Candax Energy Inc CXEYF

RE: RE: RE: RE: RE: Year end Financials.

[BlindBat_1]

Are out & we can thank management for a very good year.

 

BB, who knows you might be able to afford real alchohol before too long. Ha Ha

 

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Indeed, but by the looks (reaction) to what I think is a rather good year and turn around story, doesn't look like I can count on selling some to pay for the Glenfiddich just yet.

 

I will admit that the way their financial performance/results for Q4 is articulated in the MD&A has me confuse and a tad lost. As I do not understand some of their wording, hence will be contacting them to ask for some clairifications. mainly the following, Some of the terms used are new to me and anyway I try to compute it...my calculator does not come up with a match.....

Revenue
Sales, net of royalties for the year ended December 31, 2011 were $14.1 million (2010 -
.7 million). During the fourth quarter of 2011, the Company sold 178,217 barrels of oil through an equity lifting contracted with Vitol at an average price of US $111.74 per barrel. The net volumes attributable to Candax were 125,797 barrels and let the company at year end with an overlift position of 22,634 barrels. The position has been offset by deferred revenue at an average US $108.42 per barrel.
A first lifting (DMO lifting) occurred in April 2011 including Candax part for 24,158 barrels lifted at US $111.67.
Due to the Equity lifting, sales net of royalties for the three months ended December 31,2011 were $11.5 million (2010 - $nil).