Discretionary Cash Flow is a supplemental financial measure used by the company’s management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the company’s ability to internally fund exploration and development activities. Discretionary cash flow should not be considered as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (“GAAP”). Discretionary cash flow excludes some, but not all, items that affect net income and operating income and these measures may vary among other companies. Therefore, the company’s Discretionary Cash Flow may not be comparable to similarly titled measures used by other companies.
The table below reconciles the most directly comparable GAAP financial measure to Discretionary Cash Flow.
|Reconciliation of Net Income (Loss) to Discretionary Cash Flow|
|For the Quarter Ended March 31,|
|Net income (loss) as reported||$||(1,219,074)||$||358,237|
|Loss on plugging and abandonment||1,612,290||-|
|Dry hole costs||89,874||-|
|Depreciation, depletion and amortization||4,937,152||3,174,770|
|Debt issuance and discount||301,476||771,292|
|Income tax provision (benefit)||(768,243)||-|
|Discretionary Cash Flow||$||5,828,158||$||5,400,837|
EBITDAX is a non-GAAP financial measure.
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