Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

v2.4.0.6
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2012
ACQUISITIONS (Tables)  
Summary of assets acquired and the liabilities assumed in the Miocene acquisition

The following table summarizes the fair values of the assets acquired and the liabilities assumed:

 

Assets Acquired

 

 

  Accounts receivable

$

52,278

  Proved developed and undeveloped oil and gas properties

 

1,810,662

Liabilities Assumed

 

 

  Accounts payable

 

(32,181)

  Asset retirement obligation

 

(39,594)

Total Identifiable Net Assets

$

1,791,165
Summary of Fair Value of assets acquired and the liabilities assumed in the Fisher II acquisition

The following table summarizes the fair values of the assets acquired and the liabilities assumed:

 

Proved developed and undeveloped oil and gas properties

$

1,915,152

Asset retirement obligation

 

(167,392)

Total Identifiable Net Assets

$

1,747,760
Summary of Fair Value of assets acquired and liabilities assumed in Sunray Acquisition

The following table summarizes the fair values of the assets acquired and the liabilities assumed:

 

Proved developed and undeveloped oil and gas properties

$

2,042,850

Asset retirement obligation

 

(47,907)

Total Identifiable Net Assets

$

1,994,943
Summary of Fair Value of Net Assets acquired in Ring transaction

The fair value of Ring’s net assets was more clearly determinable than the fair value of the common shares deemed issued; therefore, the common shares were valued at the fair value of the net assets acquired as follows:

 

  Cash

$

10,887,561

  Note payable to Ring cancelled

 

2,003,122

  Prepaid expenses

 

26,942

  Property and equipment

 

187,637

  Tax benefit

 

436,391

  Accounts payable

 

(9,893)

Fair Value of Net Assets

$

13,531,760
Pro Forma Results from Operations

The amount of the acquired properties’ revenue and losses included in the Company’s consolidated statements of operations for the year ended December 31, 2012, and the revenue and losses of the combined entity had the acquisition dates been January 1, 2011 are as follows.

 

 

 

Revenue

 

Net Loss

Supplemental pro forma for the year ended December 31, 2012

 

$

1,838,470

 

$

(1,772,371)

Supplemental pro forma for the year ended December 31, 2011

 

$

1,433,654

 

$

(116,420)