UNITED STATES BANKRUPTCY COURT DISTRICT OF DELA WARE

In re: Peirocal Acauisition Corp. Debior

Case No. 09-10786

Reponing Period: May 2009

MONTHLY OPERATING REI'ORT

ltQUIREDDOOMENTS

....

i..

Schedule of Casli Receipts.and Disbursements Bank Reconcilation (01' copies.of debtor's bank reconcilations) Schedule of Professional Fees Paid Copies of bank statements
Cash disbursements journals

.;(....

J
MOR-I MOR-Ia MOR-Ib

...

D acument

Attc:ed
o

EI

xp lIna11aD

Affid . tiS upp i llVI

AUiiched
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

ement

. Attched'
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

~:.'i'"
",,'.t;',.....::;'

Statement of Opemtions
Balance Sheet

N/A .............. N/A

. .

MOR-2
MOR--3

Status of POSlPetition Taxes

Coiiies of IRS Form 6123 or payment receipt Copies of tax returns filed duringrcPurtilig period Summary of UnpaidPostPelition Debts
Lisiing of aged accounts payable

MOR-4
....'.;"':":'.:'. '.'
,':x..;r..
....... '0';:

.
N/A N/A
.
o

Accounts Reeei vable Reconciliation and Agi ng

Debtor Questionnaire

MOR,4 MOR-4
MOR"S MOR-S

.
o

I declare under penalty

of

perjury (2SU.S.C. Section i 746) that this rpoit and the attached documents
my .knowledge and bel ieE.

are true and correct to the best of

Signature of Debtor

Dale

Date

OM,b Pro;

L*Auihorizcd individual must be a1l omer. director or shareholder if debtor

)r tiff tf
Title of AlUliorized Individual
is a corporiiion; a pam,er if debior

is a patnClship: a manager or memher if debtor is a limiied hilii)' company.

./

~lOR 104107)

Iii re: Petrocal Acauisiiion Com. Deblor

Case No. 09-10786

Reporting Period:_May 209_

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

CASH BEG~G OFMOl\'TH

0P PAYROLL TAX OTER

RECEI

I I II
BANK ACCOUN
II I I

CURENT MONTH

ACUAL PROIECD
II

CUULATIVE FILING TO DATE

AcrAL PROJCJD

T
TOTAL RECEtPTS
I

I I

Petraeal Acquisilion Corp. dos not malnlaln any cash aeeounl..

II

DISBURSEMENT

l", '"""""'

I I I 1-11

It

i I r HI
II

J
Jl

TIlE FOLLOWING SECTION MUST BE COMPLETED

DISBURSEMEN JOR
CALCULTING U.s. TRUSTEE OUARTRLY FEES: 'FROM CURRE

MONTI ACTAL COLUMNI

50.00 $0.00 50.00

TOTAL D1SBURSElIEl'T
LESS, TRANSFERS TO DEBTOR IN POSSESSION ACC:iTS

PLUS: ESTATE D1S0URSE.\1E:-TS MADE BY OUlSID6 SOURCF.5 (i,e. r"'lle",,,,, Ilcouii"i

TOTAL D1SBURSEME.'lTS FOR CALCULATISG U.S. TRUSTEE QUARTERLV FEES

$0.00

FO\S ~lOR.1

(a.m)

In reo Peiroal ACQuisition Corp.

Detor
BANK RECONCILIATIONS
Contination She.t for MOR.I

Case No. 09-10786

Reporting Period:_May 2009_

oating
IBALANCE PER BOOKS
Bi\1\K BALANCE
1#
I

Paill

Tax

Oier
1#
I

r
I

-1#

(+) DEPOSITS IN TRNSIT (ATlACH LlSn

(.) OIJANDlXG CHECKS (ATlACllllSI)

ADJUSTED BANK BALANCE'

Petrocal Acqulsllon Corp. does not maintain any cash accounts.

. Adjuste bank balance mus' equal

balance per boob

fOR:\! MOR.I.. (0001)

In re: PetrocaI Acciuisition Corp.

Debtor

Case No. 09-10786 Reporting Period:_May 2009_

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Amount
App roved

Pavee
Payor

Period Covered

Check Number Date

Amount Paid

Fees
Expenses

Year-To-Date

Fees

Exenses

No profesional fees were paid post-petition.

fORM MOR-tb (0410)

In re: Petracal Acquisition Corp. Debtor

Case No. 09-10786

Reporting Period:_May 2009_

STATEMENT OF OPERATIONS
(Income Statement)

REVENU
Oil and gas pfOduclion revenue Royalty pavmenlS
Net Revenue

Month
S

Cumulative

Filil! to Date
-

OPERATING EXPENSES
Repairs and maintenance Salares/commssions/fees
Transportation expense

Utilties
Insurance
Employee benefit PfOl!rams

Taxes - production Inventory chan~e Rent and lease expense Travel and entertainment Supplies Taxes. other General and adminisirative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses

25
-

OTHER INCOME AND (EXPENSES)

Accrciion of discounts and amortization of deferred finanCing costs

(25)
-

Intcrest expense- non-cash. aaid iii kind

Stock cornensaiion expense

Interest and dividends Realized gain/Closs) on derivatives Interest expense- cash Other revenue General exploration expensc
Net Prfit (Loss) Before Reol'l!anization Items

REORGANZATION ITEMS
Proressional Fees Reorganization Interest Net Profit (Loss)
I

(25)
-

Is

(25)

FORM MOR-2
(04107)

In re: Pei((1i1 AcouIsiiion Com.

Debler

Cas No. J!
Reporting Period:_May 2009..

BALANCE SHEET

CURRT ASET
Unrestrcied tush aud Eouivalenis Resllcled Gish and Cas Eoui valeRlS

ASSETS

BOOK VALUEATE/I'DOF

CUREN REPORTING MONTH

S

Accots Receiyable tNell

I Dven(Ofs
Prepid Il..nses

Professional Reiainers Other Currem Asseis (See Attahed Schedule) TOTAL CURRENT ASSETS

PROPERTY ANroUlPMllT
Proyed Pr';iies Includina Lt.se and Well EQuipment Assei Reiiremenl Costs In P(Ocess De,'eloonient Unoovcd Prooeriies Offce Enuiuineni nnd Software Vehicles
Olber Fnuinrim an Leasehold rmuroyemenis

$ $

15.762.849 15.762,849

Pioeline Eouiomeni
uss Accumutaied Denrecaion

TOTAL PROPERTY & EQUIPMENT

OTHER ASSETS
Other Asls (See Allached Sehedule) TOTAL

s
$

ASETS

15.762,849

LIABITTlES AND OWNE EQUlTY L1ABIUTI NOT SUBJEcr TO COMPROMIE lPosloeiilloDl

ACCOUnts Pavable and Accrued lIbllliies
la~es Pa~able

BOOK VALUE AT END OF

CUNTRERTING MOl\TU
$

\Va.!s Payabe
Noies Pav.hle - Debioi-in-P05session liniinciii~

Rent luascs - Buildilililiioniem

Secured Debt I Adenuate Proieciion PaVllienis

Profesional Fees tmereooonv Payables

Asset Reiireiient Oblioaiion,
Accrued Inleresi

$
S

Otr i-ahiliies
TOTAL POSPETITION UABIUTIES

LIABILIES SUBJE TO COMPROMISE (Pre-Pelition)

Seured Debi

Priori ' Debt

Unseured Debi

Inlercom""fW Pavables TOTAL PRE-PETITION LlABrUTIES

25
S

25

/TOTALIIABIUTIES OWNER EOUlTY Shre cO laJ

Conlrihuied Sumlus Wiirranis Addiiionnl Paid In Caoiial

Is
$

251
-

Accuniulared OIer Coinorehensive Los

Parners' Ca~ia Account Ownets Eouiiv Aceouo! Retane E.-irninas. PredPeiition
Reiained E.'Uliinos - Postoeiiiion

tS,762,8'9

AdiustmDI 10 owner Enuiiv (attac schedule) Pospejiion Coniribution, (Oisiribuiions IDraws) tailach schedule) NET SHAREHOLDERS' EQUITY

(25)

J 5,762.824

TOTAL LIABILITIES AN OWl\'ERS' EQUITY

15,762,849

fOR.\1 MOR-'

co.,n,

ln re: Petrocal ACQuisition Com.

Debtor

Case No. 09-10786

Reporting Period:_May 200_

BALANCE SHEET - continuation sheet

BOOK VALUE AT END OF

ASSETS
Other CUITenl Assets

CURE REPORTING MONT

$
15.762.849
-

Intercompany Receiyablcs Derivaiive Assets Advances Other Receivables

Total Other Current Assels

15,762,849

FORM MOR.3 co:-rD

(0l7)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period:_May 2009_

STATUS OF POSTPETITION TAXES

Beginning

Ta
LiabUity

Federal
Wilhholding FICA-Emolovee FICA-Emplover Unemolovment Income
Total I

Amounl Withheld or Accrued

I

Amounl Paid
I

Date Paid
I

Check No.

Ending Tax

or EFT
I

Liabilty

Not Applicable
I

Federal Taxes

State and Local Withholding Sales Excise Unemplovment Real Prooertv

Personal Properly

Not Applicable

Total State and Local

I I

Total Taxes

I I

I I

I I

I I

SUMMARY OF UNPAID POSTPETITION DEBTS

Number of Days Past Due
Current
Accunts Payable
i

0-30
l

31~ 61-90 Over I I

90
i

Total

Waf!es Payable
Taxes Pavable

RenVLases-uildinl! RenllLeases-Eauipmeni Secured Debt Adequate Proleciion Payments Professional Fees

Not Applicable

I I

I I

Tolal Poslpetitioii Debls

i I

r I

I r

FORM MOR.4

(07)

In re: Petracal Acquisition Corp,

Case No. 09-10786

Debtor

Repoiting Period:_May 2009_

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconcilation

Total Accounts Receivable at the beginning of the repolting period + Amounts billed duiing the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period

Amount
I

Not Applicable
I

Accounts Rec.eivable Aiiing o - 30 days old 31 - 60 days old 61 - 90 days old

91+days old

Amount
I

Not Applicable

Total Accounts Receivable

Accounts Receivable (Net)
I

DEBTOR QUESTIONNAIRE
Must be completed each month
I. Have any assets been sold or transferred outside ilie normal course of business
chis reporting pcriod? If yes, provide an explanation below.

Yeso
No No

2. Have any funds been disburscd from any account other than a debtor in possession

account this reporting pcriod? If yes, provide an explanation below.

3. Have all posipetition tax returns been timely fied? If no, provide an explanation below.
4. Are workers compensation, general

N/A
Yes

liability and other necessary insurancc

yes, provide
II opened

coverages in effect? If no, provide an explanation below.

5. Has any bank accounl been opened during the reporting period? If

No

documentation identifying the opened account(s). If an investment account has bee

provide the required documentation pursuanllo the Delaware Local Rule 4001-3.

FORM MOR-5

(04iU)