3rd quarter estimated revenue = $0.91 million Since there was no lift in the 3rd quarter, Candax has stored amounts = 443 bopd x ~90 days = 39870 barrels.
At today's brent price ($108), the stored amount would be worth $4.3 million.
Therefore we can easily calculate CAX's real performance based on results, as follows:
$4.30 million - $3.39 million (Operating Loss) = $0.91 million (real revenue during 3rd quarter)*
Note * - this is estimated revenue before taxes, etc.
Well, at least it's not negative, but I consider this to be sub-par results at best. As I always say immediately after reading CAX's results ... 'hopefully their next quarter will be better'. If they can maintain their 575 bopd production, or better, maybe we'll see some decent revenue. At the very least, we should see some cash flow from a 4th quarter lift.