MIDLAND, Texas , Oct. 21, 2010 (GLOBE NEWSWIRE) — Doral Energy Corp. (OTCBB:DRLY) (“Doral” or “the Company”), announced today that it has corrected an accounting anomaly while preparing Doral’s 2010 Fiscal Year End Financial Reports. The Company has determined that the accounting treatment of the “assets held for sale” reported in its unaudited financial statements for the interim period ended April 30, 2010 used the incorrect accounting treatment. Management has determined that under Full Cost accounting, the sale of the properties reported for the period ended April 30, 2010 does not meet the criteria for “assets held for sale” or “discontinued operations”.
Correcting the above referenced accounting treatment will result in no impact to Net Income for the Relevant Period.
Doral will seek to restate the following reporting periods, as soon as practicable:
10Q Three Months Ended April 30, 2010
E. Will Gray II , CEO & Chairman of Doral, states, “Management has worked diligently to prepare our year-end financial audit to properly identify this accounting anomaly. We are pleased the there will not be no impact to Net Income as a result of this discovery and we believe we will deliver the most accurate financial reports to Doral Shareholders.”