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GeoGlobal says unable to file financial statements

GeoGlobal Resources announced that the company has not filed with the U.S. and Canadian Regulatory authorities its audited consolidated financial statements for the year ended December 31, 2012, that were due to be filed on April 16. The company said it did not have sufficient funding to file its audited financial statements by the due date. GeoGlobal stated that it continues to focus on closing the transaction with Sarus and on finding other sources of capital. "There is a substantial risk it will not prove to be successful," the company added. GeoGlobal said its ability to continue as a going concern is dependent on the success of the operational and financing initiatives and the successful completion of further exploration and development activities that will generate profitable operations from its oil and natural gas interests in the future.