Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT TO FORM 8-K - Petro River Oil Corp. | form8ka.htm |
Petro River Oil Corp and Subsidiaries
Unaudited Pro Forma Consolidated Balance Sheet
30-Apr-14
| Petro River Oil Corp | Bandolier Energy LLC | Pro Forma Adjustments | Note # | Pro Forma | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Current Assets | ||||||||||||||||||||
| Cash and equivalents | $ | 8,352,949 | $ | - | $ | (3,305,732 | ) | 1,2 | $ | 5,047,217 | ||||||||||
| Marketable securities | - | - | - | - | ||||||||||||||||
| Accounts receivable, net | 51,979 | - | - | 51,979 | ||||||||||||||||
| Unbilled revenues | - | - | - | - | ||||||||||||||||
| Prepaid expenses and other current assets | 40,297 | - | - | 40,297 | ||||||||||||||||
| Total Current Assets | 8,445,225 | - | (3,305,732 | ) | 5,139,493 | |||||||||||||||
| Oil and Gas Assets, net | 8,941,592 | 1,520,917 | 6,784,815 | 17,247,324 | ||||||||||||||||
| Other Assets | ||||||||||||||||||||
| Property, plant and equipment, net | 930 | - | - | 930 | ||||||||||||||||
| Security deposits | 6,000 | - | - | 6,000 | ||||||||||||||||
| Total Other Assets | 6,930 | - | - | 6,930 | ||||||||||||||||
| Total Assets | $ | 17,393,747 | $ | 1,520,917 | $ | 3,479,083 | $ | 22,393,747 | ||||||||||||
| Liabilities and Stockholder's Deficit | ||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 480,637 | $ | - | $ | - | $ | 480,637 | ||||||||||||
| Current portion of asset retirement obligations | 481,658 | - | - | 481,658 | ||||||||||||||||
| Due to factor | - | - | - | - | ||||||||||||||||
| Current maturities of capital lease liability | - | - | - | - | ||||||||||||||||
| Current maturities of notes payable | - | - | - | - | ||||||||||||||||
| Security deposit payable | - | - | - | - | ||||||||||||||||
| Total Current Liabilities | 962,295 | - | - | 962,295 | ||||||||||||||||
| Long-Term Liabilities | ||||||||||||||||||||
| Asset retirement obligations, net of current portion | 336,352 | - | - | 336,352 | ||||||||||||||||
| Notes payable, net of current maturities | - | - | - | - | ||||||||||||||||
| Other liabilities | - | - | - | - | ||||||||||||||||
| Total Long-Term Liabilities | 336,352 | - | - | 336,352 | ||||||||||||||||
| Total Liabilities | 1,298,647 | - | - | 1,298,647 | ||||||||||||||||
| Commitment and Contingencies | ||||||||||||||||||||
| Stockholder's Equity | ||||||||||||||||||||
| Preferred stock, $0.00001 par value; 100,000,000 shares authorized; no shares issued and outstanding | - | - | - | - | ||||||||||||||||
| Common stock, par value $0.00001: 100,000,000 shares authorized; 24,982,822 shares issued and outstanding | 8,186 | - | - | 8,186 | ||||||||||||||||
| Additional paid in capital | 27,748,045 | - | - | 27,748,045 | ||||||||||||||||
| Treasury stock | - | - | - | - | ||||||||||||||||
| Accumulated Deficit/Members Equity | (11,661,131 | ) | 1,520,917 | (1,379,719 | ) | 2,3 | (11,519,933 | ) | ||||||||||||
| Total Stockholder's Equity | 16,095,100 | 1,520,917 | (1,379,719 | ) | 16,236,298 | |||||||||||||||
| Noncontrolling interest | - | - | 4,858,802 | 1 | 4,858,802 | |||||||||||||||
| Total Liabilities, Stockholder's Equity and Noncontrolling Interest | $ | 17,393,747 | $ | 1,520,917 | $ | 3,479,083 | $ | 22,393,747 | ||||||||||||
Petro River Oil Corp
Unaudited Proforma Condensed Statement of Operations
For the Fiscal Year Ended April 30, 2014
| For the Fiscal Year Ended | ||||||||||||||||||||
| Petro River Oil Corp | Bandolier Energy LLC | Pro Forma Adjustments | Note # | Pro Forma | ||||||||||||||||
| Revenues | $ | 372,179 | $ | 7,225,461 | $ | - | $ | 7,597,640 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Operating | 286,507 | 5,101,984 | - | 5,388,491 | ||||||||||||||||
| General and administrative | 4,195,437 | 794,455 | (200,000 | ) | 3 | 4,789,892 | ||||||||||||||
| Depreciation and accretion | 153,108 | 1,611,418 | - | 1,764,526 | ||||||||||||||||
| Impairment of oil and gas assets | 4,713,973 | - | - | 4,713,973 | ||||||||||||||||
| Gain on settlement of liability | (20,069 | ) | - | - | (20,069 | ) | ||||||||||||||
| Total operating expenses | 9,328,956 | 7,507,857 | (200,000 | ) | 16,636,813 | |||||||||||||||
| Income (loss) from operations | (8,956,777 | ) | (282,396 | ) | 200,000 | (9,039,173 | ) | |||||||||||||
| Other income (expense) | ||||||||||||||||||||
| Interest income | 3,253 | - | - | 3,253 | ||||||||||||||||
| Interest expense | (5 | ) | - | - | (5 | ) | ||||||||||||||
| Other expense, net | 3,248 | - | - | 3,248 | ||||||||||||||||
| Net Loss before income taxes and non-controlling interest | (8,953,529 | ) | (282,396 | ) | 200,000 | (9,035,925 | ) | |||||||||||||
| Net Loss attributable to non-controlling interest | - | - | 141,198 | 4 | 141,198 | |||||||||||||||
| Net Loss attributable to Petro River Oil Corp. and Subsidiaries | (8,953,529 | ) | (282,396 | ) | 341,198 | (8,894,727 | ) | |||||||||||||
| Net Loss per Common Share | (0.01 | ) | - | - | $ | (0.01 | ) | |||||||||||||
| Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 768,257,883 | - | - | 768,257,883 | ||||||||||||||||
Petro River Oil Corp and Subsidiaries
Notes to Unaudited Pro Forma Consolidated Statements of Operations
| 1. | Basis of Presentation |
The following unaudited pro forma consolidated financial statements of Petro River Oil Corp and Subsidiaries, (the “Company”) and Bandolier Energy LLC. (“Bandolier”) are provided to assist you in your analysis of the financial aspects of the proposed consolidated entity on a non-generally accepted accounting principle basis.
The unaudited pro forma consolidated statement of operations for the fiscal year ended April 30, 2014 combined the historical statements of operations of Bandolier for the year ended December 31, 2014.
The unaudited pro forma condensed combined balance sheet combines the historical balance sheets of the Company as of April 30, 2014 and Bandolier as of March 31, 2014.
| 2. | Acquisition of Bandolier |
On May 30, 2014, the Company entered into a Subscription Agreement, pursuant to which the Company was issued a 50% interest in Bandolier Energy, LLC (“Bandolier”) in exchange for a capital contribution of $5,000,000. The Company has the right to appoint a majority of the board of managers of Bandolier. In addition, Pearsonia West contributed approximately $5.0M into Bandolier for a 44% interest, and Ranger Station contributed $600K for a 6% interest.
Thereafter, Bandolier, acquired from Nadel and Gussman, LLC, Charles W. Wickstrom, and Shane E. Matson, for a purchase price of $8.7M, subject to certain clawbacks that were comprised of approximately 400K, all of the issued and outstanding equity of Spyglass Energy Group, LLC (“Spyglass”), the owner of oil and gas leases, leaseholds, lands, and options and concessions thereto located in Osage County, Oklahoma.
| 3. | Pro-forma Adjustments |
The April 30, 2014 pro-forma financial statements gives effect to the following transactions as if they had occurred at May 1, 2013:
| 1. | Capital Contribution by the non-controlling interest, |
| 2. | Purchase of oil and gas leases for $8,712,892.71, less a $407,161 clawback, |
| 3. | Reduce professional fees associated with the transaction, |
| 4. | Allocate the share of the net loss for the non-controlling interest holder. |