EX-99.2 3 a12-15044_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

 

Monthly Operating Report

 

 

 

CASE NAME: Cano Petro of New Mexico, Inc.

 

ACCRUAL BASIS

 

 

 

CASE NUMBER: 12-31550-bjh-11

 

 

 

 

 

JUDGE: Barbara 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 Petro of New Mexico, Inc.

 

ACCRUAL BASIS-1

 

 

 

CASE NUMBER: 12-31550-bjh-11

 

 

 

 

 

COMPARATIVE BALANCE SHEET

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

 

 

AMOUNT

 

3/31/2012

 

April 2012

 

May 2012

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

 

 

$

232,950

 

$

229,686

 

$

180,287

 

2.

RESTRICTED CASH

 

 

 

 

 

 

 

 

 

3.

TOTAL CASH (2)

 

$

0

 

$

232,950

 

$

229,686

 

$

207,581

 

4.

ACCOUNTS RECEIVABLE (NET)

 

$

375,000

 

$

531,000

 

$

289,000

 

$

200,000

 

5.

INVENTORY (5)

 

$

225,500

 

$

88,396

 

$

41,244

 

$

41,468

 

6.

NOTES RECEIVABLE

 

 

 

 

 

 

 

 

 

7.

PREPAID EXPENSES

 

 

 

$

89,523

 

$

312,271

 

$

156,296

 

8.

OTHER (1) MOR-1b

 

$

1,289,657

 

$

1,039,657

 

$

1,039,657

 

$

1,039,657

 

9.

TOTAL CURRENT ASSETS

 

$

1,890,157

 

$

1,981,526

 

$

1,911,858

 

$

1,617,708

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

78,163

 

$

81,560,243

 

$

81,560,243

 

$

81,560,243

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

 

 

$

72,692,284

 

$

72,759,200

 

$

72,820,157

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

78,163

 

$

8,867,959

 

$

8,801,043

 

$

8,740,086

 

13.

DUE FROM INSIDERS

 

 

 

 

 

 

 

 

 

14.

OTHER ASSETS — NET OF

 

 

 

 

 

 

 

 

 

 

AMORTIZATION (ATTACH LIST)

 

 

 

 

 

 

 

 

 

15.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

16.

TOTAL ASSETS

 

$

1,968,320

 

$

10,849,485

 

$

10,712,901

 

$

10,357,794

 

 

 

 

 

 

 

 

 

 

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

67,148

 

$

98,387

 

$

89,612

 

18.

TAXES PAYABLE (3)

 

 

 

$

41,233

 

$

63,650

 

$

37,310

 

19.

NOTES PAYABLE

 

 

 

 

 

 

 

 

 

20.

PROFESSIONAL FEES

 

 

 

 

 

 

 

 

 

21.

SECURED DEBT

 

 

 

 

 

 

 

 

 

22.

OTHER (MOR 1-c)

 

 

 

$

(19,693

)

$

(63,798

)

$

12,351

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

88,688

 

$

98,239

 

$

139,273

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT (4)

 

$

80,995,000

 

 

 

 

 

 

 

25.

PRIORITY DEBT (3)

 

$

153,344

 

$

153,344

 

$

100,060

 

$

74,373

 

26.

UNSECURED DEBT

 

$

216,886

 

$

216,886

 

$

216,886

 

$

216,886

 

27.

OTHER (MOR-1a)

 

 

 

$

66,080,712

 

$

66,080,712

 

$

66,080,712

 

28.

TOTAL PREPETITION LIABILITIES

 

$

81,365,230

 

$

66,450,942

 

$

66,393,869

 

$

66,371,971

 

29.

TOTAL LIABILITIES

 

$

81,365,230

 

$

66,535,576

 

$

66,495,896

 

$

66,511,244

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

(55,663,419

)

$

(55,663,419

)

$

(55,663,419

)

31.

POSTPETITION CUMULATIVE

 

 

 

 

 

 

 

 

 

 

PROFIT OR (LOSS)

 

 

 

$

(26,726

)

$

(119,576

)

$

(490,030

)

32.

DIRECT CHARGES TO EQUITY

 

 

 

 

 

 

 

 

 

 

(ATTACH EXPLANATION)

 

 

 

 

 

 

 

 

 

33.

TOTAL EQUITY

 

$

(79,396,910

)

$

(55,690,145

)

$

(55,782,995

)

$

(56,153,449

)

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

1,968,320

 

$

10,849,485

 

$

10,712,901

 

$

10,357,794

 

 

(1) Includes consolidated retainer of $250,000 for Cano Petroleum, Inc. and its related debtor entities

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

(3) Estimated severance taxes and ad valorem taxes.

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

(5) Estimated

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME: Cano Petro of New Mexico, Inc.

 

ACCRUAL BASIS-2

 

 

 

CASE NUMBER: 12-31550-bjh-11

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

3/8/2012 to 3/31/2012

 

April-12

 

May 2012

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES (1)

 

$

369,827

 

$

228,900

 

$

162,100

 

 

 

2.

LESS: RETURNS & DISCOUNTS

 

 

 

 

 

 

 

 

 

3.

NET REVENUE

 

$

369,827

 

$

228,900

 

$

162,100

 

$

0

 

COST OF GOODS SOLD

 

 

 

 

 

 

 

 

 

4.

MATERIAL

 

 

 

 

 

 

 

 

 

5.

DIRECT LABOR

 

 

 

 

 

 

 

 

 

6.

DIRECT OVERHEAD (LOE)

 

$

247,180

 

$

230,055

 

$

438,231

 

 

 

7.

TOTAL COST OF GOODS SOLD

 

$

247,180

 

$

230,055

 

$

438,231

 

$

0

 

8.

GROSS PROFIT

 

$

122,647

 

$

(1,155

)

$

(276,131

)

$

0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

 

 

 

 

 

 

 

 

10.

SELLING & MARKETING

 

 

 

 

 

 

 

 

 

11.

GENERAL & ADMINISTRATIVE

 

$

1,491

 

$

1,561

 

$

18,208

 

 

 

12.

RENT & LEASE

 

 

 

 

 

 

 

 

 

13.

OTHER (ATTACH LIST) MOR-2a

 

$

40,553

 

$

21,500

 

$

13,400

 

 

 

14.

TOTAL OPERATING EXPENSES

 

$

37,991

 

$

23,061

 

$

39,911

 

$

0

 

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

80,603

 

$

(24,216

)

$

(307,739

)

$

0

 

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

 

 

 

 

 

 

 

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

 

 

 

 

 

 

 

 

18.

INTEREST EXPENSE

 

$

23

 

$

868

 

$

879

 

 

 

19.

DEPRECIATION / DEPLETION

 

$

106,301

 

$

66,916

 

$

60,957

 

 

 

20.

AMORTIZATION

 

 

 

 

 

 

 

 

 

21.

OTHER (2) (ATTACH LIST) MOR-2b

 

$

680

 

$

850

 

$

879

 

 

 

22.

NET OTHER INCOME & EXPENSES

 

$

107,004

 

$

68,634

 

$

62,715

 

$

0

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

 

 

 

 

 

 

 

 

24.

U.S. TRUSTEE FEES

 

$

325

 

$

0

 

 

 

 

 

25.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

325

 

$

0

 

$

0

 

$

0

 

27.

INCOME TAX

 

 

 

 

 

 

 

 

 

28.

NET PROFIT (LOSS) (1)

 

$

(26,726

)

$

(92,850

)

$

(370,454

)

$

0

 

 

(1) Net of royalties, estimated and/ or paid.

(2) Estimated property taxes.

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME: Cano Petro of New Mexico, Inc.

 

ACCRUAL BASIS-3

 

 

 

CASE NUMBER: 12-31550-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)

 

$

0

 

$

232,950

 

$

229,686

 

$

0

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

2.

CASH SALES

 

 

 

 

 

 

 

 

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

3.

PREPETITION

 

$

299,097

 

 

 

 

 

$

299,097

 

4.

POSTPETITION

 

 

 

$

534,194

 

$

317,150

 

$

851,343

 

5.

TOTAL OPERATING RECEIPTS

 

$

299,097

 

$

534,194

 

$

317,150

 

$

1,150,440

 

NON-OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

6.

LOANS & ADVANCES (ATTACH LIST)

 

 

 

 

 

 

 

$

0

 

7.

SALE OF ASSETS

 

 

 

 

 

 

 

$

0

 

8.

OTHER (ATTACH LIST) MOR - 3a

 

 

 

$

12,239

 

 

 

$

12,239

 

9.

TOTAL NON-OPERATING RECEIPTS

 

$

0

 

$

12,239

 

$

0

 

$

12,239

 

10.

TOTAL RECEIPTS

 

$

299,097

 

$

546,433

 

$

317,150

 

$

1,162,680

 

11.

TOTAL CASH AVAILABLE

 

$

299,097

 

$

779,383

 

$

546,836

 

$

1,162,680

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

12.

NET PAYROLL

 

$

9,455

 

$

25,294

 

$

22,251

 

$

57,001

 

13.

PAYROLL TAXES PAID

 

$

957

 

$

2,126

 

$

1,626

 

$

4,709

 

14.

SALES, USE & OTHER TAXES PAID

 

 

 

$

57,073

 

$

66,306

 

$

119,591

 

15.

SECURED / RENTAL / LEASES

 

 

 

 

 

 

 

$

0

 

16.

UTILITIES (2)

 

 

 

$

270,977

 

 

 

$

270,977

 

17.

INSURANCE

 

 

 

 

 

 

 

$

0

 

18.

INVENTORY PURCHASES

 

 

 

 

 

 

 

$

0

 

19.

VEHICLE EXPENSES

 

 

 

 

 

 

 

$

0

 

20.

TRAVEL

 

 

 

 

 

 

 

$

0

 

21.

ENTERTAINMENT

 

 

 

 

 

 

 

$

0

 

22.

REPAIRS & MAINTENANCE

 

 

 

 

 

 

 

$

0

 

23.

SUPPLIES

 

 

 

 

 

 

 

$

0

 

24.

ADVERTISING

 

 

 

 

 

 

 

$

0

 

25.

OTHER (3) (ATTACH LIST) MOR -3 b

 

$

55,735

 

194,226.12

 

$

276,366

 

$

530,116

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

66,147

 

$

549,697

 

$

366,549

 

$

982,392

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

27.

PROFESSIONAL FEES

 

 

 

 

 

 

 

$

0

 

28.

U.S. TRUSTEE FEES

 

 

 

 

 

 

 

$

0

 

29.

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

$

0

 

30.

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

31.

TOTAL DISBURSEMENTS

 

$

66,147

 

$

549,697

 

$

366,549

 

$

982,392

 

32.

NET CASH FLOW

 

$

232,950

 

$

(3,264

)

$

(49,399

)

$

180,287

 

33.

CASH - END OF MONTH (1)

 

$

232,950

 

$

229,686

 

$

180,287

 

$

180,287

 

 

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

(2) April includes Utility Deposits totaling $78,746.

(3) Including royalties, estimated and/ or paid.

 


 

 

 

Monthly Operating Report

 

 

 

CASE NAME: Cano Petro of New Mexico, Inc.

 

ACCRUAL BASIS-4

 

 

 

CASE NUMBER: 12-31550-bjh-11

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

ACCOUNTS RECEIVABLE AGING

 

AMOUNT

 

3/31/2012

 

4/30/2012

 

5/31/2012

 

1.

0-30

 

$

375,000

 

$

531,000

 

$

289,000

 

$

200,000

 

2.

31-60

 

 

 

 

 

 

 

 

 

3.

61-90

 

 

 

 

 

 

 

 

 

4.

91+

 

 

 

 

 

 

 

 

 

5.

TOTAL ACCOUNTS RECEIVABLE

 

$

375,000

 

$

531,000

 

$

289,000

 

$

200,000

 

6.

AMOUNT CONSIDERED UNCOLLECTIBLE

 

 

 

 

 

 

 

 

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

375,000

 

$

531,000

 

$

289,000

 

$

200,000

 

 

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) MOR - 4a

 

$

13,400

 

$

21,500

 

 

 

 

 

$

34,900

 

5.

TOTAL TAXES PAYABLE

 

$

13,400

 

$

21,500

 

$

0

 

$

0

 

$

34,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

ACCOUNTS PAYABLE

 

$

89,612

 

 

 

 

 

 

 

$

89,612

 

 

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

 

$

1,531

 

$

879

 

 

 

$

2,410

 

13.

PERSONAL PROPERTY

 

 

 

 

 

 

 

 

 

14.

OTHER (ATTACH LIST) MOR - 4a

 

$

62,119

 

$

13,400

 

$

40,619

 

$

34,900

 

15.

TOTAL STATE & LOCAL

 

$

63,650

 

$

14,279

 

$

40,619

 

$

37,310

 

16.

TOTAL TAXES

 

$

63,650

 

$

14,279

 

$

40,619

 

$

37,310

 

 

*                 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 Petro of New Mexico, Inc.

ACCRUAL BASIS-5

 

 

CASE NUMBER: 12-31550-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

 

 

 

 

 

 

 

B.

ACCOUNT NUMBER:

 

31016243

 

 

 

 

 

 

 

C.

PURPOSE (TYPE):

 

Checking

 

 

 

 

 

TOTAL

 

1.

BALANCE PER BANK STATEMENT

 

$

0

 

 

 

 

 

$

0

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

 

 

 

 

 

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

90,790

 

 

 

 

 

$

90,790

 

4.

OTHER RECONCILING ITEMS

 

 

 

 

 

 

 

$

0

 

5.

MONTH END BALANCE PER BOOKS (1)

 

$

(90,790

)

 

 

 

 

$

(90,790

)

6.

NUMBER OF LAST CHECK WRITTEN

 

1010001502

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

$

(90,790

)

 

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

 


 

 

Monthly Operating Report

 

 

CASE NAME: Cano Petro of New Mexico, Inc.

ACCRUAL BASIS-6

 

 

CASE NUMBER: 12-31550-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.

 

 

 

 

 

 

 

 

2.

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO INSIDERS

 

 

 

$

0

 

$

0

 

 

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.

 

 

 

 

 

 

 

 

2.

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL

 

$

0

 

$

0

 

$

0

 

 


 

 

Monthly Operating Report

 

 

CASE NAME: Cano Petro of New Mexico, Inc.

ACCRUAL BASIS-7

 

 

CASE NUMBER: 12-31550-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.

 

A TOTAL OF $25,687.33 OF SEVERANCE TAX FOR MARCH 2012 WAS PAID IN MAY 2012.

 

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 time

Business Auto

 

ACE American Insurance

 

8/16/2011 to 8/16/2012

 

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

 

 

 


 

MOR-1a

 

PREPETITION

 

1160000000 Intercompany Receivable/Payable Account

 

(60,537,017

)

1160001001 Intercompany Receivable/Payable CC 1001

 

(3,825,728

)

1160001004 Intercompany Receivable/Payable CC 1004

 

(505

)

1160001005 Intercompany Receivable/Payable CC 1005

 

(88,659

)

 

 

(64,451,909

)

 

 

 

 

3800000000 Asset Retirement Obligation Short Term

 

(220,460

)

4800000000 Asset Retirement Obligation Long Term

 

(1,408,344

)

 

 

 

 

 

 

(1,628,803

)

 

 

 

 

Grand Total

 

(66,080,712

)

 


 

MOR-1b

 

Blanket Bond CD

 

25,000

 

Pioneer Bank CD Bond

 

250,000

 

Various Bonds

 

764,657

 

 

 

 

 

Total

 

1,039,657

 

 


 

MOR - 1C

 

March Inter company adjustments

 

(19,693

)

 

 

 

 

April Inter company adjustments

 

(63,732

)

 

 

 

 

May Inter company adjustments

 

12,351

 

 

 

 

 

 

 

(71,074

)

 


 

MOR-2a

 

March Severance Taxes

 

40,553

 

 

 

 

 

April Severance Taxes

 

21,500

 

 

 

 

 

May Severance Taxes (includes $8,303 adj. on march taxes)

 

13,400

 

 

 

 

 

Total

 

75,453

 

 


 

MOR-2b

 

Line 21 - Other

 

 

March 8 - 31 Ad Valorem tax Estimate

 

680

 

 

 

 

 

April 1 - 30 Ad Valorem tax Estimate

 

850

 

 

 

 

 

May 1 - 31 Ad Valorem tax Estimate

 

879

 

 

 

 

 

Total Post Petition Ad Valorem Taxes

 

2,410

 

 


 

MOR - 3a

 

Insurance check for Cato office

 

$

12,239

 

 


 

MOR-3b

 

Line 25 - Other Expenses

 

March 2012

 

 

 

 

 

 

 

LOE General

 

2,800

 

Royalty Checks - Dec 2011 & Jan 2012 Sales

 

52,935

 

 

 

55,735

 

 

 

 

 

April 2012

 

 

 

 

 

 

 

LOE General

 

177,577

 

Royalty Checks - Feb 2012 Sales

 

20,438

 

 

 

198,015

 

 

 

 

 

May 2012

 

 

 

LOE General

 

238,607

 

Royalty Checks -Mar 2012 Sales

 

37,759

 

 

 

 

 

LOE TOTAL

 

276,366

 

 


 

MOR 4a

 

April Estimated Severance taxes

 

$

21,500

 

May Estimated Severance taxes

 

$

13,400

 

Total Taxes Due

 

$

34,900