SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
Commission File Number 333-61714
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(Check One)
|X| Form 10-K and Form 10-KSB |_| Form 11-K Form 20-F |_|
|_| Form 10-Q and Form 10-QSB |_| Form N-SAR
For period ended December 31, 2003
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|_| Transition Report on Form 10-K and Form 10-KSB
|_| Transition Report on Form 20-F
|_| Transition Report on Form 11-K
|_| Transition Report on Form 10-Q and Form 10-QSB
|_| Transition Report on Form N-SAR
For the transition period ended N/A
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Read Attached Instruction Sheet Before Preparing Form. Please Print or
Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
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PART I
REGISTRANT INFORMATION
Full name of registrant Assure Energy, Inc.
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Former name if applicable
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Address of principal executive office 521 3rd Avenue S.W., Suite 1250
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City, State and Zip Code Calgary, Alberta T2P 3T3
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PART II
RULE 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
|X| (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
|X| (b) The subject annual report, semi-annual report, transition report
on Forms 10-K, 10-KSB, 20-F, 11-K, or Form N-SAR, or portion thereof will be
filed on or before the 15th calendar day following the prescribed due date; or
the subject quarterly report or transition report on Form 10-Q, 10-QSB, or
portion thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
|_| (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reason why Forms 10-K, 10-KSB, 11-K, 20-F,
10-Q, 10-QSB, -SAR, or the transition report portion thereof could not be filed
within the prescribed time period. (Attach extra sheets if needed.)
Due to various factors including our expanded business activities it
has taken us longer than expected to complete our Annual Report on Form 10-KSB.
We are in the final stages of reviewing the document and expect to file within
the next few days.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact with regard to this
notification.
Scott E. Rapfogel Esq. (212) 400-6900
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(Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
or the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that the
Registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
|X| Yes |_| No
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(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof?
|X| Yes |_| No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reason why a
reasonable estimate of the results cannot be made.
Our net operating revenues increased to $4,973,092 in 2003 from
$962,203 in 2002. Operating expenses in 2003 were $15,341,576 in 2003 compared
to $1,725,979 in 2002. The primary reason for the increase in our operating
expenses in excess of the increase in our revenues is a $7.3 million ceiling
test write down that was recorded in 2003. General and administrative expenses
increased to $1,937,737 in 2003 from $677,932 in 2002 due primarily to the
expansion of our operations. The loss in 2003, before deduction of income taxes,
minority interest in consolidated subsidiary, and equity income in
unconsolidated subsidiary, was $10,368,484 compared to a loss of $763,776 in
2002. The net loss for 2003 was $9,201,807 compared to a net loss of $792,162 in
2002. Our results of operations reflect the acquisition of Assure Oil & Gas
Corp. and Westerra, 2000 Inc. effective April 1, 2002 and Quarry Oil & Gas Ltd.
effective July 28, 2003, and the inclusion of the results of operations of these
companies from their date of acquisition. We effectively control Quarry's
operations and, as a result, we include the accounts of Quarry on a consolidated
basis. The interest of the remaining 51.5% of Quarry shareholders in Quarry's
operations is recorded as minority interest in consolidated subsidiary in our
consolidated financial statements.
Assure Energy, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned heretofore duly authorized.
Date: March 30, 2004
By: /s/ Harvey Lalach
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Harvey Lalach
President
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