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
|
||||
ASSETS
|
||||
Cash
|
$ | 1,719,903 | ||
Accounts receivable
|
3,407,444 | |||
Prepaids and deposits
|
115,760 | |||
5,243,107 | ||||
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 | ||||
Office furniture and equipment, net
|
45,324 | |||
66,266,865 | ||||
LIABILITIES
|
||||
Accounts payable and accrued liabilities
|
$ | 6,626,349 | ||
Income taxes payable
|
396,781 | |||
7,023,130 | ||||
Due to ultimate parent- Ivanhoe Energy
|
31,147,587 | |||
SHAREHOLDER'S EQUITY
|
||||
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
$US
|
||||
REVENUES
|
||||
Oil sales and royalty income
|
$ | 27,996,530 | ||
Other
|
1,386 | |||
27,997,916 | ||||
EXPENSES
|
||||
Production costs
|
4,958,397 | |||
Windfall tax levy
|
5,288,954 | |||
General and administrative
|
2,211,484 | |||
Depletion and depreciation
|
5,586,598 | |||
Foreign exchange loss
|
(27,387 | ) | ||
18,018,046 | ||||
Net income for the year before taxes
|
9,979,870 | |||
Income taxes
|
1,565,544 | |||
Net income after taxes
|
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
|
||||
Net income for year
|
8,414,326 | |||
Add back: non-cash items
|
||||
Depletion & depreciation
|
5,586,598 | |||
Change in net working capital
|
2,831,787 | |||
Increase (decrease) in cash
|
16,832,711 | |||
Investing
|
||||
|
||||
Expended on P&NG properties and equipment
|
(7,400,026 | ) | ||
Change in net working capital
|
||||
Increase (decrease) in cash
|
(7,400,026 | ) | ||
|
||||
|
||||
Financing
|
||||
Advances (to) from affiliates
|
||||
Shaman LLC
|
(12,720 | ) | ||
Sunwing Holding Corporation
|
(11,173,817 | ) | ||
Sunwing Zitong Energy Ltd.
|
(281,981 | ) | ||
Increase (decrease) in cash
|
(11,468,518 | ) | ||
Total increase (decrease) in cash
|
(2,035,833 | ) | ||
Cash, beginning of period
|
3,755,736 | |||
Cash, end of period
|
1,719,903 |
unaudited - prepared by Management