Exall Energy Corporation reported earnings and production results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported gross revenue of CAD 8,027,000 against CAD 11,272,000 a year ago. Funds from operations were CAD 3,918,000 or CAD 0.04 per diluted share against CAD 6,175,000 or CAD 0.10 per basic and diluted share a year ago. Net income was CAD 751,000 or CAD 0.01 per basic and diluted share against CAD 2,271,000 or CAD 0.04 per basic and diluted share a year ago. Capital expenditures, net were CAD 8,180,000 against CAD 14,913,000 a year ago.

For the year, the company reported gross revenue of CAD 30,699,000 against CAD 32,534,000 a year ago. Funds from operations were CAD 15,625,000 or CAD 0.15 per diluted share against CAD 18,553,000 or CAD 0.29 per diluted share a year ago. Net income was CAD 3,633,000 or CAD 0.05 per diluted share against CAD 6,960,000 or CAD 0.11 per basic and diluted share a year ago. Capital expenditures, net were CAD 44,697,000 against CAD 50,057,000 a year ago.

For the quarter, the company reported production of crude oil of 1,042 bbl against 1,218 bbl a year ago. Natural gas liquids were 14 bbl against 19 bbl a year ago. Natural gas was 297 mmcf against 873 mmcf a year ago. Total daily production was 1,106 boe against 1,383 boe a year ago.

For the year, the company reported production of crude oil of 988 bbl against 949 bbl a year ago. Natural gas liquids were 18 bbl against 21 bbl a year ago. Natural gas was 457 mmcf against 749 mmcf a year ago. Total daily production was 1,082 boe against 1,094 boe a year ago.

The company plans to drill up to 3 gross exploration wells (2.21 net) and up to 10 gross development wells (7.19 net) in 2013, subject to cash flow from operations. Continued drilling success on the North Waterflood channel extension will drive production growth on an annual basis through 2013 and into 2014.

The company would generate a cash flow from operations of approximately CAD 23.0 million for 2013.