ORBIT GAR ANT DRILLING INC. CONSOLID A TED ST A TEMENT OF C ASH FLOWS March 31, March 31, March 31, March 31, June 30, 2008 2007 2008 2007 2007 (3 months) (3 months) (9 months) (6 months) (9 months) (unaudited) (unaudited) (unaudited) (unaudited) $$ $ $ $ OPER A TING A CTIVITIES Net earnings ....................... 2,823,920 637,313 7,960,492 659,999 1,899,093 Items not affecting cash: Amortization of capital assets ......... 610,793 557,373 1,860,346 895,063 1,673,821 Amortization of intangible assets ....... 1,005,501 867,609 3,016,501 1,459,436 2,464,935 L oss (gain) on sale of capital assets ..... 4,200 6,972 22,775 6,972 (130,461) Amortization of financing costs ........ 9,393 5,850 28,179 5,850 11,708 F uture income taxes ................ (269,452) (242,480) (1,792,421) (428,491) (898,599) Share in net earnings of a company subject to significant influence ....... (127,493) — (283,323) — — Non-controlling interest ............. — 50,992 — 50,992 84,280 4,056,862 1,883,629 10,812,549 2,649,821 5,104,777 Changes in non-cash operating working capital items (Note 13) .............. (3,113,086) (4,165,229) (8,593,350) (3,450,520) (3,485,913) 943,776 (2,281,600) 2,219,199 (800,699) 1,618,864 INVESTING A CTIVITIES Business acquisition, including bank overdraft of $156,634 for the 9 months ended June 30, 2007 (Note 3) ......... — (13,772,057) (25,921) (29,895,459) (31,576,382) Earn-out payable .................... — — (2,000,000) — — A cquisition of capital assets ............ (548,478) (687,280) (3,291,004) (1,265,874) (2,351,020) P roceeds from sale of capital assets ...... 8 0 0 — 58,892 — 281,978 A dvances to a shareholder company ...... ( 3 ) — (58,884) — — V ariation of cash — in trust ............ 190,380 (658,468) 188,556 (720,051) (188,556) (357,301) (15,117,805) (5,128,361) (31,881,384) (33,833,980) FINANCING A CTIVITIES Increase in bank loan ................. 3,100,000 — 5,200,000 — 1,500,000 P roceeds from long-term debt .......... — 24,776,905 1,950,000 37,803,892 37,803,892 R epayment of long-term debt ........... (1,021,341) (14,354,863) (2,665,898) (18,440,323) (18,754,240) R epayment of obligation under capital leases .......................... (30,428) — (30,428) — — A dvances from shareholders ............ 159,899 608,516 334,434 608,516 631,198 A dvances from a shareholder company .... — — (16,305) 16,305 16,305 R eduction of stated capital ............. — (988,564) — (988,564) (988,564) Issuance of shares ................... — 2,012,000 65,000 9,512,000 10,512,000 Dividends paid ..................... (133,456) — (133,456) — — 2,074,674 12,053,994 4,703,347 28,511,826 30,720,591 NET V ARIA TION OF CA SH AND CA SH EQUIV ALENTS .................... 2,661,149 (5,345,411) 1,794,185 (4,170,257) (1,494,525) CA SH AND CA SH EQUIV ALENTS A T THE BEGINNING OF THE PERIOD . . . (2,361,489) 1,175,154 (1,494,525) — — CA SH AND CA SH EQUIV ALENTS A T THE END OF THE PERIOD (Note 13) . . 299,660 (4,170,257) 299,660 (4,170,257) (1,494,525) A dditional information (Note 13) F-9