Orca Exploration Announces Completion of its Q3 2017 Interim Filings

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TORTOLA, British Virgin Islands, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Orca Exploration Group Inc. ("Orca" or "the Company") (TSX-V:ORC.A) (TSX-V:ORC.B) announces that it has filed its condensed consolidated interim financial statements and management's discussion and analysis for the three and nine month periods ended September 30, 2017 with the Canadian securities regulatory authorities.

The complete condensed consolidated unaudited interim financial statements and management’s discussion & analysis for the three and six month periods ending September 30, 2017 may be found on the Company’s website  or on the Company's profile on SEDAR at .

Orca Exploration Group Inc. is an international public company engaged in natural gas exploration, development and supply in Tanzania through the wholly-owned subsidiary PanAfrican Energy Tanzania Limited, as well as oil and gas appraisal in Italy. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

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The Company discloses several financial measures herein that do not have any standardized meaning prescribed under International Financial Reporting Standards (""). These financial measures include cash flows from operations, cash flows from operations per share and operating netback. Cash flows from operations represents cash flows from operating activities less interest paid and before changes in non-cash working capital and demonstrates the Company's ability to generate sufficient cash flow to fund capital expenditures and repay debt. Cash flows from operations per share is calculated on the basis of cash flows from operations divided by the weighted average number of shares outstanding. Operating netbacks represent the profit margin associated with the production and sale of additional gas and is calculated as revenues less processing and transportation tariffs, government parastatal’s revenue share, operating and distribution costs for one thousand standard cubic feet of additional gas. Management believes that these financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities. Investors should be cautioned that these measures should not be construed as an alternative to net income or other measures of financial performance as determined in accordance with IFRS. The Company's method of calculating these measures may differ from other companies, and accordingly, they may not be comparable to similar measures used by other companies. Please see the Company’s management’s discussion and analysis, which is available at www.sedar.com for additional information about these financial measures.


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Globe Newswire: 05:12 GMT Wednesday 15th November 2017

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