Underground Energy Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company's revenues were $322,227. Operating loss was $2,939,846 compared with $4,478,647 a year ago. Loss and comprehensive loss was $2,943,867 or $0.01 per basic and diluted share compared with $4,476,953 or $0.03 per basic and diluted share a year ago. Net Loss decreased due to the cost of the merger with Shenul Capital Inc. being included in 2011, offset by operating losses and impairments of exploration and evaluation assets. Net cash used in operating activities was $1,793,966 compared $1,927,323 a year ago. Additions to property, plant and equipment was $1,358,707 compared $57,879 a year ago.

For the nine months, the company's revenues were $622,156 compared with $47,925 a year ago. Operating loss was $10,385,411 compared with $6,353,345 a year ago. Loss and comprehensive loss was $10,401,820 or $0.05 per basic and diluted share compared with $6,359,763 or $0.06 per basic and diluted share a year ago. Net cash used in operating activities was $5,863,872 compared $3,927,970 a year ago. Additions to property, plant and equipment was $10,994,841 compared $189,556 a year ago. Additions to exploration and evaluation assets was $1,615,674 compared $2,950,661 a year ago.