Nevada
|
75-2399477
|
|||
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
|||
1603 LBJ Freeway
Suite 300
Dallas, Texas
|
||||
(Address of principal executive offices)
|
||||
75234
|
||||
(Zip Code)
|
||||
(972) 407-8400
|
||||
(Registrant’s telephone number, including area code)
|
||||
Large accelerated filer £
|
Accelerated filer £
|
||||
Non-accelerated filer £
|
Smaller reporting company R
|
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
Yes: £No: R
|
Common Stock, $.01 par value
|
1,946,935 shares
|
(Class)
|
(Outstanding at November 11, 2011)
|
PART I: FINANCIAL INFORMATION
|
3
|
Item 1. Financial Statements
|
3
|
Consolidated Balance Sheets
|
3
|
Consolidated Statements of Operations
|
5
|
Consolidated Statements of Cash Flows
|
6
|
Notes To Consolidated Financial Statements
|
7
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
9
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
12
|
Item 4T. Controls and Procedures
|
13
|
PART II: OTHER INFORMATION
|
14
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
14
|
Item 6. Exhibits
|
15
|
Signatures
|
16
|
NEW CONCEPT ENERGY ENERGY, INC. AND SUBSIDARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 2 | $ | 59 | ||||
Accounts receivable from oil and gas sales
|
221 | 223 | ||||||
Other current assets
|
15 | 14 | ||||||
Total current assets
|
238 | 296 | ||||||
Note and interest receivable – related party
|
10,007 | 10,361 | ||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
11,913 | 11,789 | ||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
1,373 | 1,395 | ||||||
Other
|
151 | 156 | ||||||
Total property and equipment
|
1,524 | 1,551 | ||||||
Other assets
|
520 | 70 | ||||||
Total assets
|
$ | 24,202 | $ | 24,067 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands, except share amounts)
|
||||||||
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Liabilities and stockholders' equity
|
|
|||||||
|
||||||||
Current liabilities
|
|
|||||||
Accounts payable - trade
|
$ | 340 | $ | 83 | ||||
Accrued expenses
|
135 | 156 | ||||||
Total current liabilities
|
475 | 239 | ||||||
|
||||||||
Long-term debt
|
||||||||
Notes payable
|
1,390 | 1,308 | ||||||
Payable - related parties
|
611 | 953 | ||||||
Asset retirement obligation
|
2,669 | 2,573 | ||||||
Other long-term liabilities
|
680 | 723 | ||||||
Total liabilities
|
5,825 | 5,796 | ||||||
|
||||||||
Stockholders' equity
|
||||||||
Preferred stock, Series B
|
1 | 1 | ||||||
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
shares; issued and outstanding, 1,946,935 shares
|
||||||||
at June 30, 2011 and December 31, 2010
|
20 | 20 | ||||||
Additional paid-in capital
|
58,838 | 58,838 | ||||||
Accumulated deficit
|
(40,482 | ) | (40,588 | ) | ||||
|
||||||||
|
18,377 | 18,271 | ||||||
|
||||||||
Total liabilities & equity
|
$ | 24,202 | $ | 24,067 | ||||
|
||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATION
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(amounts in thousands, except per share data)
|
||||||||||||||||
For the Three Months ended September 30,
|
For the Nine Months ended September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenue
|
|
|
||||||||||||||
Oil and gas operations, net of royalties
|
$ | 313 | $ | 349 | $ | 873 | $ | 950 | ||||||||
Real estate operations
|
690 | 763 | 2,152 | 2,217 | ||||||||||||
|
1,003 | 1,112 | 3,025 | 3,167 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Oil and gas operations
|
325 | 320 | 1,025 | 992 | ||||||||||||
Real estate operations
|
440 | 330 | 1,151 | 1,023 | ||||||||||||
Lease expense
|
192 | 211 | 576 | 684 | ||||||||||||
Corporate general and administrative
|
101 | 124 | 351 | 447 | ||||||||||||
Accretion of asset retirement obligation
|
32 | 30 | 96 | 90 | ||||||||||||
|
1,090 | 1,015 | 3,199 | 3,236 | ||||||||||||
Operating earnings (loss)
|
(87 | ) | 97 | (174 | ) | (69 | ) | |||||||||
|
||||||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
121 | 122 | 360 | 375 | ||||||||||||
Interest expense
|
(31 | ) | (31 | ) | (93 | ) | (93 | ) | ||||||||
Gain on sale of assets, net
|
- | - | - | 10 | ||||||||||||
Other income (expense), net
|
(60 | ) | - | 13 | (350 | ) | ||||||||||
Income/(Expense)
|
30 | 91 | 280 | (58 | ) | |||||||||||
|
||||||||||||||||
|
||||||||||||||||
Net income (loss) applicable to common shares
|
$ | (57 | ) | $ | 188 | $ | 106 | $ | (127 | ) | ||||||
Net income (loss) per common share-basic and diluted
|
$ | (0.03 | ) | $ | 0.10 | $ | 0.05 | $ | (0.07 | ) | ||||||
Weighted average common and equivalent shares outstanding - basic
|
1,947 | 1,947 | 1,947 | 1,947 | ||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
For the Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Cash flows from operating activities
|
|
|||||||
Net income/loss
|
$ | 106 | $ | (127 | ) | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
||||||||
Depreciation, depletion and amortization
|
300 | 262 | ||||||
Accretion of asset retirement obligation
|
96 | 90 | ||||||
Changes in operating assets and liabilities
|
||||||||
Other current and non-current assets
|
(155 | ) | (375 | ) | ||||
Accounts payable and other liabilities
|
319 | 262 | ||||||
Interest receivable
|
(340 | ) | (1,438 | ) | ||||
Interest payable
|
91 | |||||||
Net cash provided by (used) in operating activities
|
326 | (1,235 | ) | |||||
|
||||||||
Cash flows from investing activities
|
||||||||
Investment in oil and gas properties
|
(349 | ) | (191 | ) | ||||
Fixed asset additions
|
(25 | ) | (34 | ) | ||||
Net cash provided by (used in) investing activities
|
(374 | ) | (225 | ) | ||||
|
||||||||
Cash flows from financing activities
|
||||||||
Repayment of loans to affiliates
|
- | 1,499 | ||||||
Payment on notes payable
|
(9 | ) | (60 | ) | ||||
Net cash provided by (used in) financing activities
|
(9 | ) | 1,439 | |||||
|
||||||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(57 | ) | (21 | ) | ||||
Cash and cash equivalents at beginning of year
|
59 | 155 | ||||||
|
||||||||
Cash and cash equivalents at end of year
|
$ | 2 | $ | 134 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
|
Nine months ended September 30, 2011
|
Oil and Gas
Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$ | 873 | $ | 2,152 | $ | - | $ | 3,025 | ||||||||
Operating expenses
|
780 | 1,119 | 351 | 2,250 | ||||||||||||
Depreciation, Depletion and Amortization
|
245 | 32 | - | 277 | ||||||||||||
Lease Expense
|
- | 576 | - | 576 | ||||||||||||
Accretion of Asset Retirement Obligation
|
96 | - | - | 96 | ||||||||||||
Total Operating Expenses
|
1,121 | 1,727 | 351 | 3,199 | ||||||||||||
Interest expense
|
(93 | ) | - | - | (93 | ) | ||||||||||
Other income
|
2 | - | 11 | 13 | ||||||||||||
Interest income
|
- | - | 360 | 360 | ||||||||||||
Segment operating income
|
$ | (339 | ) | $ | 425 | $ | 20 | $ | 106 |
Nine months ended September 30, 2010
|
Oil and Gas
Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$ | 950 | $ | 2,217 | $ | - | $ | 3,167 | ||||||||
Operating expenses
|
759 | 992 | 447 | 2,198 | ||||||||||||
Depreciation, Depletion and Amortization
|
233 | 31 | - | 264 | ||||||||||||
Lease Expense
|
- | 684 | - | 684 | ||||||||||||
Accretion of Asset Retirement Obligation
|
90 | - | - | 90 | ||||||||||||
Total Operating Expenses
|
1,082 | 1,707 | 447 | 3,236 | ||||||||||||
Interest expense
|
(93 | ) | - | - | (93 | ) | ||||||||||
Other income
|
- | - | (340 | ) | (340 | ) | ||||||||||
Interest income
|
- | - | 375 | 375 | ||||||||||||
Segment operating income
|
$ | (225 | ) | $ | 510 | $ | (412 | ) | $ | (127 | ) |
Exhibit Designation
|
Exhibit Description
|
3.1
|
Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.1 to Registrant’s Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)
|
3.2
|
Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.5 to Registrant’s Form 8-K dated April 1, 1993)
|
3.3
|
Restated Articles of Incorporation of Greenbriar Corporation (incorporated by reference to Exhibit 3.1.1 to Registrant’s Form 10-K dated December 31, 1995)
|
3.4
|
Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit to Registrant’s PRES 14-C dated February 27, 1996)
|
3.5
|
Bylaws of Registrant (incorporated by reference to Exhibit 3.2 to Registrant’s Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)
|
3.6
|
Amendment to Section 3.1 of Bylaws of Registrant adopted October 9, 2003 (incorporated by reference to Exhibit 3.2.1 to Registrant’s Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)
|
3.7
|
Certificate of Decrease in Authorized and Issued Shares effective November 30, 2001 (incorporated by reference to Exhibit 2.1.7 to Registrant’s Form 10-K dated December 31, 2002)
|
3.8
|
Certificate of Designations, Preferences and Rights of Preferred Stock dated May 7, 1993 relating to Registrant’s Series B Preferred Stock (incorporated by reference to Exhibit 4.1.2 to Registrant’s Form S-3 Registration Statement No. 333-64840 dated June 22, 1993)
|
3.9
|
Certificate of Voting Powers, Designations, Preferences and Rights of Registrant’s Series F Senior Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.2 of Registrant’s Form 10-KSB for the fiscal year ended December 31, 1997)
|
3.10
|
Certificate of Voting Powers, Designations, Preferences and Rights of Registrant’s Series G Senior Non-Voting Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.3 of Registrant’s Form 10-KSB for the fiscal year ended December 31, 1997)
|
3.11
|
Certificate of Designations dated October 12, 2004 as filed with the Secretary of State of Nevada on October 13, 2004 (incorporated by reference to Exhibit 3.4 of Registrant’s Current Report on Form 8-K for event occurring October 12, 2004)
|
3.12
|
Certificate of Amendment to Articles of Incorporation effective February 8, 2005 (incorporated by reference to Exhibit 3.5 of Registrant’s Current Report on Form 8-K for event occurring February 8, 2005)
|
3.13
|
Certificate of Amendment to Articles of Incorporation effective March 21, 2007 (incorporated by reference to Exhibit 3.13 of Registrant’s Current Report on Form 8-K for event occurring March 21, 2005)
|
31.1*
|
Certification pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended, of Principal Executive Officer and Chief Financial Officer
|
32.1*
|
Certification of Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350
|
101 | Interactive data files pursuant to Rule 405 of Regulation S-T. |
*Filed herewith.
|
New Concept Energy, Inc.
|
|||
Date: November 11, 2011
|
By:
|
/s/ Gene Bertcher
|
|
Gene S. Bertcher, Principal Executive
|
|||
Officer, President and Chief Financial
|
|||
Officer
|
CERTIFICATIONS | EXHIBIT 31.1 |
/s/ Gene S. Bertcher | |
Gene S. Bertcher, | |
Principal Executive Officer, President | |
and Chief Financial Officer |
/s/ Gene S. Bertcher | |
Gene S. Bertcher, | |
Principal Executive Officer, President | |
and Chief Financial Officer |
Balance Sheet Parentheticals (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 1,946,935 | 1,946,935 |
Common Stock, shares outstanding | 1,946,935 | 1,946,935 |
CONSOLIDATED STATEMENTS OF OPERATION (USD $) | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Revenue | ||||
Oil and gas operations, net of royalties | $ 313 | $ 349 | $ 873 | $ 950 |
Real estate operations | 690 | 763 | 2,152 | 2,217 |
Revenues | 1,003 | 1,112 | 3,025 | 3,167 |
Operating expenses | ||||
Oil and gas operations | 325 | 320 | 1,025 | 992 |
Real estate operations | 440 | 330 | 1,151 | 1,023 |
Lease expense | 192 | 211 | 576 | 684 |
Corporate general and administrative | 101 | 124 | 351 | 447 |
Accretion of asset retirement obligation | 32 | 30 | 96 | 90 |
Operating Expenses | 1,090 | 1,015 | 3,199 | 3,236 |
Operating earnings (loss) | (87) | 97 | (174) | (69) |
Other income (expense) | ||||
Interest income | 121 | 122 | 360 | 375 |
Interest expense | (31) | (31) | (93) | (93) |
Gain on sale of assets, net | 10 | |||
Other income (expense), net | (60) | 0 | 13 | (350) |
Income/(Expense) | 30 | 91 | 280 | (58) |
Net income (loss) applicable to common shares | $ (57) | $ 188 | $ 106 | $ (127) |
Net income (loss) per common share-basic and diluted | $ (0.03) | $ 0.10 | $ 0.05 | $ (0.07) |
Weighted average common and equivalent shares outstanding - basic | 1,947 | 1,947 | 1,947 | 1,947 |
Document and Entity Information | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Nov. 11, 2011 | |
Document and Entity Information | ||
Entity Registrant Name | New Concept Energy, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2011 | |
Amendment Flag | false | |
Entity Central Index Key | 0000105744 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,946,935 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
NEWLY ISSUED ACCOUNTING STANDARDS | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
NEWLY ISSUED ACCOUNTING STANDARDS | |
NEWLY ISSUED ACCOUNTING STANDARDS | NOTE G: NEWLY ISSUED ACCOUNTING STANDARDS
We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our consolidated statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results or operation. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE C: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
We consider accounting policies related to our estimates of depreciation amortization, and depletion, segments, oil and gas properties, oil and gas reserves, gas gathering assets, office and field equipment, revenue recognition and gas imbalances, leases, revenue recognition for real estate operations, impairment, and sales of real estate as significant accounting policies. The policies include significant estimates made by management using information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. These policies are summarized in our Annual Report on Form 10-K for the year ended December 31, 2010. |
BASIS OF PRESENTATION | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
NATURE OF OPERATIONS | |
BASIS OF PRESENTATION | NOTE A: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, NCE or the Company). All significant intercompany transactions and accounts have been eliminated. Certain 2010 balances have been reclassified to conform to the 2011 presentation.
The unaudited financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations.
These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ending December 31, 2010. Operating results for the nine month period ended September 30, 2011 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2011. |
NOTES RECEIVABLE RELATED PARTY | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
NOTES RECEIVABLE RELATED PARTY | |
NOTES RECEIVABLE RELATED PARTY | NOTE D: NOTES RECEIVABLE RELATED PARTY
On September 30, 2011, the Company had a loan receivable plus accrued interest of $10,007,000 from Prime Income Asset Management, Inc. (PIAMI) a related party. The loan bears interest at the prime rate plus two percent and is due within 30 days following a demand by the Company. If no demand is made the note will become due on January 31, 2013.
While the notes receivable by their terms are demand notes the Company does not anticipate making demand on such notes during the next twelve months and has therefore not classified the notes as being a current asset. |
MA-6T/YI6@7G!7'?+Y)KI2^L*L(96;YTZ>(=@.&:I7](4P=IF1JF`,L9FN\!M
M,ELII<_682T;DDN/:-6+[XKHJLQ#?E0W/V2?T#S!C)50QU$YR5!S8'WG\ &ZE7$JR/X$4TB(W;
MS/[*9R(.^Q!M9BS4+2,3Q@ZL\AHB7OP7_L\#H)#]\G]02P,$%`````@`R5IN
M/WN&;&%P!0``UB$``!``'`!G8G(M,C`Q,3`Y,S`N>'-D550)``,Y0,%..4#!
M3G5X"P`!!"4.```$.0$``.U9W7/:.!!_OINY_T&7%S\90TEZ)0/M.&!29HB=
MP>1Z?>H(6Q#-"
CONTINGENCIES | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
CONTINGENCIES | |
CONTINGENCIES | NOTE E: CONTINGENCIES
Chesapeake Exploration Limited Partnership and Chesapeake Operating, Inc. (Chesapeake)
In January 2006, the Company entered into a joint operating agreement evidencing its acquisition of a 5% interest in two gas wells being drilled and ultimately operated by Chesapeake. The Company relied on the cost projections provided by Chesapeake to make its investment decision. Subsequent to its investment the Company received an invoice from Chesapeake for $556,217 which, according to Chesapeake, represents the Companys 5% share of additional costs incurred by Chesapeake in drilling the wells. The Company believes that these additional costs far exceed any reasonable expense that should have been incurred in drilling the two wells and were incurred without notifying the Company of such expenses. The Company has requested an accounting of the additional expenses and a reconciliation of the final costs to the cost estimates previously presented. In April 2007, Chesapeake filed a lawsuit against the Company and others in State District Court in Tarrant County, Texas.
In March 2011, Chesapeake received a summary judgment award for $686,874 plus legal fees. The Company has appealed the judges ruling. However, the Company has recorded the investment in the wells and the obligation to Chesapeake.
Yazoo Pipeline Company, LP and Sterling Exploration and Production Company (Sterling)
Sterling Exploration and Production Company was an oil and gas exploration and production company with offshore production and Yazoo Pipeline Company transported Sterlings and others oil and gas to shore for delivery to purchasers. On December 23, 2008, Sterling filed for Chapter 11 bankruptcy relief.
In 2009, we attempted to acquire Sterling and invested a total of approximately $400,000 including debtor in possession financing paid to Sterling and other expenses. In 2009, we wrote off $50,000 of our investment. In 2010, the potential acquisition was abandoned and in the second quarter of 2010, we wrote off the balance of our investment. The bankruptcy of Sterling was ultimately converted to a Chapter 7 filing.
In December 2010, the bankruptcy trustee filed a lawsuit against a number of parties including New Concept Energy, Inc with a variety of allegations including that we conspired with other defendants or aided and abetted others in a breach of fiduciary duty owed to the debtors of Sterling.
We are unaware of any misconduct on our part and see no merit to this case as it pertains to us.
Other
|
OPERATING SEGMENTS | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING SEGMENTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING SEGMENTS | NOTE F: OPERATING SEGMENTS
The following table reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations and total assets:
|
NATURE OF OPERATIONS | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | NOTE B: NATURE OF OPERATIONS
The Company operates oil and gas wells and mineral leases in Athens and Meigs Counties in Ohio and in Calhoun, Jackson and Roane Counties in West Virginia through its wholly owned subsidiaries Mountaineer State Energy, LLC and Mountaineer State Operations, LLC.
|