NiMin Energy Corp. (TSX:NNN) (OTCBB and OTCQX:NEYYF) announced the financial results prepared in accordance with generally accepted accounting principles in the United States for the quarter ended June 30, 2012.
As previously announced, The Company completed the sale of its Wyoming oil and gas assets and its California oil and gas assets in the second quarter. In addition, the Company has continued the process towards the orderly winding up and dissolution of the Company and the orderly dissolution and liquidation of its wholly owned subsidiary, Legacy Energy, Inc.
• General & administrative expenses during the current quarter were $3.9 million up from $1.6 million in the same quarter of 2011 due to additional legal and accounting costs pursuant to the Winding Up process;
• $7.5 million in liquidation related expenses, which includes an accrual for all expenses, incurred or anticipated, associated with the sale of all or substantially all of the assets and the Winding Up;
• Interest expense in the second quarter of 2012 was $5.1 million reflecting cash interest, the payment of a prepayment penalty and a write off of all unamortized debt issuance costs in connection with the full payoff of debt;
• NiMin recorded estimated income tax expense of $2.4 million, related to the gain on sale of its oil and gas assets, in the second quarter of 2012 as compared to nil in the same quarter of 2011.