HONG KONG, Feb. 15, 2022 /PRNewswire/ -- New Times Energy Corporation Limited ("the Company" or "New Times Energy", together with its subsidiaries, the "Group", HKSE stock code: 0166) is pleased to announce that, the Group is expected to record a profit after tax of approximately HK$315,000,000 to HK$330,000,000 for the financial year ended 31 December 2021, as compared to a loss of approximately HK$79,494,000 for the same period in 2020. It is primarily attributable to gain on bargain purchase on the acquisition of a private Canadian oil and gas company as well as its subsequent operation profit.
The Group completed the acquisition of the said private Canadian oil and gas company on September 21, 2021 with a total commitment of C$20,000,001 (equivalent to approximately HK$122,000,000). The private Canadian oil and natural gas company was renamed NTE Energy Canada Ltd. ("NTE Canada") effective on 1 January 2022 and is an indirect wholly-owned subsidiary of the Group. NTE Canada is headquartered in Calgary, Alberta and operates over 800 producing wells in various oil and gas fields across the provinces of Alberta and B.C., with current oil and gas production of over 12,000 boe per day. Due to sustained increases in global commodity prices and improved outlook, it is expected that NTE Canada will generate positive cash flow every month in 2022. NTE Canada also owns a 1,200 acres multi-use site ("Discovery Park") at Campbell River, B.C. which is leased to tenants in industries including but not limited to green data centers, modular homes construction, and vertical farming. Additional information and media on Discovery Park can be accessed at the Group's updated corporate website: www.nt-energy.com.
About New Times Energy Corporation Limited
New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong, is mainly engaged in exploration, development, production and sales of natural resources, as well as commodity trading. The Group's activities are located in Canada, Hong Kong, Argentina, USA, and Mainland China. The Group will continue to enrich its oil and gas portfolio through exploration, and strategic acquisitions to broaden the Group's income streams, aiming to deliver significant growth in cash flows and reserves to its shareholders. Meanwhile, the Group is setting up a Gold Refinery Plant in Hong Kong to expand physical gold and precious metals trading business.
