EDGE PETROLEUM CORP - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - 8-K - EDGE PETROLEUM CORP	a09-35542_18k.htm
EX-2.1 - EX-2.1 - EDGE PETROLEUM CORP	a09-35542_1ex2d1.htm
EX-2.2 - EX-2.2 - EDGE PETROLEUM CORP	a09-35542_1ex2d2.htm

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF TEXAS

CORPUS CHRISTI DIVISION

CASE NAME:		EDGE PETROLEUM CORPORATION, ET AL		PETITION DATE:		10/1/2009
CASE NUMBER:		09-20644

MONTHLY OPERATING REPORT SUMMARY FOR MONTH

YEAR

MONTH	October	November	December
REVENUES (MOR-6)	4,820,781.00	4,266,555.00	0.00	0.00	0.00	0.00
INCOME BEFORE INT; DEPREC./TAX (MOR-6)	1,488,616.00	1,235,494.00	0.00	0.00	0.00	0.00
NET INCOME (LOSS) (MOR-6)	-1,529,443.00	-1,704,443.00	0.00	0.00	0.00	0.00
PAYMENTS TO INSIDERS (MOR-9)	76,616.00	79,998.00	0.00	0.00	0.00	0.00
PAYMENTS TO PROFESSIONALS (MOR-9)	152,975.00	199,076.00	0.00	0.00	0.00	0.00
TOTAL DISBURSEMENTS (MOR-7)	5,997,825.00	6,018,026.00	0.00	0.00	0.00	0.00

***The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have disbursements broken down by case number on Exhibit A attached***

***The original of this document must be filed with the United States Bankruptcy Court and a copy must be sent to the United States Trustee***

REQUIRED INSURANCE MAINTAINED		EXP.
AS OF SIGNATURE DATE		DATE
CASUALTY	YES x NO o	- -
LIABILITY	YES x NO o	- -
VEHICLE	YES x NO o	- -
WORKER’S	YES x NO o	- -
OTHER	YES x NO o	- -

(See Insurance Exhibit for complete list of Policies and Dates)

ATTORNEY NAME:	Sarah Link Schultz
FIRM NAME:	Akin Gump Strauss Hauer & Feld LLP
ADDRESS:	1700 Pacific Avenue, Suite 4100
CITY, STATE, ZIP:	Dallas, Texas 75201
TELEPHONE/FAX:	(214) 969-4367 / (214) 969-4343

	CIRCLE ONE

Are all accounts receivable being collected within terms?	Yes	No

Are all post-petition liabilities, including taxes, being paid within terms?	Yes	No

Have any pre-petition liabilities been paid?	Yes	No
If so, describe Payments have occurred in accordance to the approval of various motions.

Are all funds received being deposited into DIP bank accounts?	Yes	No

Were any assets disposed of outside the normal course of business?	Yes	No
If so, describe

Are all U.S. Trustee Quarterly Fee Payments current?	Yes	No

What is the status of your Plan of Reorganization? Filed on October 1, 2009 and Confirmation Order was entered on Monday, December 14, 2009.

I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct.

SIGNED X	/s/ Gary L. Pittman	TITLE:	Executive Vice President & CFO
	(ORIGINAL SIGNATURE)

Gary L. Pittman				December 16, 2009
(PRINT NAME OF SIGNATORY)				DATE

Revised 07/01/98

MOR-1

CASE NAME:		EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:		09-20644

COMPARATIVE BALANCE SHEETS

			MONTH		MONTH
ASSETS	FILING DATE*		October		November		MONTH		MONTH		MONTH		MONTH
CURRENT ASSETS
Cash	13,448,518.00		18,135,197.00		20,598,889.00
Accounts Receivable, Net	9,599,494.00		9,623,248.00		10,376,430.00
Inventory: Lower of Cost or Market	1,336,567.00		1,336,567.00		1,336,567.00
Prepaid Expenses	1,454,075.00		930,861.00		884,700.00
Investments	0.00		0.00		0.00
Other - Derivative Financials Instrument	5,651,165.00		3,772,015.00		2,025,758.00
TOTAL CURRENT ASSETS	31,489,819.00		33,797,888.00		35,222,344.00		0.00		0.00		0.00		0.00
PROPERTY, PLANT & EQUIP. @ COST	1,157,037,684.00		1,157,849,825.00		1,158,395,910.00
Less Accumulated Depreciation	941,570,617.00		943,576,340.00		945,620,851.00
NET BOOK VALUE OF PP & E	215,467,067.00		214,273,485.00		212,775,059.00		0.00		0.00		0.00		0.00
OTHER ASSETS
1. Tax Deposits	29,989.00		29,989.00		29,989.00
2. Investments in Subsidiaries	0.00		0.00		0.00
3. Advance Royalt Deposit - NM	333,017.00		333,017.00		333,017.00
4. Texas Railroad Commission	250,000.00		250,000.00		250,000.00
5. Arkansas Oil & Gas Commission (P&A Bond)			0.00		35,000.00
TOTAL ASSETS	$	247,569,892.00	$	248,684,379.00	$	248,645,409.00	$	0.00	$	0.00	$	0.00	$	0.00

* Per Schedules and Statement of Affairs

MOR-2

Revised 07/01/98

CASE NAME:		EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:		09-20644

COMPARATIVE BALANCE SHEETS

LIABILITIES & OWNER’S			MONTH		MONTH
EQUITY	FILING DATE*		October		November		MONTH		MONTH		MONTH		MONTH
LIABILITIES
POST-PETITION LIABILITIES(MOR-4)			3,951,856.00		7,191,326.00
PRE-PETITION LIABILITIES
Notes Payable - Secured	227,570,445.00		227,570,445.00		227,570,445.00
Priority Debt	0.00		0.00		0.00
Federal Income Tax	0.00		0.00		0.00
FICA/Withholding	0.00		0.00		0.00
Unsecured Debt	387,622.00		767,567.00		741,591.00
Other	16,280,584.00		14,515,400.00		12,890,066.00
TOTAL PRE-PETITION LIABILITIES	244,238,651.00		242,853,412.00		241,202,102.00		0.00		0.00		0.00		0.00
TOTAL LIABILITIES	244,238,651.00		246,805,268.00		248,393,428.00		0.00		0.00		0.00		0.00
OWNER’S EQUITY (DEFICIT)
PREFERRED STOCK	28,750.00		28,750.00		28,053.00
COMMON STOCK	289,056.00		289,056.00		291,161.00
ADDITIONAL PAID-IN CAPITAL	424,507,573.00		424,584,886.00		424,660,791.00
RETAINED DEFICIT: Filing Date	-421,494,138.00		-421,494,138.00		-421,494,138.00
RETAINED DEFICIT: Post Filing Date	0.00		-1,529,443.00		-3,233,886.00
TOTAL OWNER’S EQUITY (NET WORTH)	3,331,241.00		1,879,111.00		251,981.00		0.00		0.00		0.00		0.00
TOTAL LIABILITIES & OWNERS EQUITY	$	247,569,892.00	$	248,684,379.00	$	248,645,409.00	$	0.00	$	0.00	$	0.00	$	0.00

* Per Schedules and Statement of Affairs

MOR-3

Revised 07/01/98

CASE NAME:		EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:		09-20644

SCHEDULE OF POST-PETITION LIABILITIES

	MONTH		MONTH
	October		November		MONTH		MONTH		MONTH		MONTH
*TRADE ACCOUNTS PAYABLE*	157,250.00		406,518.00
TAX PAYABLE
Federal Payroll Taxes	0.00		0.00
State Payroll Taxes	0.00		0.00
Ad Valorem Taxes	142,760.00		165,876.00
Other Taxes	65.00		70,510.00
TOTAL TAXES PAYABLE	142,825.00		236,386.00		0.00		0.00		0.00		0.00
SECURED DEBT POST-PETITION	0.00		0.00
ACCRUED INTEREST PAYABLE	1,108,527.00		2,181,262.00
ACCRUED PROFESSIONAL FEES*	986,225.00		1,915,920.00
OTHER ACCRUED LIABILITIES
1. Suspense (Royalty) Payable	943,563.00		1,374,673.00
2. Accruals related to Properties (CAPX / LOE)	494,966.00		813,426.00
3. Other	118,500.00		263,141.00
TOTAL POST-PETITION LIABILITIES (MOR-3)	$	3,951,856.00	$	7,191,326.00	$	0.00	$	0.00	$	0.00	$	0.00

*Payment requires Court Approval

MOR-4

Revised 07/01/98

CASE NAME:	EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:	09-20644

AGING OF POST-PETITION LIABILITIES

MONTH OF NOVEMBER 2009

			TRADE		FEDERAL		STATE		AD VALOREM,
DAYS	TOTAL		ACCOUNTS		TAXES		TAXES		OTHER TAXES		OTHER
0-30	5,813,749.00		257,194.00		0.00		0.00		236,386.00		5,320,169.00
31-60	1,374,520.00		146,267.00		0.00		0.00		0.00		1,228,253.00
61-90	-122.00		-122.00		0.00		0.00		0.00		0.00
91+	3,179.00		3,179.00		0.00		0.00		0.00		0.00
TOTAL	$	7,191,326.00	$	406,518.00	$	0.00	$	0.00	$	236,386.00	$	6,548,422.00

AGING OF ACCOUNTS RECEIVABLE

	Trade		Trade		Trade		JIB		JIB		JIB
	Receivables		Receivable		Receivable		Receivable		Receivable		Receivable
MONTH	Revenue		Litigation		NM Tax Refund		Partners		Sect 125		Other
0-30 DAYS	3,394,308.00		0.00		0.00		789,025.00		10,282.00		0.00
31-60 DAYS	2,481,142.00		0.00		0.00		185,167.00		0.00		0.00
61-90 DAYS	292,582.00		0.00		0.00		103,547.00		0.00		0.00
91+ DAYS	956,437.00		123,358.00		1,908,549.00		132,033.00		0.00		0.00
TOTAL	$	7,124,469.00	$	123,358.00	$	1,908,549.00	$	1,209,772.00	$	10,282.00	$	0.00

MOR-5	Allowance = $167,544						Allowance = $175,716				Revised 07/01/98

CASE NAME:	EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:	09-20644	Changed formula to not include projection column.

STATEMENT OF INCOME (LOSS)

	Per			MONTH			MONTH									FILING TO
	Projection			October			November			MONTH		MONTH		MONTH		DATE
REVENUES (MOR-1)	10,685,000.00			4,820,781.00			4,266,555.00									9,087,336.00
TOTAL COST OF REVENUES	0.00			0.00			0.00									0.00
GROSS PROFIT	10,685,000.00			4,820,781.00			4,266,555.00			0.00		0.00		0.00		9,087,336.00
OPERATING EXPENSES:
Selling & Marketing	3,342,000.00			1,418,156.00			1,089,474.00									2,507,630.00
General & Administrative	1,909,200.00			601,097.00			584,282.00									1,185,379.00
Insiders Compensation				76,616.00			79,998.00									156,614.00
Professional Fees	2,680,000.00			1,158,983.00			1,199,994.00									2,358,977.00
Other - Restricted Stock Unit Amortization	184,800.00			77,313.00			77,313.00									154,626.00
Other																0.00
TOTAL OPERATING EXPENSES	8,116,000.00			3,332,165.00			3,031,061.00			0.00		0.00		0.00		6,363,226.00
INCOME BEFORE INT, DEPR/TAX (MOR-1)	2,569,000.00			1,488,616.00			1,235,494.00			0.00		0.00		0.00		2,724,110.00
INTEREST EXPENSE	160,000.00			1,012,755.00			985,579.00									1,998,334.00
DEPRECIATION	5,228,000.00			2,005,722.00			2,044,511.00									4,050,233.00
OTHER (INCOME) EXPENSE*	0.00			-418.00			-90,153.00									-90,571.00
OTHER ITEMS**	0.00			0.00			0.00									0.00
TOTAL INT, DEPR & OTHER ITEMS	5,388,000.00			3,018,059.00			2,939,937.00			0.00		0.00		0.00		5,957,996.00
NET INCOME BEFORE TAXES	-2,819,000.00			-1,529,443.00			-1,704,443.00			0.00		0.00		0.00		-3,233,886.00
FEDERAL INCOME TAXES																0.00
NET INCOME (LOSS) (MOR-1)	$	(2,819,000.00	)	$	(1,529,443.00	)	$	(1,704,443.00	)	$	0.00	$	0.00	$	0.00	$	(3,233,886.00	)

Accrual Accounting Required, Otherwise Footnote with Explanation.

* Footnote Mandatory.

* * Unusual and/or infrequent item(s) outside the ordinary course of business requires footnote.

MOR-6

Revised 07/01/98

CASE NAME:	EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:	09-20644	Changed formula to not include projection column.

CASH RECEIPTS AND	Per		MONTH		MONTH								FILING TO
DISBURSEMENTS	Projection		October		November		MONTH		MONTH		MONTH		DATE
1. CASH-BEGINNING OF MONTH	$	12,574,000.00	$	13,448,518.00	$	18,135,197.00							$	13,448,518.00	CHANGE FOR NOV
RECEIPTS:
2. CASH SALES - O&G Sales Revenue	8,444,000.00		7,515,844.00		5,954,506.00								13,470,350.00
3. COLLECTION OF ACCOUNTS RECEIVABLE (JIB)	0.00		456,545.00		429,109.00								885,654.00
4. LOANS & ADVANCES (attach list)	0.00		0.00		0.00								0.00
5. SALE OF ASSETS	0.00		0.00		0.00								0.00
6. OTHER (attach list)	3,801,000.00		2,712,115.00		2,098,103.00								4,810,218.00
TOTAL RECEIPTS**	12,245,000.00		10,684,504.00		8,481,718.00		0.00		0.00		0.00		19,166,222.00
(Withdrawal) Contribution by Individual Debtor MFR-2*													0.00
DISBURSEMENTS:
7. NET PAYROLL	1,186,000.00		389,500.00		420,347.00								809,847.00
8. PAYROLL TAXES PAID	46,000.00		0.00		0.00								0.00
9. SALES, USE & OTHER TAXES PAID	760,000.00		245,724.00		1,170,437.00								1,416,161.00
10. SECURED/RENTAL/LEASES	212,000.00		6,079.00		115,935.00								122,014.00
11. UTILITIES & TELEPHONE	14,000.00		4,740.00		2,451.00								7,191.00
12. INSURANCE	290,000.00		96,197.00		52,158.00								148,355.00
13. INVENTORY PURCHASES	0.00		0.00										0.00
14. VEHICLE EXPENSES	0.00		0.00										0.00
15. TRAVEL & ENTERTAINMENT	10,000.00		0.00										0.00
16. REPAIRS, MAINTENANCE & SUPPLIES	0.00		0.00										0.00
17. ADMINISTRATIVE & SELLING	236,000.00		232,115.00		169,201.00								401,316.00
18. OTHER (attach list)	5,021,000.00		4,864,240.00		3,851,657.00								8,715,897.00
TOTAL DISBURSEMENTS FROM OPERATIONS	7,775,000.00		5,838,595.00		5,782,186.00		0.00		0.00		0.00		11,620,781.00
19. PROFESSIONAL FEES	1,313,000.00		152,975.00		235,840.00								388,815.00
20. U.S. TRUSTEE FEES	0.00		0.00		0.00								0.00
21. OTHER REORGANIZATION EXPENSES (attach list)	0.00		6,255.00		0.00								6,255.00
TOTAL DISBURSEMENTS**	9,088,000.00		5,997,825.00		6,018,026.00		0.00		0.00		0.00		12,015,851.00
22. NET CASH FLOW	3,157,000.00		4,686,679.00		2,463,692.00		0.00		0.00		0.00		7,150,371.00
23. CASH - END OF MONTH (MOR-2)	$	15,731,000.00	$	18,135,197.00	$	20,598,889.00	$	0.00	$	0.00	$	0.00	$	20,598,889.00

* Applies to Individual debtors only

**Numbers for the current month should balance (match)

RECEIPTS and CHECKS/OTHER DISBURSEMENTS lines on MOR-8

MOR-7

Revised 07/01/98

CASE NAME:	EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:	09-20644

CASH ACCOUNT RECONCILIATION

MONTH OF NOVEMBER 2009

BANK NAME	COMPASS		COMPASS		COMPASS		COMPASS		COMPASS		UBOC			UBOC			UBOC			UBOC		UBOC		UBOC
ACCOUNT NUMBER	#70761904		#71187659		#78858087		#78858079		#78858060		#218006-3008			#218006-2907			#218006-2893			#218006-2931		#218006-2923		#218006-3962
ACCOUNT TYPE	OPERATING		PAYROLL		G&A ZBA		Revenue ZBA		Payables ZBA		G&A PAYABLES			OPERATING PAYABLES			REVENUE PAYABLES			PAYROLL		MAIN OPERATING		ADEQUATE ASSURANCE		TOTAL
BANK BALANCE	174,849.00		0.00		0.00		0.00		0.00		0.00			0.00			0.00			0.00		22,566,599.00		18,000.00		$	22,759,448.00
DEPOSITS IN TRANSIT																										$	0.00
OUTSTANDING CHECKS											4,207.00			417,874.00			1,738,478.00									$	2,160,559.00
ADJUSTED BANK BALANCE	$	174,849.00	$	0.00	$	0.00	$	0.00	$	0.00	$	(4,207.00	)	$	(417,874.00	)	$	(1,738,478.00	)	$	0.00	$	22,566,599.00	$	18,000.00	$	20,598,889.00
BEGINNING CASH - PER BOOKS	889,241.00		0.00		0.00		70,167.00		0.00		-80,945.00			-419,802.00			-719,622.00			0.00		18,378,158.00		18,000.00		$	18,135,197.00
RECEIPTS*	6,173,266.00		0.00				120,981.00															2,187,471.00				$	8,481,718.00
TRANSFERS BETWEEN ACCOUNTS	-6,885,594.00		0.00		0.00		-190,960.00		0.00		596,474.00			2,028,084.00			1,747,728.00			54,792.00		2,649,476.00		0.00		$	0.00
(WITHDRAWAL) OR CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2																										$	0.00
CHECKS/OTHER DISBURSEMENTS*	2,064.00		0.00		0.00		188.00		0.00		519,736.00			2,026,156.00			2,766,584.00			54,792.00		648,506.00		0.00		$	6,018,026.00
ENDING CASH - PER BOOKS	$	174,849.00	$	0.00	$	0.00	$	0.00	$	0.00	$	(4,207.00	)	$	(417,874.00	)	$	(1,738,478.00	)	$	0.00	$	22,566,599.00	$	18,000.00	$	20,598,889.00

*Numbers should balance (match) TOTAL RECEIPTS and TOTAL DISBURSEMENTS lines on MOR-7.

MOR-8

Revised 07/01/98

CASE NAME:		EDGE PETROLEUM CORPORATION, ET AL
CASE NUMBER:		09-20644

PAYMENTS TO INSIDERS AND PROFESSIONALS

Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals. Also, for insiders, identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary).

	MONTH		MONTH
INSIDERS: NAME/COMP TYPE	October		November		MONTH		MONTH		MONTH		MONTH
1. JOHN W ELIAS - Expense Reimb	243.00		2,593.00
2. GARY L PITTMAN - Expense Reimb	1,374.00		350.00
3. JOHN W ELIAS - Salary	33,333.00		33,333.00
4. GARY L PITTMAN - Salary	20,833.00		20,833.00
5. JOHN O. TUGWELL - Salary	20,833.00		20,833.00
6. JOHN O. TUGWELL - Expense Reimb	0.00		466.00
7 JONATHAN M. CLARKSON - Director Fee	0.00		1,500.00
8 JONATHAN M. CLARKSON - Expense Reimb	0.00		90.00
TOTAL INSIDERS (MOR-1)	$	76,616.00	$	79,998.00	$	0.00	$	0.00	$	0.00	$	0.00

	MONTH		MONTH
PROFESSIONALS	October		November		MONTH		MONTH		MONTH		MONTH
1. AKIN GUMP STRAUSS HAUER & FELD LLP	110,000.00		0.00
2. OPPORTUNE, LLP	42,975.00		76,610.00
3. BRACEWELL & GULIANI, LLP	0.00		74,951.00
4. H.J. GRUY & ASSOCIATES, INC.	0.00		1,575.00
5. MUNSCH HARDT KAPF & HARR, P.C.	0.00		40,712.00
6. PARKMAN WHALING, LLC	0.00		5,228.00
TOTAL PROFESSIONALS (MOR-1)	$	152,975.00	$	199,076.00	$	0.00	$	0.00	$	0.00	$	0.00

MOR-9

Revised 07/01/98

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF TEXAS

CORPUS CHRISTI DIVISION

Exhibit A - CONSOLIDATING DISBURSEMENTS OF JOINTLY ADMINISTERED CASES IN CHAPTER 11

CASE NAME:	EDGE PETROLEUM CORPORATION, ET AL
JOINT ADMINISTRATION CASE NUMBER:	09-20644

			DISBURSEMENTS
Entity		Case No.	Oct-09		Nov-09		Dec-09	Jan-10	Feb-10	Mar-10	Apr-10	Filing to Date
Edge Petroleum Exploration Company		09-20643	$	241,959	$	574,527
Edge Petroleum Corporation		09-20644	0		0
Edge Petroleum Production Company		09-20645	0		0
Edge Petroleum Operating Company, Inc.		09-20646	5,755,866		5,443,499
Miller Oil Company		09-20647	0		0
Miller Exploration Company		09-20648	0		0

Total Disbursements

EXHIBIT A

EDGE PETROLEUM CORP - FORM 8-K - EX-99.1 - December 18, 2009

Attached files