|By Marketwired .||
|January 28, 2014 09:17 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/29/14 -- Trilogy Energy Corp. ("Trilogy") (TSX:TET) announced today that it has received a letter from the Canada Revenue Agency ("CRA") advising Trilogy that, subject to submissions by Trilogy, it is proposing to reassess Trilogy's income tax filings related to its conversion from an income trust to a corporation (the "Conversion") in early 2010.
The proposed reassessments seek to disallow certain tax pools in the amount of $728 million. If these tax pools were to be disallowed it is expected to result in (1) taxable income for Trilogy's 2010 and 2011 taxation years of up to $65 million in the aggregate with maximum estimated taxes owing for such years of approximately $16 million and (2) a reduction of $663 million of losses which could have otherwise been carried forward into subsequent taxation years. Trilogy will review its tax filings for these taxation years to ensure all available deductions are claimed to reduce the amount of taxes owing as much as possible.
Even if the losses are ultimately disallowed, Trilogy's management expects that Trilogy would not be cash taxable in years subsequent to 2011 for the foreseeable future given the significant amount of capital expenditures that were incurred previously and that are expected to be incurred in 2014 and beyond.
In the view of Trilogy's management, the proposed reassessment with respect to the use of tax pools is part of a current overall tax audit initiative by the CRA. Trilogy's management remains of the opinion that, after careful consideration and consultation at the time of the Conversion and at this time, Trilogy's tax returns were correct as filed.
If the proposed reassessments are issued, Trilogy's management will vigorously defend Trilogy's tax filing position. Any amounts paid to the CRA in connection with the defence of such reassessments (being 50% of the cash taxes assessed to be owing, estimated to be approximately $8 million at the most, plus applicable interest) would be refunded on a successful appeal of the reassessments. If the proposed reassessments are issued and defended against, Trilogy's management currently estimates that the ultimate resolution of the matter would take between two to four years.
Trilogy's management confirms that the proposed reassessments are not expected to affect Trilogy's long term business strategy or its monthly dividend.
Trilogy is a growing petroleum and natural gas-focused Canadian energy corporation that actively develops, produces and sells natural gas, crude oil and natural gas liquids. Trilogy's geographically concentrated assets are primarily high working interest properties that provide abundant low-risk infill drilling opportunities and good access to infrastructure and processing facilities, many of which are operated and controlled by Trilogy. Trilogy's common shares are listed on the Toronto Stock Exchange under the symbol "TET".
Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release pertain to, without limitation: the proposed reassessments by the CRA and potential taxes owing, Trilogy's future taxability, the correct filing of Trilogy's prior tax returns, Trilogy's intention to defend the proposed reassessments by the CRA if issued, the length of time it would take to resolve the matter and the effect of the proposed reassessments by the CRA on Trilogy's business strategy and monthly dividend.
Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition, although Trilogy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trilogy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Trilogy and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to: imprecision and uncertainty in estimates of tax pools, tax shelters and tax deductions available to Trilogy, the interpretation of tax legislation and regulations applicable to Trilogy and other risks and uncertainties described in Trilogy's other filings with Canadian securities authorities including its annual information form (accessible through SEDAR at www.sedar.com).
The forward-looking statements and information contained in this news release are made as of the date hereof and Trilogy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Trilogy Energy Corp.
J.H.T. (Jim) Riddell
Chief Executive Officer
Trilogy Energy Corp.
J.B. (John) Williams
President and Chief Operating Officer
Trilogy Energy Corp.
M.G. (Mike) Kohut
Chief Financial Officer
Trilogy Energy Corp.
#1400, 332 - 6th Avenue S.W.
Calgary, Alberta T2P 0B2
(403) 263-8915 (FAX)
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
May. 25, 2015 01:30 AM EDT Reads: 5,108
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
May. 25, 2015 01:15 AM EDT Reads: 3,328
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
May. 25, 2015 01:15 AM EDT Reads: 4,081
What are the benefits of using an enterprise-grade orchestration platform? In their session at 15th Cloud Expo, Nate Gordon, Director of Technology at Appcore, and Kedar Poduri, Senior Director of Product Management at Citrix Systems, took a closer look at the architectural design factors needed to support diverse workloads and how to run these workloads efficiently as a service provider. They also discussed how to deploy private cloud environments in 15 minutes or less.
May. 25, 2015 01:00 AM EDT Reads: 3,412
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
May. 25, 2015 01:00 AM EDT Reads: 1,270
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
May. 25, 2015 12:45 AM EDT Reads: 3,890
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
May. 25, 2015 12:30 AM EDT Reads: 3,534
The DevOps Institute (DOI) launched on Monday with the mission of serving as the premier source for aligning industry standard quality DevOps training and examination services for enterprise IT. The Institute is led by a Board of Regents who will oversee DOI’s offerings in an effort to codify and promote DevOps’ best practices and standards that enable enterprise IT to deliver more value faster to their customers. The initial Board of Regents includes Gene Kim, Lori MacVittie, Sanjeev Sharma, ...
May. 25, 2015 12:15 AM EDT Reads: 2,719
In his session at DevOps Summit, Andrei Yurkevich, CTO at Altoros, provided an overview of all the benefits and opportunities, as well as drawbacks of deploying Cloud Foundry PaaS with Juju and compared it to BOSH. Discover the features that overlap, and understand what Juju Charm is, what it is not, where you use one or the other or where you use both BOSH and Juju Charms together. Andrei Yurkevich is Cloud Foundry protagonist and CTO at Altoros. Under his supervision, the Altoros engineering ...
May. 25, 2015 12:00 AM EDT Reads: 4,414
MeriTalk, a public-private partnership focused on improving the outcomes of government IT, today announced the results of its new report, "The Agile Advantage: Can DevOps Move Cloud to the Fast Lane?" The study, underwritten by Accenture Federal Services, reveals that approximately two-thirds of Feds say DevOps will help agencies shift into the cloud fast lane - improving IT collaboration and migration speed. But help is needed, with 66 percent saying that their agency needs to move IT services ...
May. 24, 2015 11:00 PM EDT Reads: 1,594
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
May. 24, 2015 11:00 PM EDT Reads: 5,868
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
May. 24, 2015 10:00 PM EDT Reads: 5,254
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
May. 24, 2015 09:00 PM EDT Reads: 4,985
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
May. 24, 2015 09:00 PM EDT Reads: 5,869
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
May. 24, 2015 09:00 PM EDT Reads: 4,687