Exterra Energy Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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

ASSETS

AMOUNT

Jan-12

Feb-12

Mar-12

Strata Operating

19,000

Sauder Operating

19,000

TOTAL OTHER ASSETS - LINE 8

38,000

Oil & Gas Properties

19,397,663

4,706,717

TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14

19,397,663

4,706,717

Claim against Star of Texas Energy Services/Trustee

5,000,000

Unknown

Other litigation claims against insiders and affiliates

Unknown

TOTAL OTHER ASSETS - LINE 15

5,000,000

POST PETITION LIABILITIES

TOTAL OTHER POST PETITION LIABILITIES - LINE 22

PRE PETITION LIABILITIES

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

BANK:

Frost National

(Attach List)

ACCOUNT NUMBER:

60 8688540

TOTAL

PURPOSE (TYPE):

Checking

Balance Per Bank Statement

Add: Total Deposits Not Credited

Subtract: Outstanding Checks

Other Reconciling Items

Month End Balance Per Books

Number of Last Check Written

INVESTMENT ACCOUNTS

BANK, ACCOUNT NAME & NUMBER

DATE OF PURCHASE

TYPE OF INSTRUMENT

PURCHASE PRICE

CURRENT VALUE

10.

(Attach List)

11.

Total Investments

CASH

12.

Currency On Hand

13.

Total Cash - End of Month

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.

Exterra Energy Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - June 4, 2012

Attached files

Exterra Energy Inc. Reports