Recovery Energy Reports First Quarter Financial Results And Provides Operations Update
The following table presents a reconciliation of the Company’s net loss from operations to its EBITDAX for each of the periods presented.
| Three Months Ended March 31, | |||||||||||
| 2011 | 2010 | ||||||||||
| Net loss | $ | (3,743,187 | ) | $ | (2,820,714 | ) | |||||
| Add back depreciation, depletion, amortization and accretion | 1,075,930 | 231,917 | |||||||||
| Add back stock issued for services | 126,483 | - | |||||||||
| Add back stock based compensation | 546,530 | 1,106,437 | |||||||||
| Add back compensation expense for assignment of overrides | - | 826,510 | |||||||||
| Add back amortization of deferred financing costs | 837,376 | 466,174 | |||||||||
| Add back cash interest expense | 854,862 | 127,663 | |||||||||
| Less interest income | (69 | ) | (165 | ) | |||||||
| Add back unrealized loss on commodity hedges | 477,912 | 133,369 | |||||||||
| EBITDAX | 175,837 | 71,191 | |||||||||
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