HispanicBusiness

                      Three-month periods ended                 Years ended                                   December 31,                December 31,                             2012          2011          2012          2011--------------------------------------------------------------------------------------------------------------------------------------------------------Cash flows from operating activities:Net earnings        $   4,536,779 $   5,284,271 $  17,707,028 $  18,328,246Adjustments for:Depreciation and amortization           5,799,949     4,446,840    21,335,874    16,171,041Provision for income taxes                  2,147,177     3,189,234     6,561,468     8,411,270Unrealized foreign exchange loss             62,396       819,284     1,188,443     1,396,940Gain on disposition of drilling equipment               (575,431)   (1,859,479)   (2,727,295)   (5,588,728)Share-based payments      409,895       483,028     2,264,706     2,970,553Finance expense         1,090,636       645,694     3,232,978     2,096,702Provision for bad debts                    108,197       172,756        15,059       446,521Change in fair value of investment in equity securities              -             -       490,245             -Share of loss of equity-accounted investees                310,327             -       552,931             -Change in non-cash working capital        1,284,738     6,933,540   (13,053,739)  (18,437,087)----------------------------------------------------------------------------Cash generated from operating activities            15,174,663    20,115,168    37,567,698    25,795,458Interest paid            (866,164)     (687,004)   (2,863,421)   (1,883,712)Income taxes paid        (560,668)      (52,106)   (1,633,970)     (687,729)----------------------------------------------------------------------------Net cash from operating activities            13,747,831    19,376,058    33,070,307    23,224,017----------------------------------------------------------------------------Cash flows from investing activities:Proceeds on disposition of drilling equipment     2,045,771     3,057,671     9,039,942     9,445,520Acquisition of drilling and other equipment             (5,334,438)  (15,012,314)  (51,452,063)  (49,279,614)Investment in equity-accounted investees             (1,960,000)            -    (6,053,468)            -Change in non-cash working capital       (4,946,603)     (123,078)  (16,239,576)    4,426,676----------------------------------------------------------------------------Net cash used in investing activities           (10,195,270)  (12,077,721)  (64,705,165)  (35,407,418)----------------------------------------------------------------------------Cash flows from financing activities:Proceeds from issuance of share capital                  276,006     1,137,840     1,286,060     4,407,921Dividends paid to shareholders          (5,079,636)   (3,165,287)  (18,595,288)  (12,473,708)Proceeds on loans and borrowings         2,000,000     3,500,000    39,000,000    20,000,000Proceeds on operating facility      (298,747)   (5,877,124)    5,897,711             -----------------------------------------------------------------------------Net cash from financing activities            (3,102,377)   (4,404,571)   27,588,483    11,934,213----------------------------------------------------------------------------Net decrease in cash and cash equivalents              450,184     2,893,766    (4,046,375)     (249,188)Cash and cash equivalents, beginning of year      3,879,785     5,482,578     8,376,344     8,625,532----------------------------------------------------------------------------Cash and cash equivalents, end of year               $   4,329,969 $   8,376,344 $   4,329,969 $   8,376,344--------------------------------------------------------------------------------------------------------------------------------------------------------