1Q11 Financial ResultsFor the three months ended March 31, 2011 the Company reported oil and gas revenues of $1,911,000 compared to $623,000 for the first quarter of 2010. EBITDAX for the quarter ended March 31, 2011 was $175,837. Net loss for the period was $3,743,000 compared to a net loss of $2,821,000 for the same period in 2010. This included non-cash charges of depreciation, depletion, amortization and accretion of $1,075,930, stock issued for services of $126,483, stock based compensation of $546,530, amortization of deferred financing costs of $837,376, cash interest expense of $854,862, and an unrealized loss on commodity hedges of $477,912. EBITDAX is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income, income from operations, or cash flow provided by (used in) operating activities prepared in accordance with GAAP. A more detailed description of EBITDAX is below.
Recovery Energy Reports First Quarter Financial Results And Provides Operations Update
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