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Candax Energy Reports Q3 Loss, Production Increases

Candax Energy Inc. (CAX.TO) recorded a loss of $3.39 million for the three months ended September 30, 2012, compared with a loss of $0.97 million for the same period in 2011.

The company had no reported revenue in Q3 2012, the same as Q3 2011.

In the third quarter of 2012, Candax had negative cash flow from operating activities of $2.96 million, which was less than the negative cash flow of $4.65 million for the same period in 2011 mainly due to the receipt of farm out fees of $0.5 million for the previously announced sale of a working interest in the Madagascar concession, offset by workover costs on Ezzaouia-2 for $1.4 million, a residual workover payment on Robbana-1 for $0.3 million and interest on a shareholder loan of $0.3 million.

Candax's net average production for the third quarter of 2012 was 443 bopd, compared with 281 bopd in the same period for 2011. The increase in production is attributable to the increase of production at the Robbana field, the workovers at the Ezzaouia field, and the increase in production at the El Bibane field due to the testing of the gas cycling project.

As at September 30, 2012, Candax had cash and cash equivalents of $6.46 million, versus $13.36 million at December 31, 2011. The solid cash position is primarily attributable to the previously announced $11.7 million equity financing completed in February 2012.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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