Attached files
| file | filename |
|---|---|
| 8-K/A - BLAST ENERGY SERVICES, INC. FORM 8-K/A FILED 12.7.10 - PEDEVCO CORP | form8-ka.htm |
| EX-99.1 - EXHIBIT 99.1 - PEDEVCO CORP | ex99_1.htm |
| EX-99.2 - EXHIBIT 99.2 - PEDEVCO CORP | ex99_2.htm |
Exhibit 99.3
BLAST ENERGY SERVICES, INC.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma consolidated financial statements and related notes are presented to show effects of the acquisition of the oil and gas properties purchased by Blast Energy Services, Inc. from Sun Resources Texas, Inc.
The pro forma consolidated statement of operations is based on the assumption that the Acquisition occurred effective at the beginning of the year presented. The pro forma consolidated statement of operations is for comparative purposes only and may not be indicative of the results of operations that would have occurred if the Company had completed the acquisition at an earlier date or the results that will be attained in the future.
Pro forma data is based on assumptions and include adjustments as explained in the notes to the unaudited pro forma financial statements. The unaudited pro forma consolidated statement of operations should be read in conjunction with the notes thereto, Blast Energy Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009 and the Statements of Combined Revenues and Direct Operating Expenses of the Oil and Gas Properties Purchased from Sun Resources Texas, Inc. included herein.
Blast Energy Services, Inc.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2009
|
Blast Energy Services, Inc. Historical
|
Pro Forma Adjustments
|
Pro Forma Consolidated
|
|||||||||||
|
Revenue:
|
$ | 330,908 | $ | 144,010 | a | $ | 474,918 | ||||||
|
Operating expenses:
|
|||||||||||||
|
Direct operating expenses
|
- | 179,525 | a | 179,525 | |||||||||
|
Cost of satellite sales
|
665,523 | 665,523 | |||||||||||
|
Selling, general and administrative
|
1,036,254 | 1,036,254 | |||||||||||
|
Depreciation and amortization
|
139,426 | 46,456 | b | 185,882 | |||||||||
|
Bad debt expense
|
6,716 | 6,716 | |||||||||||
|
Asset impairment
|
50,479 | 50,479 | |||||||||||
|
Loss on disposal of equipment
|
3,885 | 3,885 | |||||||||||
|
Total operating expenses
|
1,902,283 | 225,981 | 2,128,264 | ||||||||||
|
Operating loss
|
(1,571,375 | ) | (81,971 | ) | (1,653,346 | ) | |||||||
|
Other income (expense):
|
|||||||||||||
|
Interest income
|
245 | 245 | |||||||||||
|
Interest expense
|
(106,785 | ) | (106,785 | ) | |||||||||
|
Total other income (expense)
|
(106,540 | ) | (106,540 | ) | |||||||||
|
Net Income (loss)
|
$ | (1,677,915 | ) | $ | (1,759,886 | ) | |||||||
|
Preferred dividends
|
240,000 | 240,000 | |||||||||||
|
Net income (loss) attributable to common shareholders
|
$ | (1,917,915 | ) | $ | (1,999,886 | ) | |||||||
|
Net income (loss) per common share - Basic :
|
|||||||||||||
|
Continuing operations
|
$ | (0.03 | ) | $ | (0.03 | ) | |||||||
|
Discontinued operations
|
- | - | |||||||||||
|
Net income (loss)
|
$ | ( 0.03 | ) | $ | ( 0.03 | ) | |||||||
|
Net income (loss) per common share - Diluted:
|
|||||||||||||
|
Continuing operations
|
$ | (0.03 | ) | $ | (0.03 | ) | |||||||
|
Discontinued operations
|
- | - | |||||||||||
|
Net income (loss)
|
$ | (0.03 | ) | $ | (0.03 | ) | |||||||
|
Weighted average common shares outstanding:
|
|||||||||||||
|
Basic
|
61,526,377 | 61,526,377 | |||||||||||
|
Diluted
|
61,526,377 | 61,526,377 | |||||||||||
The accompanying notes to unaudited pro forma consolidated financial statements are an integral part of these statements.
BLAST ENERGY SERVICES, INC.
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PRESENTATION
The unaudited pro forma consolidated statement of operations is based on the audited financial statements of Blast Energy Services, Inc. as of and for the year ended December 31, 2009, the audited statements of combined revenues and direct operating expenses of the Oil and Gas Properties purchased from Sun Resources Texas, Inc. for the year ended December 31, 2009, and the adjustments and assumptions described below.
PRO FORMA ADJUSTMENTS
The unaudited pro forma consolidated statements of operations reflect the following adjustments:
|
a.
|
Record revenues and direct operating expenses for the Properties acquired during the respective reporting period.
|
|
b.
|
Record pro forma depletion of the Properties using the units-of-production method associated with the production of reserves during the respective reporting period.
|