Exall Energy Corporation reported earnings and production results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net loss of CAD 54,055,000 or CAD 0.81 per basic and diluted share compared to loss of CAD 17,301,000 or CAD 0.26 per basic and diluted share a year ago. Gross revenues were CAD 2,936,000 compared to CAD 7,307,000 a year ago. Funds from operations were negative at CAD 210,000 compared to funds from operations of CAD 1,521,000 or CAD 0.02 per basic and diluted share a year ago. Capital expenditures, net were CAD 1,084,000 compared to CAD 4,055,000 a year ago.

For the year, the company reported net loss of CAD 16,428,000 or CAD 0.25 per basic and diluted share compared to loss of CAD 54,055,000 or CAD 0.81 per basic and diluted share a year ago. Gross revenues were CAD 23,318,000 compared to CAD 36,262,000 a year ago. Funds from operations were CAD 12,896,000 or CAD 0.19 per basic and diluted share compared to negative funds from operations of CAD 210,000 a year ago. Capital expenditures, net were CAD 3,759,000 compared to CAD 12,154,000 a year ago.

For the fourth quarter, average daily production decreased 55% 440 barrels of oil per day from the 978 boe/d recorded in the same period of 2013. During the fourth quarter of 2014 production was negatively affected by the lack of capital being reinvested and by the previously announced metering error.

Production for 2014 was 706 boe per day represents a 38% decrease over 2013. Funds from operations for the year of CAD 2.4 million or CAD 0.04 per share were primarily the result of the 38% decrease in production, a 4% increase in commodity prices received during the year averaging CAD 90.49 per boe compared to CAD 87.27 per boe in 2013, a 19% increase in royalty prices paid during the year averaging CAD 33.55 per boe compared to CAD 28.24 per boe in 2013, and a 43% increase in operating costs paid during the year averaging CAD 16.91 per boe compared to CAD 11.82 per boe in 2013.