Camac Energy says it will restate Q1 financial statements

Camac Energy (CAK) -3.8% AH after disclosing it will restate its Q1 financial statements, and that statements contained in the latest 10-Q should no longer be relied upon.

CAK says errors were made in calculating the crude oil inventory of the Allied Assets in connection with preparing Q1 results.

Comments (2)
  • mark635csieuro
    , contributor
    Comments (5) | Send Message
    Read the 8-K filing, and part or most of this is due to a miscalculation that "resulted in an understatment of crude oil inventory...." by $9.5 million dollars. this further resulted in improper calculations for accumulated deficit, production costs, and net losses. Seems this is the kind of accounting error one would prefer if one had to choose...under reporting is better than over reporting. They seem to also have discovered a problem with their own internal controls that should have picked up this error. Finding smarter more detail oriented staff seems easy enough. After the knee jerk reaction to the "restatement" headline, since these are usually indicitive of something much worse, I would think this passes without much fan fare? Anyone want to chime in....?
    25 Jun 2014, 07:32 PM Reply Like
  • sbrncra
    , contributor
    Comments (259) | Send Message
    this company transcript needs to be listened to!!! too much good stuff,
    and excitement in reports, very enthusiastic with potential to become significant.
    this is a billion dollar company now looking to double production for 2015.
    25 Jun 2014, 09:51 PM Reply Like
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