Attached files
file | filename |
---|---|
8-K - EXTERRA ENERGY INC. 8-K - Exterra Energy Inc. | exterraenergy8k060412.htm |
EX-99.2 - EXHIBIT 99.2 - Exterra Energy Inc. | exhibit992.htm |
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS
|
|||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
||||||||||
JUDGE:
|
Judge Nelms
|
||||||||||
UNITED STATES BANKRUPTCY COURT
|
|||||||||||
NORTHERN DISTRICT OF TEXAS
|
|||||||||||
FORT WORTH
|
DIVISION
|
||||||||||
MONTHLY OPERATING REPORT
|
|||||||||||
MONTH ENDING:
|
March 31, 2012
|
||||||||||
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE,
I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING
MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND
THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE
DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER
(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH
PREPARER HAS ANY KNOWLEDGE.
|
|||||||||||
RESPONSIBLE PARTY:
|
|||||||||||
Trustee
|
|||||||||||
Original Signature of Responsible Party
|
Title
|
||||||||||
Michael McConnell
|
5-21-12 | ||||||||||
Printed Name of Responsible Party
|
Date
|
||||||||||
PREPARER:
|
|||||||||||
Accountant
|
|||||||||||
Original Signature of Preparer
|
Title
|
||||||||||
Jason A. Rae
|
5-21-2012 | ||||||||||
Printed Name of Preparer
|
Date
|
||||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 1
|
||||||
CASE NUMBER:
|
11-46956-RPN-11
|
|||||||
COMPARATIVE BALANCE SHEET
|
(SEE GENERAL FOOTNOTE)
|
|||||||
AMENDED
|
MONTH
|
MONTH
|
MONTH
|
|||||
SCHEDULED
|
Jan-12
|
Feb-12
|
Mar-12
|
|||||
ASSETS
|
AMOUNT
|
|
|
|
||||
1.
|
Unrestricted Cash
|
84
|
||||||
2.
|
Restricted Cash
|
|||||||
3.
|
Total Cash
|
84
|
||||||
4.
|
Accounts Receivable (Net)
|
|||||||
5.
|
Inventory
|
|||||||
6.
|
Notes Receivable
|
|||||||
7.
|
Prepaid Expenses
|
|||||||
8.
|
Other (Attach List)
|
38,000
|
38,000
|
|||||
9.
|
Total Current Assets
|
38,000
|
38,084
|
|||||
10.
|
Property, Plant & Equipment
|
1,000
|
1,000
|
|||||
11.
|
Less: Accumulated Depreciation/Depletion
|
|||||||
12.
|
Net Property, Plant & Equipment
|
1,000
|
1,000
|
|||||
13.
|
Due From Insiders
|
|||||||
14.
|
Other Assets - Net of Amortization (Attach List)
|
19,397,663
|
4,706,717
|
|||||
15.
|
Other (Attach List)
|
5,000,000
|
||||||
16.
|
Total Assets
|
24,436,663
|
4,745,801
|
|||||
POST PETITION LIABILITIES
|
||||||||
17.
|
Accounts Payable
|
|||||||
18.
|
Taxes Payable
|
|||||||
19.
|
Notes Payable
|
|||||||
20.
|
Professional Fees
|
26,285
|
||||||
21.
|
Secured Debt
|
|||||||
22.
|
Other (Attach List)
|
|||||||
23.
|
Total Post Petition Liabilities
|
26,285
|
||||||
PRE PETITION LIABILITIES
|
||||||||
24.
|
Secured Debt
|
6,985,000
|
4,551,056
|
|||||
25.
|
Priority Debt
|
|||||||
26.
|
Unsecured Debt
|
3,583,443
|
3,583,443
|
|||||
27.
|
Other (Attach List)
|
|||||||
28.
|
Total Pre Petition Liabilities
|
10,568,443
|
8,134,500
|
|||||
29.
|
Total Liabilities
|
10,568,443
|
8,160,785
|
|||||
EQUITY
|
||||||||
30.
|
Pre Petition Owners' Equity
|
13,868,220
|
||||||
31.
|
Post Petition Cumulative Profit Or (Loss)
|
(26,201)
|
||||||
32.
|
Direct Charges To Equity
|
(17,257,002)
|
||||||
33.
|
Total Equity
|
(3,414,984)
|
||||||
34.
|
Total Liabilities and Equity
|
4,745,801
|
||||||
This form _x__ does ___ does not have related footnotes on Footnotes Supplement.
|
||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
SUPPLEMENT TO
|
||||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
ACCRUAL BASIS - 1
|
||||||||||
COMPARATIVE BALANCE SHEET
|
(SEE GENERAL FOOTNOTE)
|
|||||||||||
SCHEDULED
|
MONTH
|
MONTH
|
MONTH
|
|||||||||
ASSETS
|
AMOUNT
|
Jan-12
|
Feb-12
|
Mar-12
|
||||||||
A.
|
Strata Operating
|
19,000
|
19,000
|
|||||||||
B.
|
Sauder Operating
|
19,000
|
19,000
|
|||||||||
C.
|
||||||||||||
D.
|
||||||||||||
E.
|
||||||||||||
TOTAL OTHER ASSETS - LINE 8
|
38,000
|
38,000
|
||||||||||
A.
|
Oil & Gas Properties
|
19,397,663
|
4,706,717
|
|||||||||
B.
|
||||||||||||
C.
|
||||||||||||
D.
|
||||||||||||
E.
|
||||||||||||
F.
|
||||||||||||
G.
|
||||||||||||
H.
|
||||||||||||
TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14
|
19,397,663
|
4,706,717
|
||||||||||
A.
|
Claim against Star of Texas Energy Services/Trustee
|
5,000,000
|
Unknown
|
|||||||||
B.
|
Other litigation claims against insiders and affiliates
|
Unknown
|
||||||||||
C.
|
||||||||||||
D.
|
||||||||||||
E.
|
||||||||||||
F.
|
||||||||||||
TOTAL OTHER ASSETS - LINE 15
|
5,000,000
|
|||||||||||
POST PETITION LIABILITIES
|
||||||||||||
A.
|
||||||||||||
B.
|
||||||||||||
C.
|
||||||||||||
D.
|
||||||||||||
E.
|
||||||||||||
TOTAL OTHER POST PETITION LIABILITIES - LINE 22
|
||||||||||||
PRE PETITION LIABILITIES
|
||||||||||||
A.
|
||||||||||||
B.
|
||||||||||||
C.
|
||||||||||||
D.
|
||||||||||||
E.
|
||||||||||||
TOTAL OTHER PRE PETITION LIABILITIES - LINE 27
|
||||||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 2
|
||||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
INCOME STATEMENT
|
(SEE GENERAL FOOTNOTE)
|
|||||
MONTH
|
MONTH
|
MONTH
|
QUARTER
|
|||
REVENUES
|
Jan-12
|
Feb-12
|
Mar-12
|
TOTAL
|
||
1.
|
Gross Revenues
|
|||||
2.
|
Less: Returns & Discounts
|
|||||
3.
|
Net Revenue
|
|||||
COST OF GOODS SOLD
|
||||||
4.
|
Material
|
|||||
5.
|
Direct Labor
|
|||||
6.
|
Direct Overhead
|
|||||
7.
|
Total Cost Of Goods Sold
|
|||||
8.
|
Gross Profit
|
|||||
OPERATING EXPENSES
|
||||||
9.
|
Officer / Insider Compensation
|
|||||
10.
|
Selling & Marketing
|
|||||
11.
|
General & Administrative
|
1
|
1
|
|||
12.
|
Rent & Lease
|
|||||
13.
|
Other (Attach List)
|
|||||
14.
|
Total Operating Expenses
|
1
|
1
|
|||
15.
|
Income Before Non-Operating
|
|||||
Income & Expense
|
(1)
|
(1)
|
||||
OTHER INCOME & EXPENSES
|
||||||
16.
|
Non-Operating Income (Att List)
|
85
|
85
|
|||
17.
|
Non-Operating Expense (Att List)
|
|||||
18.
|
Interest Expense
|
|||||
19.
|
Depreciation / Depletion
|
|||||
20.
|
Amortization
|
|||||
21.
|
Other (Attach List)
|
|||||
22.
|
Net Other Income & Expenses
|
85
|
85
|
|||
REORGANIZATION EXPENSES
|
||||||
23.
|
Professional Fees
|
26,285
|
26,285
|
|||
24.
|
U.S. Trustee Fees
|
|||||
25.
|
Other (Attach List)
|
|||||
26.
|
Total Reorganization Expenses
|
26,285
|
26,285
|
|||
27.
|
Income Tax
|
|||||
28.
|
Net Profit (Loss)
|
85
|
(26,286)
|
(26,201)
|
||
This form _X___ does ___ does not have related footnotes on Footnotes Supplement.
|
||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
SUPPLEMENT TO
|
|||||||
CASE NUMBER:
|
11-46956-RPN-11
|
ACCRUAL BASIS - 2
|
|||||||
INCOME STATEMENT
|
|||||||||
MONTH
|
MONTH
|
MONTH
|
QUARTER
|
||||||
OPERATING EXPENSES
|
Jan-12
|
Feb-12
|
Mar-12
|
TOTAL
|
|||||
A.
|
|||||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
E.
|
|||||||||
F.
|
|||||||||
G.
|
|||||||||
H.
|
|||||||||
I.
|
|||||||||
J.
|
|||||||||
K.
|
|||||||||
TOTAL OTHER OPERATING EXPENSES - LINE 13
|
|||||||||
OTHER INCOME & EXPENSES
|
|||||||||
A.
|
Miscellaneous Income
|
85
|
85
|
||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
TOTAL NON-OPERATING INCOME - LINE 16
|
85
|
85
|
|||||||
A.
|
|||||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
TOTAL NON-OPERATING EXPENSE - LINE 17
|
|||||||||
REORGANIZATION EXPENSES
|
|||||||||
A.
|
|||||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
E.
|
|||||||||
TOTAL OTHER REORGANIZATION EXPENSES - LINE 25
|
|||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 3
|
|||||||
CASE NUMBER:
|
11-46956-RPN-11
|
||||||||
CASH RECEIPTS AND
|
MONTH
|
MONTH
|
MONTH
|
QUARTER
|
|||||
DISBURSEMENTS
|
Jan-12
|
Feb-12
|
Mar-12
|
TOTAL
|
|||||
1.
|
Cash - Beginning Of Month
|
85
|
|||||||
RECEIPTS FROM OPERATIONS
|
|||||||||
2.
|
Cash Sales
|
||||||||
COLLECTION OF ACCOUNTS RECEIVABLE
|
|||||||||
3.
|
Pre Petition
|
||||||||
4.
|
Post Petition
|
||||||||
5.
|
Total Operating Receipts
|
||||||||
NON-OPERATING RECEIPTS
|
|||||||||
6.
|
Loans & Advances (Attach List)
|
||||||||
7.
|
Sale of Assets
|
||||||||
8.
|
Other (Attach List)
|
85
|
85
|
||||||
9.
|
Total Non-Operating Receipts
|
85
|
85
|
||||||
10.
|
Total Receipts
|
85
|
85
|
||||||
11.
|
Total Cash Available
|
85
|
85
|
85
|
|||||
OPERATING DISBURSEMENTS
|
|||||||||
12.
|
Net Payroll
|
||||||||
13.
|
Payroll Taxes Paid
|
||||||||
14.
|
Sales, Use & Other Taxes Paid
|
||||||||
15.
|
Secured / Rental / Leases
|
||||||||
16.
|
Utilities
|
||||||||
17.
|
Insurance
|
||||||||
18.
|
Inventory Purchases
|
||||||||
19.
|
Vehicle Expenses
|
||||||||
20.
|
Travel
|
||||||||
21.
|
Entertainment
|
||||||||
22.
|
Repairs & Maintenance
|
||||||||
23.
|
Supplies
|
||||||||
24.
|
Advertising
|
||||||||
25.
|
Other (Attach List)
|
1
|
1
|
||||||
26.
|
Total Operating Disbursements
|
1
|
1
|
||||||
REORGANIZATION DISBURSEMENTS
|
|||||||||
27.
|
Professional Fees
|
||||||||
28.
|
U.S. Trustee Fees
|
||||||||
29.
|
Other (Attach List)
|
||||||||
30.
|
Total Reorganization Expenses
|
||||||||
31.
|
Total Disbursements
|
1
|
1
|
||||||
32.
|
Net Cash Flow
|
85
|
(1)
|
84
|
|||||
33.
|
Cash - End of Month
|
85
|
84
|
84
|
|||||
This form _X__ does ___ does not have related footnotes on Footnotes Supplement.
|
|||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
SUPPLEMENT TO
|
|||||||
CASE NUMBER:
|
11-46956-RPN-11
|
ACCRUAL BASIS - 3
|
|||||||
CASH RECEIPTS AND
|
|||||||||
DISBURSEMENTS
|
|||||||||
MONTH
|
MONTH
|
MONTH
|
QUARTER
|
||||||
NON-OPERATING RECEIPTS
|
Jan-12
|
Feb-12
|
Mar-12
|
TOTAL
|
|||||
A.
|
|||||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
E.
|
|||||||||
TOTAL LOANS & ADVANCES- LINE 6
|
|||||||||
A.
|
Miscellaneous Income
|
85
|
85
|
||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
E.
|
|||||||||
TOTAL OTHER NON-OPERATING RECEIPTS - LINE 8
|
85
|
85
|
|||||||
OPERATING DISBURSEMENTS
|
|||||||||
A.
|
Bank Charges
|
1
|
1
|
||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
E.
|
|||||||||
F.
|
|||||||||
G.
|
|||||||||
H.
|
|||||||||
I.
|
|||||||||
TOTAL OTHER OPERATING DISBURSEMENTS - LINE 25
|
1
|
1
|
|||||||
REORGANIZATION DISBURSEMENTS
|
|||||||||
A.
|
|||||||||
B.
|
|||||||||
C.
|
|||||||||
D.
|
|||||||||
E.
|
|||||||||
TOTAL OTHER REORGANIZATION DISBURSEMENTS - LINE 29
|
|||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 4
|
||||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
(SEE GENERAL FOOTNOTE)
|
||||||||||
SCHEDULED
|
MONTH
|
MONTH
|
MONTH
|
|||||||||
ACCOUNTS RECEIVABLE AGING
|
AMOUNT
|
Jan-12
|
Feb-12
|
Mar-12
|
||||||||
1.
|
0 - 30
|
|||||||||||
2.
|
31 - 60
|
|||||||||||
3.
|
61 - 90
|
|||||||||||
4.
|
91 +
|
|||||||||||
5.
|
Total Accounts Receivable
|
|||||||||||
6.
|
(Amount Considered Uncollectible)
|
|||||||||||
7.
|
Accounts Receivable (Net)
|
|||||||||||
MONTH:
|
March-12
|
|||||||||||
AGING OF POST PETITION TAXES AND PAYABLES
|
||||||||||||
0 - 30
|
31 - 60
|
61 - 90
|
91 +
|
|||||||||
TAXES PAYABLE
|
DAYS
|
DAYS
|
DAYS
|
DAYS
|
TOTAL
|
|||||||
1.
|
Federal
|
|||||||||||
2.
|
State
|
|||||||||||
3.
|
Local
|
|||||||||||
4.
|
Other (Attach List)
|
|||||||||||
5.
|
Total Taxes Payable
|
|||||||||||
6.
|
Accounts Payable
|
|||||||||||
MONTH:
|
March-12
|
|||||||||||
STATUS OF POST PETITION TAXES
|
||||||||||||
FEDERAL
|
BEGINNING TAX LIABILITY *
|
AMOUNT WITHHELD AND/OR ACCRUED
|
(AMOUNT PAID)
|
ENDING TAX LIABILITY
|
||||||||
1.
|
Withholding **
|
|||||||||||
2.
|
FICA - Employee **
|
|||||||||||
3.
|
FICA - Employer **
|
|||||||||||
4.
|
Unemployment
|
|||||||||||
5.
|
Other - Misc Adj
|
|||||||||||
6.
|
Other- Earned Income Credit
|
|||||||||||
7.
|
Total Federal Taxes
|
-
|
-
|
-
|
-
|
|||||||
STATE AND LOCAL
|
||||||||||||
8.
|
Withholding
|
|||||||||||
9.
|
Sales
|
|||||||||||
10.
|
Excise
|
|||||||||||
11.
|
Unemployment
|
|||||||||||
12.
|
Real Property
|
|||||||||||
13.
|
Personal Property
|
|||||||||||
14.
|
Other (Attach List)
|
-
|
||||||||||
15.
|
Total State And Local
|
-
|
-
|
-
|
-
|
|||||||
16.
|
Total Taxes
|
-
|
-
|
-
|
-
|
|||||||
*
|
The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
|
|||||||||||
**
|
Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit.
|
|||||||||||
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.
|
||||||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 5
|
||||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
|||||||||||
The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
|
||||||||||||
MONTH:
|
March-12
|
|||||||||||
BANK RECONCILIATIONS
|
Account # 1
|
Account # 2
|
Other Accounts
|
|||||||||
A.
|
BANK:
|
Frost National
|
(Attach List)
|
|||||||||
B.
|
ACCOUNT NUMBER:
|
60 8688540
|
TOTAL
|
|||||||||
C.
|
PURPOSE (TYPE):
|
Checking
|
||||||||||
1.
|
Balance Per Bank Statement
|
84
|
84
|
|||||||||
2.
|
Add: Total Deposits Not Credited
|
|||||||||||
3.
|
Subtract: Outstanding Checks
|
|||||||||||
4.
|
Other Reconciling Items
|
|||||||||||
5.
|
Month End Balance Per Books
|
84
|
-
|
-
|
84
|
|||||||
6.
|
Number of Last Check Written
|
|||||||||||
INVESTMENT ACCOUNTS
|
||||||||||||
BANK, ACCOUNT NAME & NUMBER
|
DATE OF PURCHASE
|
TYPE OF INSTRUMENT
|
PURCHASE PRICE
|
CURRENT VALUE
|
||||||||
7.
|
||||||||||||
8.
|
||||||||||||
9.
|
||||||||||||
10.
|
(Attach List)
|
|||||||||||
11.
|
Total Investments
|
|||||||||||
CASH
|
||||||||||||
12.
|
Currency On Hand
|
|||||||||||
13.
|
Total Cash - End of Month
|
84
|
||||||||||
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.
|
||||||||||||
|
|||||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 6
|
|||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
||||||||||
MONTH:
|
March-12
|
||||||||||
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 to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary.
|
|||||||||||
INSIDERS
|
|||||||||||
NAME
|
TYPE OF PAYMENT
|
AMOUNT PAID
|
TOTAL PAID TO DATE
|
||||||||
1.
|
|||||||||||
2.
|
|||||||||||
3.
|
|||||||||||
4.
|
|||||||||||
5.
|
|||||||||||
6.
|
|||||||||||
7.
|
|||||||||||
8.
|
(Attach List)
|
||||||||||
9.
|
Total Payments To Insiders
|
||||||||||
PROFESSIONALS
|
|||||||||||
NAME
|
DATE OF COURT ORDER AUTHORIZING PAYMENT
|
AMOUNT APPROVED
|
AMOUNT PAID
|
TOTAL PAID TO DATE
|
TOTAL INCURRED & UNPAID *
|
||||||
1.
|
Kelly Hart & Hallman
|
24,681
|
|||||||||
2.
|
Lain Faulkner & Co., P.C.
|
1,604
|
|||||||||
3.
|
|||||||||||
4.
|
|||||||||||
5.
|
(Attach List)
|
||||||||||
6.
|
Total Payments To Professionals
|
26,285
|
|||||||||
*
|
Include all fees incurred, both approved and unapproved
|
||||||||||
POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
|
|||||||||||
NAME OF CREDITOR
|
SCHEDULED MONTHLY PAYMENTS DUE
|
AMOUNTS PAID DURING MONTH
|
TOTAL UNPAID POST PETITION
|
||||||||
1.
|
$ -
|
||||||||||
2.
|
|||||||||||
3.
|
|||||||||||
5.
|
(Attach List)
|
||||||||||
6.
|
TOTAL
|
$ -
|
$ -
|
||||||||
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.
|
|||||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
ACCRUAL BASIS - 7
|
|||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
||||||||||
MONTH:
|
March-12
|
||||||||||
QUESTIONNAIRE
|
|||||||||||
YES
|
NO
|
||||||||||
1.
|
Have any Assets been sold or transferred outside the normal course of business this reporting period?
|
X
|
|||||||||
2.
|
Have any funds been disbursed from any account other than a debtor in possession account?
|
X
|
|||||||||
3.
|
Are any Post Petition Receivables (accounts, notes, or loans) due from related parties?
|
X
|
|||||||||
4.
|
Have any payments been made on Pre Petition Liabilities this reporting period?
|
X
|
|||||||||
5.
|
Have any Post Petition Loans been received by the debtor from any party?
|
X
|
|||||||||
6.
|
Are any Post Petition Payroll Taxes past due?
|
X
|
|||||||||
7.
|
Are any Post Petition State or Federal Income Taxes past due?
|
X
|
|||||||||
8.
|
Are any Post Petition Real Estate Taxes past due?
|
X
|
|||||||||
9.
|
Are any other Post Petition Taxes past due?
|
X
|
|||||||||
10.
|
Are any amounts owed to Post Petition creditors delinquent?
|
X
|
|||||||||
11.
|
Have any Pre Petition Taxes been paid during the reporting period?
|
X
|
|||||||||
12.
|
Are any wage payments past due?
|
X
|
|||||||||
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary.
|
|||||||||||
INSURANCE
|
|||||||||||
YES
|
NO
|
||||||||||
1.
|
Are Worker's Compensation, General Liability and other necessary insurance coverages in effect?
|
X
|
|||||||||
2.
|
Are all premium payments paid current?
|
X
|
|||||||||
3.
|
Please itemize policies below.
|
X
|
|||||||||
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary.
|
|||||||||||
The Debtor's policies had expired prior to the appointment of Mr. McConnell; the Debtor has no employees.
|
|||||||||||
INSTALLMENT PAYMENTS
|
|||||||||||
TYPE OF POLICY
|
CARRIER
|
PERIOD COVERED
|
PAYMENT AMOUNT & FREQUENCY
|
||||||||
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.
|
|||||||||||
CASE NAME:
|
EXTERRA ENERGY, INC.
|
FOOTNOTES
|
|||||||||
CASE NUMBER:
|
11-46956-RPN-11
|
ACCRUAL BASIS
|
|||||||||
MONTH:
|
March-12
|
||||||||||
ACCRUAL BASIS FORM NUMBER
|
LINE NUMBER
|
FOOTNOTE / EXPLANATION
|
|||||||||
General
|
Effective March 29, 2012 Michael McConnell was appointed as Trustee of this case. The case was
|
||||||||||
commenced on December 15, 2011 and was operated as a Debtor-In-Possession until Mr. McConnell's
|
|||||||||||
appointment. The Debtor submitted the monthly operating report for the month of January 2011 on a
|
|||||||||||
cash basis. The Trustee has prepared this report from the information in the Debtors books and
|
|||||||||||
records and data contained in the Schedules and Statements of Financial Affairs filed by the Debtor.
|
|||||||||||
The Trustee is still in the process of evaluating the records of the Debtor to determine what
|
|||||||||||
adjustments, if any, might be required, however the Trustee believes the Amended Statement of
|
|||||||||||
Financial Affairs and Schedules contain material inaccuracies (some of which have been adjusted in this
|
|||||||||||
report) and is in the process of filing a Second Amended version of these reports.
|
|||||||||||
Accrual 1
|
14, 32
|
Based upon the books and records and the Form 10-Q filed with the Securities and Exchange
|
|||||||||
Commission for the period ended February 28, 2011 the asset value of the Oil and Gas Properties has
|
|||||||||||
been adjusted to their cost basis less amortization as recorded in the Debtor's filing. The net adjustment
|
|||||||||||
to reflect historical book basis was a reduction of $14,690,945.59. The Trustee is continuing to analyze
|
|||||||||||
the Debtor's records to determine if further adjustments are necessary.
|
|||||||||||
Accrual 1
|
15
|
The assets consist of potential causes of actions and they are being adjusted to an unknown value.
|
|||||||||
The net adjustment totals $5,000,000. The Trustee and his professionals will continue to analyze the
|
|||||||||||
merits of the pending actions.
|
|||||||||||
Accrual 1
|
24
|
Based upon the actual proofs of claim filed by the secured creditors, the secured debt has been adjusted
|
|||||||||
to the actual amounts claimed. The net adjustment is a reduction of $2,434,261.14. The Trustee is
|
|||||||||||
continuing to analyze the Debtor's records to determine if further adjustments are necessary.
|
|||||||||||