Last C$0.0050 CAD
Change Today 0.00 / 0.00%
Volume 102.3K
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As of 2:18 PM 03/4/15 All times are local (Market data is delayed by at least 15 minutes).

candax energy inc (CAX) Snapshot

Open
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Previous Close
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Day High
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Day Low
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52 Week High
10/1/14 - C$0.03
52 Week Low
12/19/14 - C$0.0050
Market Cap
5.3M
Average Volume 10 Days
88.4K
EPS TTM
C$-0.02
Shares Outstanding
1.1B
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for CANDAX ENERGY INC (CAX)

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candax energy inc (CAX) Details

Candax Energy Inc. acquires, explores for, and produces oil and gas in Tunisia. The company's primary producing assets include the El Bibane, Robbana, and Ezzaouia fields that are located in the southern Gulf of Gabès area in Tunisia. It also holds an interest in an exploration permit in Madagascar. The company was formerly known as Addax Energy Inc. and changed its name to Candax Energy Inc. in June 2004. The company was incorporated in 2004 and is headquartered in Toronto, Canada. Candax Energy Inc. is subsidiary of Geofinance N.V.

48 Employees
Last Reported Date: 03/27/14
Founded in 2004

candax energy inc (CAX) Top Compensated Officers

Executive Chairman, Chief Executive Officer, ...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

candax energy inc (CAX) Key Developments

Candax Energy Inc. Enters into Agreement Regarding Repayment of its Senior Debt

Candax Energy Inc. announced that it has come to the following agreement regarding the repayment of its senior debt: partial repayment of $500,000 in respect of Tranche A; payment of $350,000 overdue interests in respect of the full and final settlement of the interest due from period October 1, 2012 until the second amendment and restatement effective date; payment of $90,739 of interests due in respect of Tranche A. Notwithstanding the above detailed payment, the company will not pay the remainder of the Tranche A and Tranche B amounts due under the senior facility agreement ($3,500,000) on January 31, 2015 and will consequently be in breach as regard to its financial obligation. By waiver and amendment letter signed on January 29, 2015, the company has obtained from the lender an agreement to amend the senior facility agreement and not to seek any remedy under the facility agreement in respect of this unpaid amount until April 30, 2015, or earlier in specific circumstances.

Candax Energy Is Considering Strategic Alternatives

Candax Energy Inc. (TSX:CAX) in line with the recent decline in oil price and the company's financial constraints, is going to undertake a process to identify, examine and implement strategic and financial alternatives available to the company. Strategic and financial alternatives may include the sale of the company, some of its subsidiaries or all or a portion of its assets, a recapitalization, a joint venture or any combination thereof. A special committee of the board, composed of three independent directors, will oversee the strategic review.

Candax Energy Inc. Reports Unaudited Earnings and Operating Results for the Third Quarter and Revenue Results for the Nine Months Ended September 30, 2014

Candax Energy Inc. reported unaudited earnings and operating results for the third quarter and revenue results for the nine months ended September 30, 2014. For the quarter, the company reported loss of $7.5 million compared to a loss of $2.9 million for the same period last year. The difference relies on an impairment loss on El Bibane, amounting to $6.6 million corresponding to a total write-off of the recoverable value of the asset. The company continues to improve its operating profit. The company is able to generate positive cash-flow from its operations. Production, net of royalties, for the quarter ended September 30, 2014 was 528 bopd compared to 368 bopd for the same period last year. The increase was a result of the improved production due to a successful workover campaign in the Ezzaouia field ending with the restart of Ezzaouia-9 on June 29, 2014. In addition, the gas cycling program on the El Bibane asset continued to yield good results. Revenue for nine months period ended September 30, 2014 was $14.0 million compared to $8.3 million for the same period last year.

 

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