Chinook Energy Inc. reported audited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported petroleum and natural gas revenue, net of royalties of $55,303,000 compared to $57,274,000 a year ago. Cash flow was $28,757,000 or $0.13 per basic and diluted share compared to $23,950,000 or $0.11 per basic and diluted share a year ago. Net loss was $36,708,000 or $0.17 per basic and diluted share compared to $58,077,000 or $0.27 per basic and diluted share a year ago. Capital expenditures and business combinations were $50,456,000 compared to $26,343,000 a year ago.

For the year, the company reported petroleum and natural gas revenue, net of royalties of $181,802,000 compared to $202,762,000 a year ago. Cash flow was $78,696,000 or $0.37 per basic and diluted share compared to $85,004,000 or $0.40 per basic and diluted share a year ago. Net loss was $91,028,000 or $0.42 per basic and diluted share compared to $63,752,000 or $0.30 per basic and diluted share a year ago. Capital expenditures and business combinations were $109,657,000 compared to $119,701,000 a year ago.

For 2013, company's budgeted production is 9,500-10,200 barrels of oil equivalent per day comprised of approximately 39% oil, 7% natural gas liquids and 54% natural gas. Cash flow is expected to be $95-$100 million on capital expenditures of $102-$107 million with approximately 60% invested in Tunisia and 40% in Canada. Year end net debt is expected to be reduced to $60-$65 million on combined credit facilities of $161.5 million.

Due to the corporate governance policies of Chinook's major shareholder, Mr. John Brussa has decided not to stand for re-election in 2013 and leave the Chinook board of directors effective immediately.