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v2.4.0.6
Discontinued Operations
12 Months Ended
Dec. 31, 2011
Discontinued Operations [Text Block]
13.

Discontinued Operations

   
 

During the year ended December 31, 2011 the Company sold its remaining oil and gas assets and as a result has disclosed the results of its oil and gas asset group as discontinued operations. The results of discontinued operations are summarized below:


      2011     2010  
      $     $  
  Revenue   459,385     1,156,884  
               
  Expenses            
           Depletion and depreciation   150,011     401,790  
           General and administrative costs   309,070     197,975  
           Interest   100,000     100,000  
           Impairment of oil and gas assets   790,759     960,469  
           Management fees   157,201     211,867  
           Oil and gas operating expenses   277,888     552,071  
           Professional fees   5,476     -  
           Taxes   25,135     59,201  
               
  Total Expenses   1,815,540     2,483,373  
      (1,356,155 )   (1,326,489 )

 

Capitalized Costs Related to Oil and Gas Producing Activities

      December 31,     December 31,  
      2011     2010  
               
  Proved oil and gas properties $  -   $ 24,444,745  
  Unproved oil and gas properties   -     9,744,796  
  Less accumulated depletion and impairment   -     (32,152,914 )
  Less recovery on Noah prospect   -     (332,150 )
  Net capitalized costs $  -   $ 1,704,477  

Costs incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

      December 31, 2011     December 31, 2010  
      Canada     United     Total     Canada     United     Total  
            States                 States        
  Property Acquisition Costs:                                    
     Proved costs $  –   $  –   $  –   $  –   $  1,025   $  1,025  
     Unproved costs                        
                      $  –              
    $  –   $  –   $  –         $  1,025   $  1,025  
  Exploration Costs:                                    
     Proved costs $  –   $  –   $  –   $  –   $  (132,155 ) $  (132,155 )
     Unproved costs               4,650         4,650  
    $  –   $  –   $  –   $  4,650   $  (132,155 ) $  (127,505 )

Results of Operations from Oil and Gas Producing Activities - United States

      December 31,     December 31,  
      2011     2010  
               
  Revenue $  459,385   $  1,156,884  
  Production costs   (303,023 )   (611,272 )
  Depletion, depreciation and amortization   (150,011 )   (435,916 )
  Impairment of oil and gas property   (790,760 )   (960,469 )
  Results of operations from producing activities (excluding corporate overhead and interest) $  (784,409 ) $  (850,773 )

 

Reserve Information

The following estimates of proved developed reserve quantities and related standardized measure of discounted net cash flow are estimates only, and do not purport to reflect realizable values or fair market values of the Company’s reserves. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries are more imprecise than those of producing oil and gas properties. Accordingly, these estimates are expected to change as future information becomes available. All of the Company’s reserves are located in the United States.

Future cash flows are computed by applying the average of the price received at the first of each month for the year 2010 for natural gas and oil to period end quantities of proved natural gas and oil reserves. The average of the market prices used for the standardized measures below were $69.10/barrel for liquids, $60.18/barrel for natural gas liquids (“NGL”) and $3.91/Mcf for gas. Future operating expenses and development costs are computed primarily by the Company’s petroleum engineers by estimating the expenditures to be incurred in developing and producing the Company’s proved natural gas and oil reserves at the end of the period, based on period end costs and assuming continuation of existing economic conditions.

Future income taxes are based on period end statutory rates, adjusted for tax basis and applicable tax credits. A discount factor of ten percent was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost of fair value of the Company’s natural gas and oil properties. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and a discount factor more representative of the time value of money and the risks inherent in reserve estimate of natural gas and oil producing operations.

Proved Oil and Gas Reserve Quantities

      December 31,     December 31,  
      2011     2010  
      Oil     Oil  
      (bbl)     (bbl)  
  Balance beginning of the year   27,140     47,057  
  Discoveries        
  Disposals   (25,648 )    
  Revisions of previous estimates       (15,861 )
  Production   (1,492 )   (4,056 )
  Balance end of the year       27,140  

      Gas     Gas  
      (mcf)     (mcf)  
  Balance beginning of the year   745,901     1,497,744  
  Discoveries        
  Disposals   (682,938 )    
  Revisions of previous estimates       (594,104 )
  Production   (62,963 )   (157,739 )
  Balance end of the year       745,901  

      NGL     NGL  
      (bbl)     (bbl)  
  Balance beginning of the year   20,154     45,468  
  Discoveries        
  Disposals   (18,711 )    
  Revisions of previous estimates       (21,475 )
  Production   (1,443 )   (3,839 )
  Balance end of the year       20,154  

 

Standardized Measure of Discounted Future Net Cash Flow

      December 31,     December 31,    
      2011     2010  
  Future cash inflows $  -   $ 6,006,827  
  Future production and development costs   -     (2,745,335 )
  Future income tax expenses   -     (1,141,522 )
  Future net cash flows   -     2,119,970  
  10% annual discount for estimated timing of cash flows   -     (1,012,062 )
  Standardized measure of discounted future net cash flows $  -   $ 1,107,908