2013.

The shareholders also overwhelmingly approved, as a special resolution, the proposed consolidation of the issued and outstanding common shares of the Company by a ratio of 100:1 or such lesser consolidation ratio as may be approved by the Board of Directors of the Company of at least 10:1. The directors of the Company have not yet fixed the consolidation ratio. It is expected that the consolidation will become effective on the closing date of the private placement referred to above.

About Estrella

Estrella is an oil and natural gas, geothermal and mining service company with operations throughout Latin and South America. It provides conventional drilling services; directional drilling services; tools and equipment sales and rentals; work-over and finishing services; and consulting and engineering services. The Corporation is headquartered in Buenos Aires, Argentina and has operating locations in five countries Latin and South America.

Forward Looking Statements

This press release may contain forward-looking statements which reflect management's expectations regarding future growth, results of operations, performance and business prospects of Estrella. These forward-looking statements may relate to, among other things, forecasts or expectations regarding business outlook for Estrella; commodity prices for oil and natural gas; oil and natural gas demand and production growth; debt service requirements for Estrella; improvements in operating procedures and technology; capital expenditures by Estrella and the oil and gas industry; the business strategies of Estella's customers; future global economic conditions; and future results of operations; expectations regarding the Corporation's ability to raise capital; realization of the anticipated benefits of acquisitions and dispositions, revenue growth, future acquisitions, generation of cash flow, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as "may", "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "guidance" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements are not historical facts or guarantees of future performance, but instead represent management's current expectations, estimates and projections regarding future events.

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 Estrella. 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, and Estrella 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.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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.

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Santa Maria Petroleum Inc. Announces Second Quarter 2013 Results

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.) (TSX VENTURE:SMQ) announces its unaudited results for the three and six months ended June 30, 2013.

HIGHLIGHTS DURING THE THREE MONTHS ENDED JUNE 30, 2013

On June 7, 2013 Santa Maria announced that it had completed the sale of its 25% oil and gas interest in the Canaguaro Block to Petrominerales Ltd. ("Petrominerales") (TSX:PMG); the transaction was completed on June 7, 2013. Petrominerales paid Santa Maria a total of $US6.0 million in cash for its 25 per cent private participating interest. Certain customary post-completion price adjustments will be completed and all vendor liabilities outstanding on that date will be paid by the end of September 2013. The transaction was first announced on May 6, 2013. On June 13, 2013 Santa Maria remitted $1,875,000 to the operators of Block 21 in Colombia as the third and final installment pursuant to the Amending Agreement to the original Participation Agreement for Block 21. The Company has satisfied its financial obligations in respect of this block and no further funding is required. On February 26, 2013 the operator of Block 21 commenced drilling the Calacho-1 well, the first exploration well on this block and reached total depth of 7,000 feet on March 2, 2013. On March 14, 2013 the operator of Block 21 commenced drilling the Rocamao well, the second exploration well on this block and reached total depth of 7,870 feet on March 27, 2013. Both of these wells were tested during the second quarter of 2013.

The C7 formation in the Calacho No. 1 well was tested. During the test period the C7 formation produced a total of 5,857 barrels of fluid, consisting of 5,669 barrels of water and 188 barrels of 35 degree API oil. The maximum fluid production rate was approximately 1,450 barrels per day. The testing program was ended when the water cut reached 100%. With no further oil production, the operator made the decision to abandon the well.

The C7 formation in the Rocamao No. 1 well was also tested. The C7 formation produced 64 barrels of water in 3 hours at rates that fluctuated between 192 and 336 barrels of fluid per day. Total testing resulted in the production of 329 barrels of water with no oil produced and the decision was made by the operator to abandon the well. With no oil produced, the operator made the decision to abandon the well.

With the abandonment of both the Calacho No. 1 well and the Rocamao No. 1 well, Santa Maria Santa Maria informed the operator that it would not exercise its option to carry on with an interest in the block.

At the annual and special general meeting held in Toronto, Ontario on June 27, 2013 the shareholders approved the continued appointments of Mr. Ron MacMicken, Mr. Andrew DeFrancesco, Mr. Gerry Feldman, Mr. Steve VanSickle and Mr. Doug Manner to the board of directors. The shareholders also confirmed the appointment of MNP LLP as the Company's auditor.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Quetzal, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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.

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Manitok Energy Inc. Announces Financial Results for the Second Quarter of 2013

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) announces its financial and operating results for the second quarter of 2013.

The full text of Manitok's second quarter report containing its unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2013 and the related management's discussion and analysis will be available electronically on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and also on Manitok's website at www.manitokenergy.com. All dollar figures are in Canadian dollars unless otherwise noted.

Second Quarter 2013 Operational & Financial Highlights:

An increase in average production by 133% to 4,045 boe/d for the second quarter of 2013 from 1,733 boe/d for the comparable period in 2012. Increased the crude oil and NGLs weighting to 52% of total production in the second quarter of 2013 from 22% of total production in the second quarter of 2012. Funds from operations increased by 356% to $11.3 million ($0.16 per share) in the second quarter of 2013 from $2.5 million ($0.04 per share) for the comparable period in 2012. Operating netback increased by 47% to $34.73 per boe for the second quarter of 2013 from $23.60 per boe for the comparable period in 2012 due to the increase of light oil volumes in the total production mix. Achieved strong quarterly per share growth as production and funds from operations per weighted average diluted share increased 100% and 292%, respectively, while decreasing net debt to $9.2 million as at June 30, 2013 from $10.9 million as at June 30, 2012. Total operating costs in the second quarter of 2013 were $6.42 per boe net of recoveries and $7.06 per boe prior to recoveries, which is 27% and 36% lower, respectively, on a boe basis, than the comparable period last year. Transportation and marketing costs were $2.93 per boe, up from $1.87 per boe in the comparable period last year due mainly to the increased proportion of oil production. Manitok's capital expenditures before divestitures for the second quarter of 2013 were $9.6 million, which is down 11% from $10.8 million in the comparable quarter in 2012. Drilled 4 gross (1.5 net) wells in the second quarter of 2013, 3 (1.0 net) in the Stolberg area of Alberta and 1 (0.5 net) in the Cabin Creek area of Alberta. Completed a disposition of royalty interest properties for total cash consideration of $3.3 million. As at June 30, 2013, Manitok had net debt of approximately $9.2 million and unused credit facilities of $90.0 million. Purchased 282,700 shares at an average price of $2.54 in the quarter pursuant to its normal course issuer bid ("NCIB"). Subsequent to the second quarter, the Corporation has acquired an additional 1,087,100 shares at an average price of $2.65 per share under its NCIB program. Increased net income to $4.8 million ($0.07/share) for the second quarter of 2013 from $0.5 million ($0.01/share) for the comparable period in 2012. The income in the second quarter of 2013 included a gain on divestiture of $0.7 million compared to loss on divestiture of $0.4 million in the second quarter of 2012. Operational and Financial HighlightsAverage realized sales price (CAD$)Undeveloped Land (end of period)Petroleum and natural gas salesRealized gain on financial instrumentsTransportation and marketing expensesGeneral and administrative expenses, netInterest and financing expensesFunds from operations netback(1)Petroleum and natural gas revenue ($000)Funds from operations ($000)(1)Weighted average for the period - basicWeighted average for the period - dilutedCapital expenditures, net ($000)Working capital deficiency ($000)(2)Drawn on credit facilities ($000)

(1) Funds from operations, funds from operations per share and funds from operations netback are non-GAAP measures that represent cash flow from operating activities as determined in accordance with International Financial Reporting Standards ("IFRS") before changes in non-cash operating working capital and decommissioning expenditures. Funds from operations should not be considered an alternative to, or more meaningful than cash flows from operating activities as determined in accordance with IFRS as an indicator of the Corporation's performance. Funds from operations, funds from operations per share (basic and diluted), and funds from operations netback do not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities.

(2) Working capital deficiency is defined as current assets less current liabilities excluding the current portion of the amount drawn on the credit facilities and the fair value of financial instruments.

Operations

Based on recent field estimates, current corporate production is approximately 4,240 boe/d (47.5% crude oil and condensate, 0.5% NGLs). The field estimates include a contribution of about 300 bbls/d of oil from the four well pad, which was recently drilled in the Stolberg area. The 4 (1.33 net) wells on the pad are expected to be on full production by early October and are anticipated to add another 200 to 300 bbls/d to net production. Manitok is currently drilling 2 (1.5 net) wells at Stolberg. One is the first horizontal well of an expected 2 (1.6 net) well pad targeting Cardium oil on section 29, which has produced over 575,000 bbls of light oil (454,000 net) from 3 (2.4 net) wells over the last 14 months. The second is a liquids rich natural gas well (0.75 net), offsetting a Manitok liquids rich gas well drilled in 2011. That well initially flowed at approximately 5.0 Mmcf/d (3.75 net) with about 10.0 bbls/Mmcf (7.5 net) of wellhead condensate and has produced nearly 3.0 Bcf (2.25 net) of natural gas and approximately 22,000 bbls (16,500 net) of condensate over the course of about two years. The current drill will intersect the same Ostracod pool and is ultimately targeting a repeat of the same zone about 100 to 250 metres deeper. If successful, Manitok intends to produce the two zones separately within the same wellbore.

Normal Course Issuer Bid

As of today, Manitok has purchased a total of 1,369,800 shares for approximately $3.6 million (average price of $2.62 per share) in 2013, pursuant to its NCIB programs. Management believes that with potential acquisition values ranging from 5 to 7 times next year's projected funds from operations, buying Manitok shares at less than 3 to 4 times next year's projected funds from operations under its NCIB program is advantageous to Manitok shareholders with a longer term view.

2013 Guidance

Assuming drilling success based on Manitok's expected outcomes and applied risk parameters, Manitok expects to exit 2013 with production ranging from 5,300 to 5,500 boe/d (approximately 55% to 57% crude oil and condensate, 0.5% NGLs), which would be a 40% to 45% increase over the 2012 exit production rate. At that production level, funds from operations is estimated to be $5.7 to $6.0 million per month, which would be an increase of approximately 50% over the 2012 exit funds from operations rate. It is anticipated that there will be an additional 400 to 500 boe/d of production (about 85% crude oil) added in the first quarter of 2014 where the majority of the capital expenditures relating to that production will be incurred in the fourth quarter of 2013.

Manitok has increased its 2013 capital expenditure budget by 7% to approximately $76.0 million or $72.6 million net of dispositions. This is an increase of $5.0 million to the previously guided $71.0 million which was made up of $63.0 million for drilling, completions, tie-ins and equipping and $8.0 million for land and seismic. The increased $76.0 million of capital expenditures is made up of $70.0 million of drilling, completions, tie-ins and equipping and $6.0 million of land and seismic. The updated forecast includes 19 (12.1 net) wells with all but 2 (1.75 net) targeting Cardium light oil predominantly in the Stolberg area and also in the Cabin Creek and Quirk Creek areas. The first of the two wells not targeting Cardium is a vertical liquids rich natural gas well targeting an Ostracod pool (mentioned in the operations section above) and the second is an exploration well targeting an oil zone other than the Cardium in a new area. The increased capital budget will be financed with funds from operations and Manitok's existing $90.0 million credit facilities with the National Bank of Canada.

Average production in 2013 is expected to range between 4,200 to 4,400 boe/d (approximately 52% crude oil and condensate, 0.5% NGLs), which would be an increase of 76% to 84% over its 2012 average production. Manitok anticipates funds from operations to be $48.0 to $50.0 million, which is lower than the previous guidance of $55.0 to $57.0 million. However, it still results in an anticipated increase of over 150% from funds from operations in 2012. The main reasons for the decrease are timing delays of new production additions due to drilling four wells on one pad versus drilling four wells on two pads, lower working interests in wells than previously budgeted due to a pooling agreement, and a lower oil weighting than anticipated, decreasing from 57% to 52% on total production for 2013, due mostly to adding a liquids rich gas well to the 2013 drilling program in lieu of an additional Cardium oil well. Manitok would like to caution the readers that changes to the drilling and production schedules may be necessary from time to time in order to capture value from new opportunities or gain efficiencies in its operations. Given the relatively low number of drills Manitok will execute in a one year period and the potentially high initial production rates associated with these wells, these changes may initially have a negative short term impact to funds from operations; however that does not materially change the ultimate value created over the life of the well.

After adjusting for the increased capital expenditures in 2013 and the shares purchased through our NCIB, net debt at the end of 2013 is now expected to range between $38.0 to $40.0 million. The net debt to twelve month trailing funds from operations ratio is anticipated to be about 0.8 times as at December 31, 2013 and the net debt to the exit funds from operations rate ratio is anticipated to be about 0.6 times as at December 31, 2013.

The 2013 re-forecasted budget assumes an average price of US$99.00/bbl of WTI crude oil, an average differential of $6.00/bbl, an average $CAD/$US exchange rate of 1.03 and an average price of $3.08/mmbtu of AECO natural gas which results in about a $3.60/mcf realized field price due to heat content. For 2013, royalties, combined operating and transportation costs net of recoveries, general and administrative expenses ("G&A") and interest are expected to average approximately $16.09, $9.06, $3.42 and $0.47 per boe respectively. The average operating netback for 2013 is anticipated to be approximately $34.28/boe, with a range of $23.85/boe at the beginning of the year to $43.34/boe at year end. The average funds from operations netback (operating netback, net of G&A and interest), is anticipated to be approximately $30.39/boe, ranging from $18.27/boe at the beginning of the year to $40.57/boe at year end.

Details regarding Manitok's hedging activities are available in Manitok's unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2013 and the related management's discussion and analysis which will be available electronically on Manitok's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and also on Manitok's website at www.manitokenergy.com.

Manitok's anticipated capital expenditures and estimated production results are based upon various assumptions as to equipment availability, well production rates, well drainage areas, success rates, timing and costs of future well drilling, the availability of capital, future costs and availability of labour and services.

Management Addition

The Corporation is extremely pleased to announce the appointment of Ms. Yvonne McLeod as Vice-President, Drilling and Facilities. Ms. McLeod has been with Manitok for about 18 months, most recently as our Drilling Manager and has proven she has the technical expertise, leadership skills, integrity and passion to be an excellent member of Manitok's executive team.

About Manitok

Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills. Manitok's corporate strategy is that of being an "early mover" in the exploitation phase of the development life cycle of hydrocarbon reserves in the Canadian foothills. The Corporation will continue to utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in this large and under-exploited region of the Western Canadian Sedimentary Basin.

Forward-looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning planned capital expenditures, the breakdown of planned capital expenditures by class, the anticipated 2013 average and exit rates of production, anticipated funds from operations, the anticipated year end net debt and debt to trailing funds from operations and the development and growth potential of Manitok's properties.

The forward-looking statements in this press release are based on certain key expectations and assumptions made by Manitok, including expectations and assumptions concerning the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the successful application of technology, prevailing weather conditions, commodity prices, royalty regimes and exchange rates and the availability of capital, labour and services.

Although Manitok believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Manitok can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), uncertainty as to the availability of labour and services, commodity price and exchange rate fluctuations, unexpected adverse weather conditions and changes to existing laws and regulations. Certain of these risks are set out in more detail in Manitok's current Annual Information Form, which is available on Manitok's SEDAR profile at www.sedar.com.

The forward-looking statements regarding Manitok's expected 2013 funds from operations are included herein to provide readers with an understanding of Manitok's anticipated funds from operations and Manitok's ability to fund its expenditures based on the assumptions described herein. Readers are cautioned that this information may not be appropriate for other purposes.

Forward-looking statements are based on estimates and opinions of management of Manitok at the time the statements are presented. Manitok may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but Manitok undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.

Non-GAAP Financial Measures

This press release contains references to measures used in the oil and natural gas industry such as "funds from operations", "funds from operations netback", "funds from operations per share", "operating netback", "working capital deficiency (surplus)" and "net debt". These measures do not have any standardized meanings prescribed by generally accepted accounting principles ("GAAP") and therefore, reported amounts may not be comparable to similarly titled measures reported by other companies. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding Manitok's liquidity and its ability to generate funds to finance its operations.

Funds from operations should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net earnings as determined in accordance with IFRS, as an indicator of Manitok's performance or liquidity. Funds from operations is used by Manitok to evaluate operating results and Manitok's ability to generate cash flow to fund capital expenditures and repay indebtedness. Funds from operations or funds from operations netback denotes cash flow from operating activities as it appears on the Corporation's Statement of Cash Flows before changes in non-cash operating working capital and decommissioning expenditures. Funds from operations or funds from operations netback is also derived from net income (loss) plus non-cash items including deferred income tax expense (recovery), depletion and depreciation expense, exploration and evaluation expense, impairment expense, stock-based compensation expense, accretion expense, acquisition-related expenses, unrealized gains or losses on financial instruments and gains or losses on asset divestitures. Funds from operations per share denotes funds from operations divided by the weighted average number of shares outstanding. Operating netback denotes petroleum and natural gas revenue and realized gain (loss) on financial instruments less royalty expenses, operating expenses and transportation and marketing expenses. Working capital deficiency (surplus) includes current assets less current liabilities excluding the current portion of the amount drawn on the credit facilities and the fair value of financial instruments. Manitok uses net debt as a measure to assess its financial position. Net debt includes current liabilities less current assets excluding the current portion of the fair value of financial instruments.

Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas (6 mcf) to one barrel of oil (1 bbl). This boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

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.

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PetroCorp Group Inc. Announces Corporate Update and Proposed Private Placement

PetroCorp Group Inc.

NEX BOARD : PCG.H

EDMONTON, ALBERTA--(Marketwired - Aug. 30, 2013) - PetroCorp Group Inc. (NEX BOARD:PCG.H) (the "Corporation") announces today that Larry Patriquin, Garry Wetsch, Martin Bernholtz and Hal Beauclair have tendered their resignations as directors of the Corporation. The new board of directors consists of Andrew Lindzon, David Bernholtz and Myra Bongard (the "New Board"), who have agreed, subject to regulatory approval, to act as directors of the Corporation until the next annual meeting or until a successor has been appointed.

The Corporation also announces that, effective immediately, Andrew Lindzon has replaced Larry Patriquin as President and Chief Executive Officer of the Corporation and David Bernholtz has replaced Randy Fries as Chief Financial Officer of the Corporation. All officer appointments are also subject to regulatory approval.

The following are biographies regarding the members of the New Board and newly appointed officers of the Corporation.

Andrew Lindzon

Andrew Lindzon has been President of Ashlin Technology Solutions Inc. ("Ashlin") since 1985. Ashlin is a Canadian technology solutions provider to Canadian businesses with a subsidiary in the United States which provides the same services to American businesses. Mr. Lindzon is also a director of RYM Capital Corp. and Hudson River Minerals Ltd., a company listed on the TSX Venture Exchange ("TSXV"). Mr. Lindzon obtained his LLB from York University in 1984.

David Bernholtz

David Bernholtz is an Account Manager at Mash+Media Solutions Inc. Mr. Bernholtz is also a director of Pacific Orient Capital Inc., a capital pool company, listed on the TSXV and AH Capital Corp. Mr. Bernholtz graduated from Seneca College with a degree in General Arts & Science as well as Creative Advertising.

Myra Bongard

Myra Bongard has been a real estate sales representative since 1985. Ms. Bongard was associated with Century 21 Heritage Group until 2006 and is currently employed by Right At Home Realty. Ms. Bongard is currently a director of Pacific Orient Capital Inc., a capital pool company, listed on the TSXV. Ms. Bongard was formerly a director of Ribbon Capital Inc., a capital pool company, which completed its qualifying transaction with Selectcore Inc. Ms. Bongard graduated from Bathurst Heights Collegiate in 1965.

The Corporation also announces that it plans to complete a non-brokered private placement of up to 10,000,000 common shares of the Corporation (the "Common Shares") at a price of $0.005 per share for aggregate gross proceeds of up to $50,000 (the "Offering").

The proceeds of the Offering will be used for general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Common Shares issued will be subject to a four month hold period from the date of issuance pursuant to securities legislation.

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

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to obtaining necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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Americas Petrogas Announces Second Quarter 2013 Results

Operating Netback(1) increases $13.7 million or 234%; Increase in net revenue by 75%; Net income of $5.1 million; $36.7 million of cash, investments and financial assets

CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) - Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE:BOE) announces the Company continued to execute on its investment plan on its oil and gas properties in Argentina.

Summary Financial and Operational Highlights

Selected financial and operational information is outlined below and should be read in conjunction with the Company's condensed interim consolidated financial statements and the related Management's Discussion and Analysis ("MD&A") for the quarter, which have been filed on SEDAR under the Company's profile at www.sedar.com and are also available on the Company's website at www.americaspetrogas.com. All amounts are in Canadian dollars unless otherwise stated.

Net income: $5,121,233 in the second quarter of 2013 compared to a net loss of $4,731,206 for the equivalent period of 2012. This is the second consecutive quarter that the Company has reported profitability. Net revenue: increased by $6,371,527 or 75% compared to second quarter of 2012. Cash position: $36.7 million of consolidated cash, cash equivalents, short-term investments, and available-for-sale financial assets as of June 30, 2013. Oil sales volume: during the second quarter of 2013, the Company continued to produce and sell oil primarily from its Medanito Sur conventional block. During the second quarter of 2013, sales volume averaged 2,398 bopd (net), an increase of 70% over the second quarter of 2012 of 1,409 bopd (net). Operating netback: for the second quarter of 2013, operating netback (excluding Oil Plus benefits) was $44.72 per barrel and operating netback (including Oil Plus benefits) was $89.51 per barrel. For the second quarter of 2012, operating netback was $45.68 per barrel. Oil Plus benefits: during the second quarter of 2013, the Company recognized $11.2 million of Oil Plus benefits (related to production and reserve increases). This is in addition to $3.4 million recognized in the first quarter of 2013 and to $1.3 million recognized in the fourth quarter of 2012. Operating netback (including Oil Plus benefits)(1)Operating netback (excluding Oil Plus benefits) per barrel(1)Operating netback (including Oil Plus benefits) per barrel(1)Net income (loss) attributable to owners of the CompanyWeighted average number of common shares outstanding(3)Cash flow from operating activitiesAverage selling price per barrel

Notes:

"Operating netback" is a non-GAAP measure and is calculated as revenues from oil sales less royalties and production costs. Operating netback is used as an indicator of operating performance, profitability and liquidity. Operating netback (excluding Oil Plus benefits) excludes any Oil Plus benefits credited to production costs. Operating netback (including Oil Plus benefits) is net of any Oil Plus benefits credited to production costs. Operating netback does not have a standardized meaning prescribed by IFRS. It is unlikely for non-GAAP measures to be comparable to similar measures presented by other companies. For the three months ended June 30, 2013, operating netback including Oil Plus benefits was $19,535,145 (calculated as gross oil sales revenue of $17,224,255 less royalties of $2,368,597 plus production costs recovery of $4,679,487). For the three months ended June 30, 2012, operating netback was $5,855,237 (calculated as gross oil sales revenue of $9,729,829 less royalties of $1,245,698 and production costs of $2,628,894). For the six months ended June 30, 2013, operating netback including Oil Plus benefits was $32,701,960 (calculated as gross oil sales revenue of $33,673,901 less royalties of $4,471,378 plus production costs recovery of $3,499,437). For the six months ended June 30, 2012, operating netback was $12,937,395 (calculated as gross oil sales revenue of $21,357,636 less royalties of $3,789,881 and production costs of $4,630,360). "Funds flow from operations" is an additional GAAP measure because it is presented in the consolidated statement of cash flows. Funds flow from operations and funds flow from operations per share are used to analyze operating performance and liquidity. Funds flow from operations is calculated as net cash generated from (used by) operating activities (as determined in accordance with IFRS) before changes in non-cash balance sheet operating items. Funds flow from operations per share is calculated by dividing funds flow from operations by the weighted average number of shares outstanding. Funds flow from operations should not be considered an alternative to, or more meaningful than net cash generated from (used by) operating activities as determined in accordance with IFRS. Funds flow from operations per share should not be considered an alternative to, or more meaningful than earnings (loss) per share as determined in accordance with IFRS. Diluted weighted average number of common shares outstanding is computed by adjusting basic weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method, which assumes any proceeds received by the Company upon exercise of the in-the-money instruments would be used to repurchase common shares at the average market price for the period. For the three and six months ended June 30, 2013, 1,936,583 (three months ended June 30, 2012 - 8,372,168) and 3,359,445 (six months ended June 30, 2012 - 9,970,025) common shares were deemed to be issued for no consideration in respect of options. Working capital is a non-GAAP measure and is calculated as current assets less current liabilities. Working capital is used to assess liquidity general financial strength. Working capital does not have a standardized meaning prescribed by IFRS. It is unlikely for non-GAAP measures to be comparable to similar measures presented by other companies. Working capital should not be considered an alternative to, or more meaningful than current assets or current liabilities as determined in accordance with IFRS.

Second Quarter Highlights and Recent Developments

Ryder Scott Company estimated that the Company has 56.1 Billion Barrels of Oil Equivalent ("BOE") initially in place and 8.3 Billion BOE Recoverable in the Company's nine unconventional shale oil and shale gas properties. The report only considered the Vaca Muerta, Agrio and Los Molles shales. The report did not consider additional zones of interest such as the Quintuco, Tordillo, Mulichinco and others. During the second quarter of 2013, Petrogas Argentina obtained two loans from the Industrial and Commercial Bank of China (Argentina) S.A. in the total amount of AR$50.0 million (approximately $9.5 million). Nine (9) conventional wells were drilled during the second quarter of 2013. Earlier in 2013, drilling on Medanito Sur resulted in the discovery of new production areas, including El Alpataco, El Calden Este, Amilcar and La Meseta. In total, twenty (20) conventional wells were drilled in the first half of 2013. As well, the Company invested $12.8 million in facilities and equipment during the first half of 2013. The Company, in conjunction with its partner, ExxonMobil, continued to conduct long-term production testing on the LTE.x-1 well and continued to analyze data relating to the ALL.x-1 well and ADA.x-1 well. During the second quarter of 2013, the Company made the necessary filings and received the necessary approvals to make a Normal Course Issuer Bid ("NCIB") to buy-back some of its common shares commencing on June 21, 2013 and terminating on June 20, 2014 or such earlier date as all shares which are subject to the NCIB are purchased. Up to the current date, the Company has bought back and cancelled 207,000 common shares for a total cost of approximately $185,000.

"We are pleased with our results this quarter, generating $19.5 million of operating netback at $89.51 per barrel, including Oil Plus benefits, and $5.1 million of net income," said Barclay Hambrook, President and Chief Executive Officer. Mr. Hambrook went on to say, "The results of the Ryder Scott Company report were excellent and this report clearly highlights the large upside potential of Americas Petrogas' Neuquen Basin blocks."

For further information regarding the Company's financial results, financial position and related changes, please see the consolidated financial statements and the related MD&A.

About Americas Petrogas Inc.

Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquén Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquén Basin, Argentina. Americas Petrogas also owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration for near-surface potash, phosphates and other minerals, and potential development of a fertilizer project in Peru. Indian Farmers Fertiliser Co-operative Limited (IFFCO) owns a 20% interest in GrowMax Agri Corp. For more information about Americas Petrogas Inc., please visit www.americaspetrogas.com.

This Press Release contains forward-looking information including, but not limited to, the Company's goals and growth, estimates of reserves and resources, production and cash flows, new production areas on the Medanito Sur block, production testing of the LTE.x-1 well, analysis relating to the ALL.x-1 well and ADA.x-1 well, results of the Ryder Scott Company report, the large upside potential of Americas Petrogas' Neuquen Basin blocks, exploration, appraisal and development activities related to conventional and unconventional oil and gas, and other exploration, development and production activities in respect of the projects in Argentina and Peru. The recovery and resources estimates for the Company's properties described in this Press Release are estimates only and there is no guarantee that the estimated resources will be recovered. The actual resources for the Company's properties may be greater or less than those calculated. Additional forward-looking information is contained in the Company's MD&A for this quarter and the Company's Annual MD&A for December 31, 2012, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in those MD&A documents.

Forward-looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward-looking information reflects management's current beliefs and assumptions and is based on information, including reserves and resources information, currently available to management. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks, extensions of concessions and commitments), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity.

Although the forward-looking information contained herein is based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date hereof and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Company's securities should not place undue reliance on this forward-looking information.

The term BOE (barrels of oil equivalent) is used in this press release. All calculations converting natural gas to BOE have been made using a conversion ratio of six thousand cubic feet (six "Mcf") of natural gas to one barrel of oil, unless otherwise stated. The use of BOE may be misleading, particularly if used in isolation, as the conversion ratio of six Mcf of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

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 THE RELEASE.

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Hanwei Energy Services Announces Results of Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 30, 2013) - Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), held its Annual General Meeting of Shareholders (the "Meeting") in Vancouver, British Columbia on August 29, 2013. During the course of the Meeting, all proposed resolutions were approved including the election of directors, the re-appointment of MNP LLP, Chartered Accountants as auditor of the Company, and the continuation of the incentive Stock Option Plan of the Company. A total of 22,070,223 shares were voted in person or by proxy at the Meeting.

The shareholders elected each of the Company's nominees for director as follows:

As of the close of the Meeting, the Company's board is constituted of a majority of independent directors, namely Joanne Yan, Malcolm Clay, William Paine, and Randall Smallbone.

At the first meeting of the newly constituted Board of Directors held immediately after the Meeting, the following individuals were re-appointed as officers of the Company: (a) Fulai Lang as Chairman of the Board, President and Chief Executive Officer, (b) Yucai (Rick) Huang as Chief Financial Officer, (c) Graham Kwan as Executive Vice President, Strategic Development and Corporate Affairs, and Corporate Secretary.

The Board of Directors also re-appointed Joanne Yan as Lead Director and reconstituted its standing board committees. The Audit Committee is comprised of Randall Smallbone (Chair), Malcolm Clay and Joanne Yan who are each independent directors. The Compensation/Corporate Governance Committee is comprised of Malcolm Clay (Chair), Fulai Lang, Joanne Yan, William Paine and Randall Smallbone, a majority of whom are independent directors. The Disclosure Committee is comprised of Graham Kwan (Chair), Fulai Lang, and Yucai (Rick) Huang.

About Hanwei Energy Services Corp.

Hanwei Energy Services Corp. is a world leader in the manufacturing of high pressure, fiberglass reinforced plastic ("FRP") pipe products, and associated technologies and services, for the international oil and gas and infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets.

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CanAm Reports Record Revenue of $15.6 Million and Delivers $2.6 Million of EBITDA from Operations, an Increase of 40% Over Q1 2013

TORONTO, ONTARIO--(Marketwired - Aug. 30, 2013) - CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") has filed its condensed interim consolidated financial statements and related management discussion and analysis for the period ended June 30, 2013. These Q2 2013 financial statements include a restatement of the comparative Q2 2012 financials which is discussed at the end of this press release. Definitions of commonly used non-IFRS financial measures (EBITDA from operations and Free Cash Flow) are also included at the end of this press release.

Second Quarter 2013 Highlights

The Company announced today its second quarter 2013 financial results for the period ending June 30, 2013. Revenue, EBITDA from operations and loss for the quarter were $15.6 million, $2.6 million and ($1.5) million respectively as compared to $13.3 million, $1.9 million and ($1.6) million in the prior year. Sales for the quarter were 168,500 tons as compared to 130,500 tons in Q2 2012 or an increase of nearly 30%.

For the six month period ended June 30, 2013, revenue, EBITDA from operations and loss were $29.5 million, $4.5 million and ($3.4) million respectively as compared to $26.1 million, $3.8 million and ($2.8) million in the prior year. Sales for the six month period were 318,000 tons compared to 248,000 tons in the prior year, an increase of 28%.

During the second quarter of 2013, the Company continued its transition and mine development activities at the Old Union 2, Knight and Posey Mill 2 mines. The Old Union 2 mine reached steady state production levels early in Q2, the Knight mine started production in April and the Posey Mill 2 mine had first mine production in May. Toward the end of Q2, steady state production was achieved at all mines and this translated into increased production and sales for Q2. Average monthly coal sales for Q2 were 56,000 tons as compared to 50,000 tons for Q1 and June sales were a record 61,400 tons or an increase of 23% over the average monthly sales for Q1.

In spite of these improved production/sales levels, the Company continued to work through transition and mine development activities in Q2 which still resulted in less than optimal operating conditions. As such the Company was not able to achieve its normal production level efficiencies and the average production cost per ton was $55/ton, slightly lower than Q1 production cost and significantly lower than the prior year cost of $62/ton. Once the Company reaches steady state production at all of its mines, starting in Q3 2013, average production cost should be approximately $50/ton.

Key statistics for Q2 2013 and 2012 and Q1 2013 are as follows:

Note: Operating cash flow is before changes in non-cash working capitalSales for the quarter were 168,488 tons, an increase of 13% over Q1 2013 sales and 29% over Q2 sales of the prior year. Record sales were achieved in June of 61,400 tons. Long term off-take contracts continue to enable the Company to achieve better than market pricing for our high quality coals. Average sales price per ton for Q2 was consistent with Q1 but lower than Q2 2012. The lower average price as compared to last year is a result of our changing coal mix (i.e. a higher ratio of thermal coal versus metallurgical coal) and the termination of a met coal contract in early 2013. All of our production is currently sold into our off-take contracts with our customers and we are fully contracted for the remainder of the year. Average production cost per ton of $55/ton was significantly better than Q2 2012 as a result of operational improvements implemented throughout 2012 and was on par with the average of Q1 2013. With all mines at steady state production, we anticipate our average cost per ton to be approximately $50/ton. Operating cash flow of $2.5 million was five times the cash flow achieved in the comparable quarter of 2012 and 67% better than in Q1 2013. Investment in equipment and mine development was $2.4 million as compared to $3.9 million in the comparable period last year. Mine development expenditures were down significantly, $0.5 million in Q2 as compared to $1.3 million in Q1 2013, as mine transition and development was substantially completed during Q2. On a year to date basis, capital expenditures were $4.9 million through the end of June or almost half of the $9.3 million in expenditures in the comparable prior year period. We anticipate capex for the second half of 2013 to be lower compared to the first half which should contribute significantly to free cash flow. Free cash flow at $0.2 million, compared to ($2.0) million in Q2 of 2012, continues to improve and will accelerate in the second half of 2013. Repayment of equipment financing obligations continues at a healthy pace and through June 30, 2013, the Company repaid $2.8 million of these obligations. All mines are now operating at steady state production levels and in July the Company set a new sales record and shipped approximately 67,500 tons to its customers, a further 10% improvement over its June sales record.

Company President and CEO, Jos De Smedt commented: "Completion of the second quarter was a major milestone for the Company as by the end of Q2 we had transitioned all of our mines to a steady state level of production. As we accomplished this, the results of our hard work became evident in our June production/sales level of over 61,400 tons and, more importantly, in our July numbers of approximately 67,500 tons of sales. With a mine complement in place that has the ability to produce between 60,000 to 80,000 tons on a monthly basis, the second half of 2013 should see significant growth in sales and production. From a financial perspective, Q2 showed definitive improvement; operating cash flow was 5 times better than in the prior year, free cash flow was slightly positive compared to a deficit of $2.0 million in the prior year and first half 2013 capex was half of capex in the prior year. This combined with expected sales levels of between 60,000 to 70,000 tons on a monthly basis, should improve free cash flow significantly in the second half of 2013 and in 2014."

Operating Results Summary

The table below sets out operating results for the past six quarters. Q1 and Q2 2012 comparatives reflect full consolidation accounting of the Company's investment in BCC.

Note: Please refer to the definition of EBITDA on the last page of this MD&A.

During Q2 2013, the Company completed its mine transition started in Q4 2012, which included closing down mines, performing reclamation activities and building infrastructure for its new mines at OU2, Knight and Posey Mill 2. This transition continued into Q2, mainly at the Knight and Posey Mill 2 mines. Notwithstanding the continued investment in time and materials in completing the transition, the Company made considerable progress towards its goal of achieving a production/sales level of between 180,000 to 210,000 tons per quarter. Q2 coal sales were 168,000 tons, up 13% over the 149,000 tons sold in Q1 and highlighted by June sales of 61,400 tons, a record for the Company. Compared to Q2 2012, sales are up 29%. Average pricing was consistent with the first quarter.

Operating costs per ton for Q2 were on par with Q1 and significantly better than production costs in Q1 and Q2 of 2012.

Sales Volume and Pricing

Summary

Three month Q2 2013 revenue was 17% ($2.3 million) higher than Q2 2012. The increase is attributable to a 29% increase in tons sold offset by a lower average overall realized price. The lower average realized price is mainly the result of a change in the overall coal mix which in 2013 included a larger proportion of thermal coal versus metallurgical coal. Compared to Q1 2013, revenue was 12% higher. The increase was entirely due to higher volumes. Quarter on quarter average coal price realized was consistent.

Six month 2013 revenue was 13% higher than 2012. The increase is attributable to a 28% increase in volumes offset by a lower average overall realized price.

Volumes

Q2 2013 sales volumes were 168,488 tons compared to 130,517 tons sold in Q2 2012 and 149,453 tons sold in Q1 2013. Despite Q2 2013 being a period of transition, volumes were significantly higher than both comparative quarters. In Q2 2012, the Company was impacted by difficult mining conditions, management transition issues and other operational challenges (e.g. a damaged excavator), which impacted production. During Q1 2013, the Company was winding up production at Bear Creek and was still building out Knight and Posey Mill 2. Additionally, sales to two new customers had been curtailed as they burned off inventory from their previous suppliers. During Q2, volumes to these customers resumed back to contracted levels. Additionally, both Knight and Posey Mill 2 were opened and Q2 production and sales were realized from both mines during the quarter.

Six month sales volumes were 317,941 tons compared to 247,709 tons realized in 2012. 2012 production and sales were negatively impacted by mining conditions, management transition issues and the other operational challenges previously described.

Pricing

Overall Q2 2013 average pricing was $92 per ton compared to $102 per ton realized in Q2 2012 and $93 per ton in Q1 2013. In 2012, the Company's overall coal mix included a larger proportion of metallurgical versus thermal coal and in early 2013 the Company terminated a metallurgical coal contract. Since then, the Company has been blending its metallurgical grade coal into other products for other customers and is realizing a lower price for this blended product. Pricing realized on the Company's other contracts are comparable to the prior year and/or quarter.

Overall six month 2013 pricing was $93 per ton compared to $105 per ton realized in 2012. The explanation of the three month change described above explains the six month difference, as well.

Cost of Production Sold and Royalties, Transportation and Other (RTO)

Average cost of production soldNote: Please refer to the definition of EBITDA on the last page of this MD&A.

Q2 2013 cost of production sold was $55 per ton compared to $62 per ton in Q2 2012 and $56 per ton in Q1 2013. Q2 2012 costs were high due to the operational challenges previously described. As a result of these challenges, the Company made important operational changes in mid-2012, which remain in place and substantially and permanently improved operational efficiency. These changes were described in our 2012 MD&A.

Consistent with Q1 2013 cost of production sold was still relatively high due to the inefficiencies associated with the mine transition. Q2 coal production was 176,000 compared to 148,000 tons produced in the previous quarter. Despite the increase, the Company's new mines had not yet achieved full scale planned production and efficiency. Going forward, the Company's objective is to increase production significantly, which is expected to reduce average production cost per ton sold in future quarters.

Q2 royalty, transportation and other (RTO) costs were $17 per ton sold, which was slightly lower than Q2 2012. The Company's royalty structure and trucking costs on certain hauls are lower than the previous year. The Company expects RTO to trend in the range of $17 to $19, on average.

Six month period ended cost of production was $56 per ton compared to $65 per ton in 2012. The decrease related to the operational challenges in the comparative period previously described.

EBITDA from operations

Second quarter 2013 EBITDA from operations was $2.61 million, a 35% improvement over the $1.93 million earned in Q2 2012 and 40% better than the $1.87 million realized in Q1 2013. Please refer to the definition of EBITDA on the last page of this press release. Loss for the period is discussed in the next section.

Detailed Financial Results Analysis

The table presents financial results for the six month period ended June 30, 2013.

Royalties, Transportation & OtherOther expenses (excluding G&A)Loss attributable to owners of the parentLoss attributable to non-controlling interestNote: Please refer to the definition of EBITDA on the last page of this press release.

Loss for the Period

In Q2 2013, the Company recorded a loss of $1.5 million compared to a loss of $1.6 million in the previous year. For the six months ended, the Company recorded a loss of $3.4 million compared to a loss of $2.8 million in 2012.

In addition to the operational factors described in the previous sections, a number of other factors contributed to the increased six month 2013 loss including increased depreciation, amortization and depletion arising from a larger asset base, increased financing charges related to additional equipment financing and debenture issuances in 2012, increased debenture issue amortization and accretion expenses and an unrealized foreign exchange loss on the Company's US$ denominated debenture.

Other Key Financial Metrics

Capital Expenditures

Q2 2013 net capital expenditures on equipment, capital repairs and mineral property development totalled $2.4 million, compared to $3.9 million in Q2 2012 and $2.5 million in the previous quarter. During Q2, the Company invested $0.5 million in new mine development (including engineering, permitting, pond building, road construction and general site preparation) primarily at Posey Mill 2 and additional incremental infrastructure at Old Union 2. The Company capitalized major repairs to existing equipment in the amount of $1.3 million. The Company also financed a $1.2 million purchase of two tractors whose rental agreements had expired. Offsetting these expenditures were asset sales of $0.7 million. The Company does not anticipate any significant new equipment purchases for the remainder of the year.

Through June 2013, capital expenditures were $4.9 million or almost half of the $9.3 million expenditures incurred in the prior year. In 2012, the Company was investing significantly in order to position itself for growth in 2013. Also, additional expenditures were incurred in 2012 at the Powhatan mine as a result of a repositioning of the mine and the introduction of a new management team.

Liquidity

As at June 30, 2013, the Company had a working capital deficit of $19.4 million. The substantial majority of this deficit relates to debt repayments due in 2014 including unsecured debentures due in May 2014.

With production at steady state levels at all of our mines since late June, monthly sales in excess of 60,000 tons and significantly reduced capital expenditures, the Company expects to generate free cash flow in order to manage its working capital obligations and to start accumulating cash. In addition, at June 30, 2013, the Company had undrawn credit facilities of $1.4 million. Also, liquidity indicators started to improve in Q2 as evidenced by an improvement in operating cash flow by 67% as compared to Q1 and positive free cash flow as compared to a deficit in Q1.

Respecting the Company's $1.1 million debenture due August 31, 2013, the Company expects to repay a portion of the principal and refinance the remainder until May 2014, at an interest rate of 10%.

Outlook for the remainder of 2013

The Company has now opened all of its new mines each of which is close to operating at or near planned efficiency. In July 2013, the Company booked sales of 67,500 tons, far and away the best month in the Company's history. The Company believes that it can sustain production and contracted sales above 60,000 tons a month for the foreseeable future.

In addition to the improved sales profile, the Company believes its existing equipment fleet is sufficient for the foreseeable future with its existing mine plan. On this basis, no significant new equipment purchases are planned for the rest of 2013 and well into 2014. As well, expenditures on new mine development will be significantly lower.

On the basis of the forgoing and the fact that all of 2013 production and the majority of 2014 production has been sold into off-take contracts with its customers, the Company expects to consistently generate free cash flow for the remainder of 2013 and 2014.

Restatement of 2012 Comparative Financial Information

The comparative financial information included in the unaudited condensed interim financial statements for the three month period ended June 30, 2013 and the MD&A has been restated.

The Company has determined that it should have fully (100%) consolidated the financial results of BCC starting at the time of the original 50% acquisition in May 2011. At that time, the Company acquired not only a 50% interest in BCC but also the option, at the Company's sole discretion to acquire the remaining 50% interest along with control of BCC's board, before May 2016. In accordance with IAS 27, the Company's ownership position and sole discretion option constituted effective control of the Company.
The Company has restated the comparative financial information in the 2013 first quarter unaudited condensed interim financial statements to reflect consolidation accounting. Additionally, the Company has restated the comparative financial information to correct an error in the calculation of mineral property amortization.

About CanAm Coal Corp.

CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.

EBITDA from operations and Free Cash Flow

Statements throughout this MD&A make reference to EBITDA from operations and Free Cash Flow which are non-IFRS financial measures commonly used by financial analysts in evaluating financial performance of companies, including companies in the mining industry. Accordingly, management believes EBITDA from operations and Free Cash Flow may be a useful metric for evaluating the Company's performance as it is a measure management uses internally to assess performance, in addition to IFRS measures. As there is no generally accepted method of calculating EBITDA from operations and Free Cash Flow, the terms used herein are not necessarily comparable to similarly titled measures of other companies. The items excluded from EBITDA from operations and Free Cash Flow are significant in assessing the Company's operating results and liquidity. EBITDA from operations and Free Cash Flow have limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, net income or other data prepared in accordance with IFRS. EBITDA from operations is calculated as income from mining operations plus depreciation, depletion, accretion and amortization less general and administrative costs. Free Cash Flow is calculated as EBITDA from operations less financed and non-financed capital expenditures. Other financial data has been prepared in accordance with IFRS.

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.

Forward-Looking Information and Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "estimate", "expect", "believe", "will", "may", "project", "budget", "plan", "sustain", "continues", "strategy", "forecast", "potential", "projects", "grow", "take advantage", "well positioned" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements relating to: the future production of the Powhatan mine; the permitting of the Davis mine; and the potential production at the Davis mine. This forward looking information is based on management's estimates considering typical strip mining operations, equipment requirements and availability and typical permitting timelines.

In addition, forward-looking statements regarding the Company are based on certain key expectations and assumptions of the Company concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of services, the ability to obtain financing on acceptable terms, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Company consider these assumptions to be reasonable based on information currently available to them, these assumptions may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forward-looking statements, as a number of important factors could cause the actual results to differ materially from the Company's beliefs, plans, objectives and expectations, including, among other things: general economic and market factors, including business competition, changes in government regulations or in tax laws; the early stage development of the Company and its projects; general political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. These factors should not be considered exhaustive. Many of these risk factors are beyond the Company's control and each contributes to the possibility that the forward-looking statements will not occur or that actual results, performance or achievements may differ materially from those expressed or implied by such statements. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these risks, uncertainties and factors are interdependent and management's future course of action depends upon the Company's assessment of all information available at that time.

Forward -looking statements in respect of the future production of the Powhatan and BCC mines may be considered a financial outlook. These forward-looking statements were approved by management of the Company on August 27, 2013. The purpose of this information is to provide an operational update on the company's activities and strategies and this information may not be appropriate for other purposes. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

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