Candax Energy Releases Year End Operating & Financial Results

Candax Energy Inc. (TSX:CAX), a company focused on mature oil field development in Tunisia, has announced financial and operating results for the year ended December 31, 2012. The audited financial statements, notes and MD&A pertaining to the period are available on the System for Electronic Document Analysis and Retrieval and by visiting www.candax.com.

Selected Operational & Financial Highlights from press release:

• Production, net of royalties, increased in 2012 to 371 bopd from 251 bopd in 2011 as a result of production improvements on Ezzaouia and a successful gas cycling pilot project on El Bibane;
• Revenue for the year was $8.7 million compared to $14.3 million in 2011. The decrease in revenue reflects a revenue recognition policy whereby revenues are only recognized when inventory is sold. During 2012, Company crude oil inventory increased by more than 77,000 barrels which if sold would have put 2012 revenue higher than 2011 reflecting the higher production levels in 2012;
• Total Proven plus Probable Net Reserves (2P) of oil declined by 15.5% from the previous year to 2.95 MMbbls

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