Invicta Energy Corp V.VCA

Capex budget of $15M......

[bullbleep]

.....been doing some broker presos of late. Probably looking to raise a little money to expand capex budget. Average production of 2013 forecast at 620 bopd with funds flow of $12M. With a little more cash could really bump Q4 exit rates.

[chucker6]

To me the numbers used in the presentation are very conservative. 2012 funds flow 5.7 million, produced 109,000 boed @ $60 is 6.54 million. 15% over estimates. 2013 funds flow 11.7 million. 620 x 365 =226,000 boed in 2013. I will use $60 for netbacks. 226,000 x $60 = $ 13.5 million a 16% increase over estimate. 4th Q netbacks were $68 boed so lets now use $65 netbacks for the year and funds flow

[bullbleep]

I think you should read the MD&A and see how they define 'funds flow'. You are talking field netbacks - a totally different item. Funds flow is available for capex, field operating netbacks are not. Q3 funds flow was $1.5M and totalled $3.4M for 9 months. $5.7M for the year means Q4 is projected at over $2M. A great increase. Your $6.6M figure is not realistic, in my opinion.