Rooster Energy Ltd. Announces Filing of Amended Financial Statements and Management's Discussion and Analysis for Third Quarter 2013

CALGARY, ALBERTA--(Marketwired - April 16, 2014) - ROOSTER ENERGY LTD. (the "Company") (www.roosterenergyltd.com) (TSX VENTURE:COQ) announces that it has filed Amended Condensed Interim Consolidated Financial Statements of the Company for the Three and Nine Months Ended September 30, 2013 and 2012 and corresponding Amended Management's Discussion and Analysis (the "Q3 Filings"). The Q3 filings have been amended to include disclosure of certain events subsequent to September 30, 2013, including that in connection with the previously announced proposed acquisition by the Company of Morrison Well Services, LLC and Cochon Properties, LLC, the Company and the holders of its outstanding senior secured notes (the "Noteholders") acknowledged that the Company was in default of the collateral coverage ratio under the senior secured notes and the Noteholders agreed to forbear from exercising certain rights and remedies. The previously filed information in respect of such September 30, 2013 filings is unchanged other than the addition of the subsequent event disclosure.

The Company's deficiency in satisfying the collateral coverage ratio was primarily the result of over expenditures in the second and third quarters of 2013 related to the drilling and completion of the High Island A-494 #B-4 well. The Company intends to move forward with a plan to develop the potential oil and gas reserves identified in the well and is engaged in discussions for a new credit facility that will allow the Company to resolve its working capital deficit, satisfy its obligations to the Noteholders and continue the Company's growth to maximize shareholder value. The Company will also continue to examine other corporate strategies, including asset divestitures and additional debt or equity financings, in order to finance its ongoing capital expenditure program and settle its long-term liabilities as they fall due.

ABOUT ROOSTER:

Rooster, through its wholly owned subsidiaries, is an independent oil and natural gas exploration and production company based in Houston, Texas, that is focused on the development of natural resources in the shallow waters of the U.S. Gulf of Mexico. At September 30, 2013, our primary assets consist of interests in 20 producing oil and/or natural gas wells and interest in 16 federal leases or blocks. Rooster is the operator of the majority of its properties and daily oil and gas production.