23 Dec 2008farm in farm out agreement▼ BadMajor
The company says its internal controls over financial reporting were not effective as of December 31, 2007 and March 31, 2008, and that the weakness continued through the June and September 2008 periods. The weakness relates to accounting for complex transactions (asset acquisitions such as Transylvania, and income taxes), which caused the restatements. It lists fixes, including an independent director added to the audit committee and a third-party tax consultant. This follows up the restatement disclosures; no further restatements are expected for the June and September 2008 periods.