Tesla Exploration Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, revenue was CAD 66,356,000 compared to CAD 102,825,000 in the same period last year. Net earnings was CAD 10,289,000 or CAD 0.46 basic earnings per share against CAD 16,948,000 or CAD 0.74 basic earning per share a year ago. EBITDA was CAD 19,076,000 or CAD 0.84 basic earnings per share compared to CAD 28,336,000 or CAD 1.24 basic earnings per share a year ago. Cash flow from operations was CAD 15,776,000 or CAD 0.70 basic earnings per share compared to CAD 25,622,000 or CAD 1.12 basic earnings per share in the same period last year. Capital expenditures were CAD 3,088,000 compared to CAD 1,607,000 in the same period last year. The company's EBITDA decreased in the first quarter of 2013 compared to the first quarter of 2012 due to the decline in revenues and absolute gross margin along with a slight increase in general and administrative costs associated with increased business development expenses. The company's consolidated net income also declined quarter over quarter due to the reduction in EBITDA and increased depreciation related to the Hawk system. This was partially offset by a corresponding reduction in tax expense.

Tesla Exploration Ltd. announced that at the annual general and special meeting of the holders of common shares to be held on May 15, 2013, proposes to amend by-law no. 1.

Tesla Exploration Ltd. reported unaudited consolidated earnings results for fourth quarter and year ended December 31, 2012. For the fourth quarter, revenue was CAD 41,750,000 compared to CAD 62,319,000 in the same period last year. Net loss was CAD 566,000 or basic loss per share was CAD 0.02 compared to net earnings of CAD 719,000 or basic earning per share of CAD 0.03 in the same period last year. EBITDA was CAD 6,125,000 compared to CAD 7,486,000 in the same period last year. Cash flow from operations was CAD 5,672,000 compared to CAD 5,933,000 in the same period last year. Capital expenditures were CAD 5,190,000 compared to CAD 4,642,000 in the same period last year. Despite a decline in revenues, gross margin grew slightly in the fourth quarter of 2012 compared to the fourth quarter of 2011. The Company's consolidated revenues including reimbursables decreased 33% in the fourth quarter of 2012 compared to the fourth quarter of 2011 while the Company's revenue excluding reimbursables decreased 25%. Improvements in activity levels for Tesla Canada and Tesla Offshore were more than offset by declines in activity levels for Tesla USA, Tesla International and Tesla Trinidad. For the year ended December 31, 2012, revenue was CAD 191,686,000 compared to CAD 225,450,000 in the same period last year. Net earnings were CAD 5,535,000 or basic per share was CAD 0.24 compared to net earnings of CAD 576,000 or basic per share of CAD 0.03 in the same period last year. EBITDA was CAD 31,745,000 compared to CAD 23,923,000 in the same period last year. Cash flow from operations was CAD 30,802,000 compared to CAD 22,277,000 in the same period last year. Capital expenditures were CAD 28,857,000 compared to CAD 12,877,000 in the same period last year. The Company's consolidated revenues including reimbursables decreased 15% in 2012 compared to 2011 while the Company's revenue excluding reimbursables increased 1%. Additional revenues for Tesla Offshore and Tesla Trinidad were more than offset by declines in revenues for Tesla Canada, Tesla USA and Tesla International. The Company had improvements in gross margin across all entities except for Tesla International with the biggest growth coming from North American land operations.