|
ACQUISITIONS (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| ACQUISITIONS (Tables) |
|
| Summary of assets acquired and the liabilities assumed |
The following table summarizes the assets acquired and the liabilities assumed: | Proved developed and undeveloped oil and gas properties
| $
| 2,358,483
|
| Asset retirement obligation
|
| (62,255)
|
| Total Identifiable Net Assets
| $
| 2,296,228
|
|
| Summary of Fair Value of assets acquired and the liabilities assumed |
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 Fisher II |
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
|
|
| Fair Value of the Net Assets Acquired |
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
|
| Accounts payable
|
| (9,893)
|
| Fair value of net assets
| $
| 13,095,369
|
|
| Pro Forma Results from Operations |
|
|
|
| For The Three
|
|
| For The Three
|
|
| For The Nine
|
|
| For The Nine
|
|
|
|
| Months Ended
|
|
| Months Ended
|
|
| Months Ended
|
|
| Months Ended
|
|
|
|
| September 31, 2012
|
|
| September 31, 2011
|
|
| September 31, 2012
|
|
| September 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil and Natural Gas Revenues
| $
| 374,739
|
| $
| 315,018
|
| $
| 1,045,264
|
| $
| 872,774
|
| Net Income (Loss)
|
|
| (631,453)
|
|
| (144,234)
|
|
| (1,885,369)
|
|
| (121,077)
|
|