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10701 - Disclosure - Income Taxes
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<div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">7.</font> <font style="display: inline; font-weight: bold;" class="_mt">Income Taxes</font></font>
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<div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The income tax expense (recovery) reported differ from the amount computed by applying the US statutory rate to income before income taxes for the following reasons:</font></div>
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<tr><td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="6" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Nine Months Ended September 30,</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr><td style="padding-bottom: 2px;" valign="bottom" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(Thousands of U.S. Dollars)</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2009 (1)</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Income (loss) before income taxes</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">53,983</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(4,885</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="76%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">35</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">% </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">35 </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">%</font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Income tax expense (recovery) expected</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">18,894</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,710</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Permanent differences</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">4,721</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,561</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign currency translation adjustments</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">12,060</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">8,015</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Impact of foreign taxes</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(108</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(778</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Enhanced tax depreciation incentive</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(6,842</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,003</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Stock based compensation</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">1,519</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">170</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Increase in valuation allowance</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">4,536</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">9,974</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px; padding-left: 0pt;" valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Partnership and branch loss pick-up in the United States and Canada</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(4,851</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(4,230</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 4px;" valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total income tax expense</font></div></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">29,929</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11,999</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Current income tax</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">57,955</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">17,649</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax recovery</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(28,026</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(5,650</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 4px;" valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total income tax expense</font></div></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">29,929</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11,999</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr></table></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(1)</font></div></td>
<td>
<div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For the nine months ended September 30, 2010, the Company has used the United States statutory tax rate of 35% in the reconciliation of income taxes. Previously, the Company used the Canadian statutory rate in the reconciliation. This change was determined on the basis that Gran Tierra is a United States resident corporation and a reconciliation beginning with the United States statutory tax rate is more informative. The 2009 comparative income tax reconciliation has been recomputed using the United States statutory rate. This change in presentation has no impact on the income tax amounts reported in the consolidated statements of operations for the nine months ended September 30, 2009.</font></div></td></tr></table></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div>
<div align="left">
<div align="center">
<div align="left">
<div align="center">
<table cellspacing="0" cellpadding="0" width="100%">
<tr><td style="padding-bottom: 2px;" valign="bottom" width="72%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="26%" colspan="6" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">As at</font></font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(Thousands of U.S. Dollars)</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="12%" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">September 30, 2010</font></font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="12%" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">December 31, 2009</font></font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Deferred Tax Assets</font></div></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="12%" colspan="2" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="12%" colspan="2" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Tax benefit of loss carryforwards</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">26,057</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">22,318</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Tax basis in excess of book value</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">1,963</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,691</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign tax credits and other accruals</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">14,140</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">15,508</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Capital losses</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">1,781</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">1,481</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax assets before valuation allowance</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">43,941</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">40,998</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Valuation allowance</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">(33,765</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">(29,528</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt"> 10,176</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt"> 11,470</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax assets - current</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2,683</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,252</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax assets - long-term</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">7,493</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">7,218</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">10,176</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">11,470</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Deferred Tax Liabilities</font></div></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Long-term - book value in excess of tax basis</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">(213,451</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">(216,625</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 4px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Net Deferred Tax Liabilities</font></div></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt"> (203,275</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt"> (205,155</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr></table></div></div></div></div></div>
<div style="text-indent: 0pt; display: block;"> </div>
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<div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">13</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As at September 30, 2010, the Company has deferred tax assets relating to net operating loss carryforwards of $26.1 million (December 31, 2009 - $22.3 million) and capital losses of $1.8 million (December 31, 2009 - $1.5 million) before valuation allowances. Of these losses, $19.2 million (December 31, 2008 - $18.2 million) are losses generated by the foreign subsidiaries of the Company. Of the total losses, nil (December 31, 2009 - $0.1 million) will begin to expire by 2011 and $27.8 million of net operating losses (December 31, 2009 - $23.7 million) will begin to expire thereafter.</font></div></div>Taxes</div></div>
<div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The income tax expense (recovery) reported differ from the amount computed by applying the US statutory rate to income before income taxes for the following reasons:</font></div>
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<table cellspacing="0" cellpadding="0" width="100%">
<tr><td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="6" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Nine Months Ended September 30,</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr><td style="padding-bottom: 2px;" valign="bottom" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(Thousands of U.S. Dollars)</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2009 (1)</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Income (loss) before income taxes</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">53,983</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(4,885</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="76%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">35</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">% </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">35 </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">%</font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Income tax expense (recovery) expected</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">18,894</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,710</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Permanent differences</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">4,721</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,561</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign currency translation adjustments</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">12,060</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">8,015</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Impact of foreign taxes</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(108</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(778</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Enhanced tax depreciation incentive</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(6,842</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,003</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Stock based compensation</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">1,519</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">170</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Increase in valuation allowance</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">4,536</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">9,974</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px; padding-left: 0pt;" valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Partnership and branch loss pick-up in the United States and Canada</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(4,851</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(4,230</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 4px;" valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total income tax expense</font></div></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">29,929</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11,999</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="76%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Current income tax</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">57,955</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">17,649</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="76%" align="left">
<div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax recovery</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(28,026</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(5,650</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 4px;" valign="bottom" width="76%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total income tax expense</font></div></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">29,929</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11,999</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr></table></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top"><td style="width: 18pt;">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(1)</font></div></td>
<td>
<div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For the nine months ended September 30, 2010, the Company has used the United States statutory tax rate of 35% in the reconciliation of income taxes. Previously, the Company used the Canadian statutory rate in the reconciliation. This change was determined on the basis that Gran Tierra is a United States resident corporation and a reconciliation beginning with the United States statutory tax rate is more informative. The 2009 comparative income tax reconciliation has been recomputed using the United States statutory rate. This change in presentation has no impact on the income tax amounts reported in the consolidated statements of operations for the nine months ended September 30, 2009.</font></div></td></tr></table></div>
<div style="text-indent: 0pt; display: block;"><br /></div>
<div>
<div align="left">
<div align="center">
<div align="left">
<div align="center">
<table cellspacing="0" cellpadding="0" width="100%">
<tr><td style="padding-bottom: 2px;" valign="bottom" width="72%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="26%" colspan="6" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">As at</font></font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(Thousands of U.S. Dollars)</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="12%" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">September 30, 2010</font></font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="12%" colspan="2" nowrap="nowrap">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">December 31, 2009</font></font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Deferred Tax Assets</font></div></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="12%" colspan="2" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="12%" colspan="2" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Tax benefit of loss carryforwards</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">26,057</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">22,318</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Tax basis in excess of book value</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">1,963</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,691</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign tax credits and other accruals</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">14,140</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">15,508</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Capital losses</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">1,781</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">1,481</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax assets before valuation allowance</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">43,941</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">40,998</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Valuation allowance</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">(33,765</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">(29,528</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt"> 10,176</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt"> 11,470</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax assets - current</font></div></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2,683</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,252</font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred tax assets - long-term</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">7,493</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">7,218</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">10,176</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">11,470</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="white"><td valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Deferred Tax Liabilities</font></div></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Long-term - book value in excess of tax basis</font></div></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt">(213,451</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">(216,625</font></font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr>
<tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="72%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 2px solid;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr bgcolor="#ccffcc"><td style="padding-bottom: 4px;" valign="bottom" width="72%" align="left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Net Deferred Tax Liabilities</font></div></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline;" class="_mt"> (203,275</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">)</font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td>
<td style="border-bottom: black 3px double;" valign="bottom" width="11%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt"> (205,155</font></font></td>
<td style="padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr></table></div></div></div></div></div>
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<div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">13</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As at September 30, 2010, the Company has deferred tax assets relating to net operating loss carryforwards of $26.1 million (December 31, 2009 - $22.3 million) and capital losses of $1.8 million (December 31, 2009 - $1.5 million) before valuation allowances. Of these losses, $19.2 million (December 31, 2008 - $18.2 million) are losses generated by the foreign subsidiaries of the Company. Of the total losses, nil (December 31, 2009 - $0.1 million) will begin to expire by 2011 and $27.8 million of net operating losses (December 31, 2009 - $23.7 million) will begin to expire thereafter.</font></div> </div>
7. Income Taxes
The income tax expense (recovery) reported differ from the amount computed by applying the US statutory rate to income
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Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
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