The Company has engaged Credit Suisse (USA) LLC as financial advisor to assist in pursuing joint venture partnerships and/or farm-outs for some or all of the Company's assets and evaluate options for financing its operations in northwest Peru.
The Company and its subsidiaries completed a credit agreement with Credit Suisse on January 27, 2011 where Credit Suisse provided $40.0 million of secured financing and utilized a portion of the proceeds to retire the existing $12.5 million debt with the IFC.
On February 3, 2011, the initial conversion rate on the $170.9 Million Convertible Notes due 2015 was adjusted according to the terms of the agreement. The conversion rate increased to 169.0082 shares per $1,000 principal amount (equal to an adjusted conversion price of $5.9169).On January 24, 2011 production at Albacora was suspended under the Extended Well Testing program. On February 10, 2011 the Company received notice that its application for further Extended Well Testing for the A-14XD well in its Albacora field was denied. In March 2011 the remaining inventory of Albacora oil production was sold at current market prices. Reconciliation non-GAAP measure The table below represents a reconciliation of EBITDAX to comparable financial measures calculated in accordance with generally accepted accounting principles in the United States of America.
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|Net loss||$ (10,076)||$ (9,978)||$ (59,771)||$ (35,802)|
|Interest expense, net||3,108||--||11,618||--|
|Income tax benefit||(4,644)||(1,921)||(11,608)||(6,575)|
|Depreciation, depletion and amortization expense||9,562||6,536||33,755||25,803|
|Geological, geophysical and engineering expense||12,091||6,574||19,107||7,768|
|Dry hole costs||719||--||32,778||--|
|EBITDAX (a)||$ 10,911||$ 1,211||$ 38,768||$ (8,806)|
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