March 3, 2008 / 2:36 PM / in 9 years

UPDATE 1-Petrolifera to restate 2006 results

TORONTO, March 3 (Reuters) - Petrolifera Petroleum Ltd PDP.TO said on Monday that it would restate its 2006 financial statements due to errors in the way in which it reported income tax expenses.

The company, which is based in Calgary but produces oil and gas in Argentina, said the changes were expected to decrease net earnings by about C$2.6 million, or 7 Canadian cents a share to C$39.9 million, or $1.02 a share.

It is also expected to increase income taxes payable by approximately C$2.6 million, to about C$24 million.

The company said all the income taxes owed for 2006 were paid during 2007.

Petrolifera is expected to file the changes by March 14. ($1=$0.99 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)

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