Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IVANHOE ENERGY INC | eh1201233_8k.htm |
EXHIBIT 99.1
PAN-CHINA RESOURCES LTD
Balance Sheet
As at September 30, 2012
|
$US
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||||
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ASSETS
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||||
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Cash
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$ | 1,719,903 | ||
|
Accounts receivable
|
3,407,444 | |||
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Prepaids and deposits
|
115,760 | |||
| 5,243,107 | ||||
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Due from affiliates
|
29,556,180 | |||
|
Petroleum and natural gas properties and equipment thereon, net
|
149,922,671 | |||
|
Accumulated depletion & depreciation
|
(118,500,418 | ) | ||
| 31,422,254 | ||||
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Office furniture and equipment, net
|
45,324 | |||
| 66,266,865 | ||||
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LIABILITIES
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||||
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Accounts payable and accrued liabilities
|
$ | 6,626,349 | ||
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Income taxes payable
|
396,781 | |||
| 7,023,130 | ||||
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Due to ultimate parent- Ivanhoe Energy
|
31,147,587 | |||
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SHAREHOLDER'S EQUITY
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||||
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Share capital
|
2,965,136 | |||
|
Retained earnings
|
25,131,012 | |||
| 28,096,148 | ||||
| $ | 66,266,865 | |||
unaudited - prepared by Management
PAN-CHINA RESOURCES LTD
Statement of Income and Retained Earnings
For the Nine Months Ended September 30, 2012
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$US
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||||
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REVENUES
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||||
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Oil sales and royalty income
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$ | 27,996,530 | ||
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Other
|
1,386 | |||
| 27,997,916 | ||||
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EXPENSES
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||||
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Production costs
|
4,958,397 | |||
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Windfall tax levy
|
5,288,954 | |||
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General and administrative
|
2,211,484 | |||
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Depletion and depreciation
|
5,586,598 | |||
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Foreign exchange loss
|
(27,387 | ) | ||
| 18,018,046 | ||||
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Net income for the year before taxes
|
9,979,870 | |||
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Income taxes
|
1,565,544 | |||
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Net income after taxes
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8,414,326 | |||
|
Retained earnings, beginning of year
|
16,716,686 | |||
|
Retained earnings, end of year
|
25,131,012 | |||
unaudited - prepared by Management
PAN-CHINA RESOURCES LTD
Statement of Cash Flows
For the Nine Months Ended September 30, 2012
|
Operations
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||||
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Net income for year
|
8,414,326 | |||
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Add back: non-cash items
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||||
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Depletion & depreciation
|
5,586,598 | |||
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Change in net working capital
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2,831,787 | |||
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Increase (decrease) in cash
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16,832,711 | |||
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Investing
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||||
|
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||||
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Expended on P&NG properties and equipment
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(7,400,026 | ) | ||
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Change in net working capital
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||||
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Increase (decrease) in cash
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(7,400,026 | ) | ||
|
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||||
|
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||||
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Financing
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||||
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Advances (to) from affiliates
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||||
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Shaman LLC
|
(12,720 | ) | ||
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Sunwing Holding Corporation
|
(11,173,817 | ) | ||
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Sunwing Zitong Energy Ltd.
|
(281,981 | ) | ||
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Increase (decrease) in cash
|
(11,468,518 | ) | ||
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Total increase (decrease) in cash
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(2,035,833 | ) | ||
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Cash, beginning of period
|
3,755,736 | |||
|
Cash, end of period
|
1,719,903 | |||
unaudited - prepared by Management