Vancouver, British Columbia, November 10th, 2015.
Newport Exploration Ltd. ("Newport" or "the Company") reports that further to the Company's August 31, 2015 news release, the Australian Tax Office ("the ATO") has issued its final private ruling on the Company's 2.5% gross-overriding petroleum royalties ("GORR") received from Beach Energy Ltd. ("Beach").
The Company has in the past received royalties with applicable taxes being paid in full to the Canadian Revenue Agency ("CRA") in accordance with advice received from tax advisors in Australia, however, Beach had requested that this arrangement be clarified by the ATO.
The Company therefore filed an Application for Private Ruling from the ATO on June 3, 2015 and, after much deliberation, the ATO has determined that taxes are to be remitted to the Australian Government on the Company's GORR for current and past royalties.
The Company has commenced the process of lodging its Australian tax returns for current and past taxes due. Once the tax payable is calculated, the Company will remit all taxes owing to the Australian Government and, will amend its Canadian tax returns applying for applicable refunds for taxes previously remitted to CRA.
The Company has also approached Beach seeking the recommencement of royalty payments due to the Company, subject to the applicable withholding rate.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Drillsearch Energy Limited in order to keep current on the exploration and development of the licences applicable to the Company's GORR.
Newport currently has 88,429,874 shares issued and outstanding with approximately $15.4 million on account.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
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 accuracy or adequacy of this news release.
Cautionary Statement on Forward‐Looking Information
This news release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar and the U.S. dollar), the future funding of the Company's projects, and the future development of the Company's projects. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as the Canadian dollar, Australian dollar and U.S. dollar, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, including the risk of obtaining necessary licences and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.