EX-99.1 2 a12-15044_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

 

JUDGE:  Barabara J. Houser

 

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN AND EASTERN

DISTRICT OF

TEXAS

 

DIVISION 6

 

MONTHLY OPERATING REPORT

 

MONTH ENDING: May 31st, 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:

 

/s/ John H. Homier

 

CFO

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY

 

TITLE

 

 

 

John H. Homier

 

6/20/2012

PRINTED NAME OF RESPONSIBLE PARTY

 

DATE

 

 

PREPARER:

 

/s/ Adrian Lamberti

 

Controller

ORIGINAL SIGNATURE OF PREPARER

 

TITLE

 

 

 

Adrian Lamberti

 

6/20/2012

PRINTED NAME OF PREPARER

 

DATE

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-1

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

COMPARATIVE BALANCE SHEET

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

AMOUNT

 

3/31/2012

 

April 2012

 

May 2012

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH (1)

 

$

697,796

 

$

496,004

 

$

141,380

 

$

(167,108

)

2.

RESTRICTED CASH

 

 

 

 

 

 

 

 

 

3.

TOTAL CASH

 

$

697,796

 

$

496,004

 

$

141,380

 

$

(167,108

)

4.

ACCOUNTS RECEIVABLE (NET)

 

 

 

 

 

 

 

 

 

5.

INVENTORY

 

 

 

 

 

 

 

 

 

6.

NOTES RECEIVABLE

 

 

 

 

 

 

 

 

 

7.

PREPAID EXPENSES

 

 

 

$

908,866

 

$

1,587,434

 

$

548,544

 

8.

OTHER (ATTACH LIST) (2) MOR-1 Exhibit A

 

$

350,000

 

$

130,402,889

 

$

128,952,142

 

$

128,808,472

 

9.

TOTAL CURRENT ASSETS

 

$

1,047,796

 

$

131,807,759

 

$

130,680,956

 

$

129,189,908

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

119,000

 

$

2,390,824

 

$

2,390,824

 

$

2,390,824

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

 

 

$

1,739,202

 

$

1,768,061

 

$

1,796,920

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

119,000

 

$

651,622

 

$

622,763

 

$

593,904

 

13.

DUE FROM INSIDERS

 

 

 

 

 

 

 

 

 

14.

OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)

 

 

 

 

 

 

 

 

 

15.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

16.

TOTAL ASSETS

 

$

1,166,796

 

$

132,459,381

 

$

131,303,719

 

$

129,783,812

 

 

 

 

 

 

 

 

 

 

 

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

29,391

 

$

97,343

 

$

15,860

 

18.

TAXES PAYABLE

 

 

 

 

 

 

 

 

 

19.

NOTES PAYABLE

 

 

 

 

 

 

 

 

 

20.

PROFESSIONAL FEES (5)

 

 

 

$

328,223

 

$

356,412

 

$

369,735

 

21.

SECURED DEBT (6)

 

 

 

$

365,050

 

$

459,903

 

$

477,144

 

22.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

722,664

 

$

913,658

 

$

862,738

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT (3)(4)

 

$

81,113,359

 

$

81,113,359

 

$

81,034,453

 

$

81,034,453

 

25.

PRIORITY DEBT

 

$

29,306

 

$

29,306

 

$

29,306

 

$

29,306

 

26.

UNSECURED DEBT

 

$

1,361,469

 

$

1,361,469

 

$

1,361,469

 

$

1,361,469

 

27.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

28.

TOTAL PREPETITION LIABILITIES

 

$

82,504,134

 

$

82,504,134

 

$

82,425,228

 

$

82,425,228

 

29.

TOTAL LIABILITIES

 

$

82,504,134

 

$

83,226,798

 

$

83,338,886

 

$

83,287,966

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

50,105,888

 

$

50,105,888

 

$

50,105,888

 

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(873,304

)

$

(2,141,056

)

$

(3,610,042

)

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

 

 

 

 

 

 

33.

TOTAL EQUITY

 

$

(81,337,338

)

$

49,232,584

 

$

47,964,832

 

$

46,495,846

 

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

1,166,796

 

$

132,459,382

 

$

131,303,719

 

$

129,783,812

 

 

(1) Cash at filing was listed as $697,795.79, but this total did not include transactions that Bank of Texas had not posted when the balance was obtained online in the afternoon of the day of the filing, March 7th, 2012. The true cash total was $590,434.12 and a reconciliation of the filed balance to the actual balance follows below:

 

Balance per filed schedule 03/07/2 012

 

697,795.79

 

Less Wire payments clearing on 3/7/2012

 

(65,816.00

)

Less Check payments clearing on 3/7/2012

 

(422.49

)

Less ACH payments clearing on 3/7/2012

 

(41,123.18

)

 

 

$

590,434.12

 

 

(2) Includes consolidated retainer of $250,000 for Thompson & Knight, $40,000 for Blackhill Partners and $66,800.00 for other contract employees Adjusted balance for bank at 03/07/2012

(3) Payment of insurance prepetition balance installments.

(4) For balance sheet purposes, the secured debt for Cano Petroleum, Inc. and its subsidiaries is carried in total by Cano Petroleum, Inc.

(5) Fee Application made by Thompson & Knight and Blackhill Partners for post petition services for March 8th through May 31st, 2012.

(6) Additional post petition interest expense recorded on secured debt for Union bank of California for March, April and May 2012 in line with their schedules.

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-2

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

INCOME STATEMENT

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

3/8/2012 to 3/31/2012

 

April 2012

 

May 2012

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

 

 

 

 

 

 

 

 

2.

LESS: RETURNS & DISCOUNTS

 

 

 

 

 

 

 

 

 

3.

NET REVENUE

 

$

0

 

$

0

 

$

0

 

$

0

 

COST OF GOODS SOLD

 

 

 

 

 

 

 

 

 

4.

MATERIAL

 

 

 

 

 

 

 

 

 

5.

DIRECT LABOR

 

 

 

 

 

 

 

 

 

6.

DIRECT OVERHEAD

 

 

 

 

 

 

 

 

 

7.

TOTAL COST OF GOODS SOLD

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

GROSS PROFIT

 

$

0

 

$

0

 

$

0

 

$

0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

20,046

 

$

52,930

 

$

77,285

 

 

 

10.

SELLING & MARKETING

 

 

 

 

 

 

 

 

 

11.

GENERAL & ADMINISTRATIVE

 

$

117,196

 

$

358,193

 

$

503,883

 

 

 

12.

RENT & LEASE

 

$

12,553

 

$

11,454

 

$

12,081

 

 

 

13.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

14.

TOTAL OPERATING EXPENSES

 

$

149,795

 

$

422,577

 

$

593,249

 

$

0

 

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

(149,795

)

$

(422,577

)

$

(593,249

)

$

0

 

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

 

 

 

 

 

 

 

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

 

 

 

 

 

 

 

 

18.

INTEREST EXPENSE (3)

 

$

365,050

 

$

459,903

 

$

477,144

 

 

 

19.

DEPRECIATION / DEPLETION

 

$

28,936

 

$

28,859

 

$

28,859

 

 

 

20.

AMORTIZATION

 

 

 

 

 

 

 

 

 

21.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

22.

NET OTHER INCOME & EXPENSES

 

$

393,986

 

$

488,762

 

$

506,003

 

$

0

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES (2)

 

$

328,223

 

$

356,412

 

$

369,735

 

 

 

24.

U.S. TRUSTEE FEES (1)

 

$

1,300

 

 

 

 

 

 

 

25.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

329,523

 

$

356,412

 

$

369,735

 

$

0

 

27.

INCOME TAX

 

 

 

 

 

 

 

 

 

28.

NET PROFIT (LOSS)

 

$

(873,304

)

$

(1,267,751

)

$

(1,468,986

)

$

0

 

 

Notes:

(1) Includes Q1 2012 Trustee Fees of $975 for Cano Petroleum Inc. and $325 for Tri-Flow Inc.

(2) Replaces estimated expenses for Blackill Partners of $125,000 post petition and $700,000 for Thompson and Knight - invoices were submitted 05/31/2012 for court approval covering the post filing period: 03/08/12 to 05/31/12.

(3) Additional interest expense recorded for the Union Bank of California Senior and Sub loans of $246,172 for March 8 to 31st, and a total of $307,715 for April 1st to 30th.

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-3

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

 

3/8/2012 to 3/31/2012

 

April-12

 

May 2012

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH - BEGINNING OF MONTH (1)

 

$

590,434

 

$

496,004

 

$

141,380

 

$

590,434

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

 

 

 

 

 

 

 

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

 

 

 

 

 

 

$

0

 

4.

POSTPETITION

 

 

 

 

 

 

 

$

0

 

5.

TOTAL OPERATING RECEIPTS

 

$

0

 

$

0

 

$

0

 

$

0

 

NON-OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

 

 

 

 

 

 

 

$

0

 

7.

SALE OF ASSETS

 

 

 

 

 

 

 

$

0

 

8.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

$

0

 

9.

TOTAL NON-OPERATING RECEIPTS

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

TOTAL RECEIPTS

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

TOTAL CASH AVAILABLE

 

$

590,434

 

$

496,004

 

$

141,380

 

$

590,434

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

12.

NET PAYROLL

 

$

8,362

 

$

18,888

 

$

2,868

 

$

30,118

 

13.

PAYROLL TAXES PAID

 

$

632

 

$

1,379

 

$

273

 

$

2,284

 

14.

SALES, USE & OTHER TAXES PAID

 

 

 

 

 

 

 

$

0

 

15.

SECURED / RENTAL / LEASES

 

$

9,405

 

$

30,929

 

$

21,633

 

$

61,967

 

16.

UTILITIES (3)

 

 

 

$

6,914

 

$

2,334

 

$

9,247

 

17.

INSURANCE

 

$

39,452

 

$

39,453

 

$

39,453

 

$

118,358

 

18.

INVENTORY PURCHASES

 

 

 

 

 

 

 

$

0

 

19.

VEHICLE EXPENSES

 

 

 

 

 

 

 

$

0

 

20.

TRAVEL

 

 

 

 

 

 

 

$

0

 

21.

ENTERTAINMENT

 

 

 

 

 

 

 

$

0

 

22.

REPAIRS & MAINTENANCE

 

 

 

$

410

 

 

 

$

410

 

23.

SUPPLIES

 

 

 

$

750

 

$

633

 

$

1,383

 

24.

ADVERTISING

 

 

 

 

 

 

 

$

0

 

25.

OTHER (ATTACH LIST) see MOR-3 Exhibit A

 

$

36,579

 

$

255,902

 

$

239,994

 

$

532,475

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

94,430

 

$

354,625

 

$

307,188

 

$

756,242

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

27.

PROFESSIONAL FEES

 

 

 

 

 

 

 

$

0

 

28.

U.S. TRUSTEE FEES

 

 

 

 

 

$

1,300

 

$

1,300

 

29.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

$

0

 

30.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

1,300

 

$

1,300

 

31.

TOTAL DISBURSEMENTS

 

$

94,430

 

$

354,625

 

$

308,488

 

$

757,542

 

32.

NET CASH FLOW

 

$

(94,430

)

$

(354,625

)

$

(308,488

)

$

(757,542

)

33.

CASH - END OF MONTH (2)

 

$

496,004

 

$

141,380

 

$

(167,108

)

$

(167,108

)

 

Notes:

(1) Cash at filing was listed as $697,795.79, but this total did not include transactions that Bank of Texas had not posted when the balance was obtained online in the afternoon of the day of the filing, March 7th, 2012. The true cash total was $590,434.12 and a reconciliation of the filed balance to the actual balance follows below:

 

Balance per filed schedule 03/07/2012

 

697,795.79

 

Less Wire payments clearing on 3/7/2012

 

(65,816.00

)

Less Check payments clearing on 3/7/2012

 

(422.49

)

Less ACH payments clearing on 3/7/2012

 

(41,123.18

)

Adjusted balance for bank at 03/07/2012

 

$

590,434.12

 

 

(2) Exclusive of cash sweep from zero balance accounts to concentration account at Cano Petroleum, Inc.

(3) April Includes deposits of $2,771.14 paid through approved utilities order

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-4

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

ACCOUNTS RECEIVABLE AGING

 

AMOUNT

 

3/8/2012 to 3/31/2012

 

April 2012

 

May 2012

 

1.

0-30

 

 

 

 

 

 

 

 

 

2.

31-60

 

 

 

 

 

 

 

 

 

3.

61-90

 

 

 

 

 

 

 

 

 

4.

91+

 

 

 

 

 

 

 

 

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

 

 

 

 

 

 

 

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

0

 

$

0

 

$

0

 

$

0

 

 

AGING OF POSTPETITION TAXES AND PAYABLES (1)

MONTH:

May 2012

 

 

 

 

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

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

15,860

 

 

 

 

 

 

 

$

15,860

 

 

STATUS OF POSTPETITION TAXES (1)

MONTH:

May 2012

 

 

 

 

BEGINNING

 

AMOUNT

 

 

 

ENDING

 

 

 

TAX

 

WITHHELD AND/

 

AMOUNT

 

TAX

 

 

 

LIABILITY*

 

0R ACCRUED

 

PAID

 

LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1.

WITHHOLDING**

 

 

 

 

 

 

 

 

 

2.

FICA-EMPLOYEE**

 

 

 

 

 

 

 

 

 

3.

FICA-EMPLOYER**

 

 

 

 

 

 

 

 

 

4.

UNEMPLOYMENT

 

 

 

 

 

 

 

 

 

5.

INCOME

 

 

 

 

 

 

 

 

 

6.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

7.

TOTAL FEDERAL TAXES

 

$

0

 

$

0

 

$

0

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8.

WITHHOLDING

 

 

 

 

 

 

 

 

 

9.

SALES

 

 

 

 

 

 

 

 

 

10.

EXCISE

 

 

 

 

 

 

 

 

 

11.

UNEMPLOYMENT

 

 

 

 

 

 

 

 

 

12.

REAL PROPERTY

 

 

 

 

 

 

 

 

 

13.

PERSONAL PROPERTY

 

 

 

 

 

 

 

 

 

14.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

15.

TOTAL STATE & LOCAL

 

$

0

 

$

0

 

$

0

 

$

0

 

16.

TOTAL TAXES

 

$

0

 

$

0

 

$

0

 

$

0

 

 

*                                        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 or deposit.

(1) Only taxes paid directly by Cano Petroleum, Inc. and its subsidiaries; taxes paid on their behalf by others (e.g. first purchasers and PEO — Resourcing Edge) are not shown

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-5

 

 

CASE NUMBER:  12-31549-bjh-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:

May 2012

 

BANK RECONCILIATIONS

 

 

 

 

Account #1

 

Account #2

 

Account #3

 

 

 

A.

BANK:

 

Bank of Texas N.A

 

Bank of Texas N.A

 

Bank of Texas N.A

 

 

 

B.

ACCOUNT NUMBER:

 

31012914

 

31013406

 

8094216003

 

 

 

C.

PURPOSE (TYPE):

 

Checking

 

Concentration

 

Debit Card

 

TOTAL

 

1.

BALANCE PER BANK STATEMENT

 

$

0

 

$

3,247,880

 

$

7,640

 

$

3,255,519

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

 

 

 

 

 

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

17,142

 

 

 

 

 

$

17,142

 

4.

OTHER RECONCILING ITEMS

 

 

 

 

 

 

 

$

0

 

5.

MONTH END BALANCE PER BOOKS (1)

 

$

(17,142

)

$

3,247,880

 

$

7,640

 

$

3,238,377

 

6.

NUMBER OF LAST CHECK WRITTEN

 

1001002039

 

N/A

 

N/A

 

 

 

 

INVESTMENT ACCOUNTS

 

 

 

 

DATE OF

 

TYPE OF

 

PURCHASE

 

CURRENT

 

BANK, ACCOUNT NAME & NUMBER

 

PURCHASE

 

INSTRUMENT

 

PRICE

 

VALUE

 

7.

 

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

11.

TOTAL INVESTMENTS

 

 

 

 

 

$

0

 

$

0

 

 

CASH

 

12.

CURRENCY ON HAND

 

 

 

 

 

 

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

13.

TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

$

3,238,377

 

 

(1) Includes effect of cash sweeps from zero balance accounts to concentration account at Cano Petroleum, Inc.

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-6

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

 

MONTH:

May 2012

 

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

 

 

 

 

 

 

 

 

 

 

TYPE OF

 

AMOUNT

 

TOTAL PAID

 

NAME

 

PAYMENT

 

PAID

 

TO DATE

 

1.

John Homier

 

Contract Payment

 

$

77,285

 

$

150,261

 

2.

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO INSIDERS

 

 

 

$

77,285

 

$

150,261

 

 

PROFESSIONALS

 

 

 

 

DATE OF COURT

 

 

 

 

 

 

 

TOTAL

 

 

 

 

ORDER AUTHORIZING

 

AMOUNT

 

AMOUNT

 

TOTAL PAID

 

INCURRED

 

NAME

 

PAYMENT

 

APPROVED

 

PAID

 

TO DATE

 

& UNPAID *

 

1.

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO PROFESSIONALS

 

$

0

 

$

0

 

$

0

 

$

0

 

 

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

 

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS

 

 

 

 

SCHEDULED

 

AMOUNTS

 

 

 

 

 

 

MONTHLY

 

PAID

 

TOTAL

 

 

 

 

PAYMENTS

 

DURING

 

UNPAID

 

NAME OF CREDITOR

 

DUE

 

MONTH

 

POSTPETITION

 

1.

Bro-Co, LLC

 

$

13,363

 

$

13,363

 

$

0

 

2.

Culberson Rental & Leasing Co. Inc(1)

 

$

3,949

 

$

7,810

 

$

(3,861

)

3.

Key Equipment & Finance Inc

 

$

377

 

$

377

 

$

0

 

4.

Tindall Record Storage

 

$

84

 

$

84

 

$

(0

)

5.

Pitney Bowes Global Financial (Quarterly Lease)

 

 

 

 

 

$

0

 

6.

TOTAL

 

$

17,773

 

$

21,633

 

$

(3,860

)

 

Notes:

 

1) Paid May and June leases

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Cano Petroleum, Inc.

ACCRUAL BASIS-7

 

 

CASE NUMBER:  12-31549-bjh-11

 

 

 

MONTH:

May -2012

 

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 POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES?

 

 

 

X

 

4.

HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD?

 

 

 

X

 

5.

HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY?

 

 

 

X

 

6.

ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

 

 

 

X

 

7.

ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE?

 

 

 

X

 

8.

ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

 

 

 

X

 

9.

ARE ANY OTHER POSTPETITION TAXES PAST DUE?

 

 

 

X

 

10.

ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?

 

 

 

X

 

11.

HAVE ANY PREPETITION 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.

 

 

 

 

 

 

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW.  ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

 

INSTALLMENT PAYMENTS

 

TYPE OF

 

 

 

 

 

PAYMENT AMOUNT

 

POLICY

 

CARRIER

 

PERIOD COVERED

 

& FREQUENCY

 

General Liability Insurance

 

ACE American Insurance

 

8/16/2011 to 8/16/2012

 

Fully paid at the

 

Business Auto

 

ACE American Insurance

 

8/16/2011 to 8/16/2012

 

time of preparation.

 

Umbrella

 

ACE Property & Casualty

 

8/16/2011 to 8/16/2012

 

 

 

Umbrella Extension

 

Gotham Insurance Company

 

8/16/2011 to 8/16/2012

 

 

 

Marine Insurance

 

AGCS Marine Insurance Co.

 

8/16/2011 to 8/16/2012

 

 

 

COW

 

Lloyds of London

 

8/16/2011 to 8/16/2012

 

 

 

 


 

CASE NAME:  Cano Petroleum, Inc.

 

CASE NUMBER:  12-31549-bjh-11

 

MOR-1 Exhibit A

 

1160000000 Intercompany Receivable/Payable Account

 

$

142,496,197

 

1160001003 Intercompany Receivable/Payable CC 1003

 

$

(8,727,761

)

1160001004 Intercompany Receivable/Payable CC 1004

 

$

1,751,441

 

1160001005 Intercompany Receivable/Payable CC 1005

 

$

(7,132,146

)

1160001010 Intercompany Receivable/Payable CC 1010

 

$

3,642,542

 

1160001011 Intercompany Receivable/Payable CC 1011

 

$

(3,243,717

)

Intercompany Adjustment

 

$

(424,928

)

2400000000 Goodwill

 

101,166.00

 

Thomson & Knight retainer

 

250,302.66

 

Contract employee retainers

 

55,375.00

 

Blackhill Partners retainer

 

40,000.00

 

 

 

128,808,471.91

 

 


 

CASE NAME: Cano Petroleum, Inc.

 

CASE NUMBER: 12-31549-bjh-11

 

MOR-3 Exhibit A

 

March 2012 Other

 

Officer Payment

 

20,046.25

 

Other contract staff

 

16,533.05

 

 

 

 

 

March Total Other Operating Disbursements

 

36,579.30

 

 

April 2012 Other

 

Other contract staff

 

98,320.80

 

Officer Payment

 

52,930.00

 

Bankruptcy Case Noticing in newspapers

 

68,229.78

 

IT Service provider

 

28,616.28

 

8k information services

 

6,997.28

 

Other general costs

 

807.73

 

 

 

 

 

April Total Other Operating Disbursements

 

255,901.87

 

 

May 2012 Other

 

Other contract staff

 

95,325.91

 

Officer

 

77,285.00

 

IT Service provider

 

16,706.82

 

8k information services

 

14,537.98

 

Bankruptcy Case Noticing in newspapers

 

12,965.20

 

HAAS Petroleum Engineering Services

 

12,000.00

 

Software licence fee for Image Now Software

 

8,742.27

 

Other general costs

 

2,430.70

 

 

 

 

 

May Total Other Operating Disbursements

 

239,993.88