EX-99.1 2 v445815_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

  )  
In re: ) Chapter 11
  )  
EMERALD OIL, INC., et al.,1 ) Case No. 16-10704
  )  
Debtors. ) (Jointly Administered)
  )  
     
EMERALD OIL, INC., ET AL., MONTHLY OPERATING REPORT FOR THE PERIOD ENDING JUNE 30, 2016
     
     
     
DEBTOR’S ADDRESS: 200 Columbine Street, Suite 500
  Denver, CO 80206
   
DEBTORS’ ATTORNEYS: Laura Davis Jones
  Colin R. Robinson
  Joseph M. Mulvihill
  Pachulski Stang Ziehl & Jones LLP
  919 North Market Street, 17th Floor
  P.O. Box 8705
  Wilmington, DE 19899-8705 (Courier 19801)
  Tel: (302) 652-4100
  Fax: (302) 652-4400
   
  ̵  and  ̵
   
  James H.M. Sprayregen, P.C. 
  Ryan Blaine Bennett (admitted pro hac vice)
  Travis M. Bayer (admitted pro hac vice)
  Kirkland & Ellis LLP
Kirkland & Ellis International LLP
  300 North LaSalle
  Chicago, IL 60654
  Tel: (312) 862-2000
  Fax: (312) 862-2200

 

 

1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, include: Emerald Oil, Inc. (9000); Emerald DB, LLC (2933); Emerald NWB, LLC (7528); Emerald WB LLC (8929); and EOX Marketing, LLC (4887). The location of the Debtors’ service address is: 200 Columbine Street, Suite 500, Denver, Colorado 80206.

 

 

 

 

REPORT PREPARER: Emerald Oil, Inc., et al.

 

GENERAL NOTES:

 

The Monthly Operating Report includes activity for the following Debtors:

 

Debtor Case Number
Emerald Oil, Inc. 16-10704
Emerald DB, LLC 16-10705
Emerald NWB, LLC 16-10706
Emerald WB LLC 16-10707
EOX Marketing, LLC 16-10708

 

This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States. In addition, the financial statements and supplemental information contained herein represent condensed combined information.

 

The unaudited consolidated financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and upon application of such procedures the financial information could be subject to material change.

 

The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment.

 

The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies, under penalty of perjury, that the information contained herein is complete, accurate and truthful to the best of my knowledge.

 

DATE: July 28, 2016  
  Ryan Smith
  Chief Financial Officer

  

 

 

  

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
  Reporting Period: June 2016

 

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month

 

Submit copy of report to any official committee appointed in the case.

 

        Document   Explanation   Affidavit/Supplement
REQUIRED DOCUMENTS   Form No.   Attached   Attached   Attached
Schedule of Cash Receipts and Disbursements   MOR-1   X        
Bank Reconciliation (or copies of debtor's bank reconciliations)   MOR-1a   X        
Schedule of Disbursements by Debtor Entity   MOR-1b   X        
Schedule of Professional Fees and Expenses Paid   MOR-1c   X        
Copies of bank statements   MOR-1d   X        
Cash disbursements journals   MOR-1e   X        
Statement of Operations   MOR-2   X        
Balance Sheet as of Petition Date   MOR-3a   X        
Balance Sheet as of Month End   MOR-3b   X        
Status of Postpetition Taxes   MOR-4a   X        
Copies of IRS Form 6123 or payment receipt           X    
Copies of tax returns filed during reporting period           X    
Summary of Unpaid Postpetition Debts   MOR-4b   X        
Listing of aged accounts payable   MOR-4b   X        
Accounts Receivable Reconciliation and Aging   MOR-5   X        
Debtor Questionnaire   MOR-5   X        

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

       
Signature of Debtor   Date  
       
       
Signature of Joint Debtor   Date  
       
/s/ Ryan Smith   7/29/16  
Signature of Authorized Individual*   Date  
       
       
Ryan Smith   CFO  
Printed Name of Authorized Individual   Title of Authorized Individual  

 

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 

MOR

(04/07)

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016
   

 

MOR - 1

Schedule of Cash Receipts and Disbursements (1)

For the Period June 1, 2016 through June 30, 2016

(Unaudited)

 

   Total Debtors 
     
Beginning Cash  $11,039,733 
      
Receipts:     
Gross Receipts (2)   6,272,869 
Total Receipts   6,272,869 
      
Disbursements (3):     
      
Operating Expenses   3,009,724 
Royalties   1,653,605 
Payroll, Payroll Taxes and Benefits   511,181 
Severance & Other Taxes   549,616 
Professional Fees   1,738,661 
Interest and Bank Fees   616,407 
Total Disbursements   8,079,194 
      
Net Cash Flow   (1,806,325)
      
Ending Cash Balance  $9,233,408 

 

Notes:

 

(1) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil. Due to the consolidated cash management reporting system, certain cash payments may be paid out of a legal entity that is different than the legal entity where the expenses were incurred. Total disbursements by entity are provided in Schedule 1b.

 

(2) Gross Receipts include receipts of revenue from the production of oil, natural gas and NGLs, including revenue receipts on properties in which the Debtors have joint ownership. The operating receipts are presented on a gross basis, which includes third party revenue that is subsequently disbursed by the Company to the working interest owners for their portion of the revenue.

 

(3) Disbursements are presented on a gross basis and include outstanding post-petition checks from operating accounts as of the reporting date.

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR-1a

Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash Disbursements Journal

For the Period June 1, 2016 through June 30, 2016

(Unaudited)

 

Bank Account Reconciliations and Cash Disbursements

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

 

Bank Statements

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors. The Debtors affirm that no bank accounts were closed during the current reporting period.

 

   16-10704   16-10708   16-10704   16-10704   16-10704 
Debtor  Emerald Oil, Inc.   EOX Marketing, LLC   Emerald Oil, Inc.   Emerald Oil, Inc.   Emerald Oil, Inc. 
Type  Operating   Operating   Utility   Employee Medical Claims   Professional Fees 
Account Number (last 4 digits only)   #0166   # 0112   # 4612   # 6810   # 7214 
                          
Balance Per Books  $1,250,406   $3,207,505   $3,756   $44,940   $4,726,801 
                          
Bank Balance  $4,181,595   $3,207,505   $3,756   $44,940   $4,726,801 
(+) Deposits in transit (attach list)   -    -    -    -    - 
(-) Outstanding checks (attach list)   2,931,189    -    -    -    - 
Other (attach explanation)   -    -    -    -    - 
Adjusted Bank Balance*  $1,250,406   $3,207,505   $3,756   $44,940   $4,726,801 

* Adjusted bank balance must equal balance per books

 

Checks Outstanding  Ck. #   Amount 
   213374    233.04 
    213386    1,938.81 
    213546    394.82 
    213769    263.44 
    213779    4,946.61 
    213790    642.25 
    213810    3,382.27 
    213823    118.33 
    213852    114.42 
    213869    150.53 
    213893    159.73 
    213935    5,107.83 
    213936    1,702.62 
    213952    473.28 
    213985    168.02 
    214128    937.39 
    214160    396.27 
    112916    193.23 
    112982    3,197.65 
    214197    224.23 
    214209    1,585.76 
    214220    570.63 
    214236    955.46 
    214238    103.81 
    214241    3,148.09 
    214247    100.97 
    214248    1,344.91 
    214287    115.84 
    214292    103.02 
    214341    3,638.62 
    214357    390.80 
    214383    3,483.93 
    214411    147.83 
    214415    4,705.81 
    214445    106.36 
    214497    7,691.22 
    214533    540.64 
    214543    221.69 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214565    229.65 
    214568    137.43 
    214574    348.30 
    214578    911.97 
    113025    504.00 
    113039    65.00 
    113060    6,171.50 
    113073    3,862.50 
    113076    103.96 
    113086    7,725.00 
    113088    7,974.50 
    113094    2,624.21 
    113103    201.56 
    113111    65.00 
    113116    15,264.50 
    113117    7,810.00 
    113119    157.50 
    113120    2,250.00 
    113125    14,890.00 
    113128    9,806.00 
    113129    51,413.96 
    113130    380.00 
    113131    435.83 
    113132    1,399.76 
    113133    78.75 
    113135    1,842.00 
    113136    15,674.44 
    113137    108,855.30 
    113138    731,830.76 
    113139    80.00 
    113140    8,400.00 
    113141    17,325.00 
    113142    308,305.19 
    113143    11,988.53 
    113144    52,845.03 
    113145    1,146.70 
    113146    4,206.00 
    113147    10,658.50 
    113148    1,898.95 
    113149    12,111.00 
    113150    5,547.75 
    214593    24,144.47 
    214594    29,152.86 
    214595    6,953.57 
    214596    1,621.96 
    214597    10,058.92 
    214599    563.28 
    214600    435.44 
    214601    492.24 
    214602    4,672.51 
    214603    9,623.20 
    214604    519.16 
    214605    176.73 
    214606    200.79 
    214607    829.82 
    214608    445,884.02 
    214609    333.06 
    214610    1,358.19 
    214611    194.71 
    214612    542.57 
    214613    4,033.03 
    214614    1,355.21 
    214615    109.92 
    214616    187.23 
    214617    107.47 
    214618    14,289.97 
    214619    5,716.19 
    214620    363.60 
    214621    1,112.52 
    214622    6,927.99 
    214623    2,158.93 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214624    591.05 
    214625    17,139.93 
    214626    7,038.35 
    214627    402.01 
    214628    1,892.98 
    214629    1,892.98 
    214630    1,959.05 
    214631    696.23 
    214632    165.43 
    214633    330.87 
    214634    530.93 
    214635    57,399.36 
    214636    4,694.72 
    214637    5,633.64 
    214638    13,528.18 
    214639    4,847.08 
    214640    10,663.01 
    214642    15,792.20 
    214643    1,498.32 
    214644    792.51 
    214645    772.27 
    214646    2,523.71 
    214647    102.72 
    214648    209.98 
    214649    104.88 
    214650    160.67 
    214651    160.69 
    214652    18,739.05 
    214654    1,675.51 
    214655    299.28 
    214656    107.20 
    214657    15,044.08 
    214658    5,503.39 
    214659    8,124.45 
    214660    8,284.94 
    214662    10,849.96 
    214663    105.36 
    214664    2,477.83 
    214665    131.50 
    214666    219.20 
    214667    104.24 
    214668    167.65 
    214669    1,612.37 
    214670    1,783.50 
    214671    627.46 
    214672    12,054.08 
    214673    182.74 
    214674    100.87 
    214675    512.32 
    214676    145.04 
    214677    3,275.48 
    214678    100.87 
    214679    104.21 
    214680    217.76 
    214681    174.29 
    214682    172.81 
    214683    217.75 
    214684    5,251.03 
    214685    120.25 
    214686    100.87 
    214687    428.12 
    214688    781.13 
    214689    297.28 
    214690    2,784.76 
    214691    119.22 
    214692    1,638.43 
    214693    252.26 
    214694    632.60 
    214695    7,588.76 
    214696    1,734.31 
    214697    106.80 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214698    1,399.12 
    214699    2,050.52 
    214700    297.28 
    214701    1,129.66 
    214702    202.34 
    214703    108.40 
    214704    119.22 
    214705    259.44 
    214706    1,483.60 
    214707    416.45 
    214708    123.49 
    214709    123.49 
    214710    308.70 
    214711    389.19 
    214712    867.83 
    214713    1,483.59 
    214714    131.49 
    214715    101.09 
    214716    220.91 
    214717    5,374.66 
    214718    327.32 
    214719    185.24 
    214720    5,541.15 
    214721    3,677.77 
    214722    928.73 
    214723    243.75 
    214724    119.22 
    214725    202.34 
    214726    167.65 
    214727    512.34 
    214728    106.77 
    214729    397.18 
    214730    104.24 
    214731    374.73 
    214732    252.27 
    214733    106.64 
    214734    119.55 
    214735    4,179.52 
    214736    185.24 
    214737    106.65 
    214738    140.90 
    214739    104.21 
    214740    397.18 
    214741    183.21 
    214742    214.52 
    214743    210.08 
    214744    7,847.54 
    214745    126.73 
    214746    101.92 
    214747    100.37 
    214748    94.39 
    214749    1,004.99 
    214750    485.87 
    214751    248.72 
    214752    217.75 
    214753    1,863.98 
    214754    100.37 
    214755    122.56 
    214756    114.27 
    214757    512.33 
    214758    405.66 
    214759    116.71 
    214760    297.88 
    214761    123.49 
    214762    1,229.88 
    214763    100.38 
    214764    106.64 
    214765    116.68 
    214766    3,989.97 
    214767    312.91 
    214768    187.22 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214769    187.22 
    214770    328.74 
    214771    208.92 
    214772    169.83 
    214773    622.50 
    214774    9,369.58 
    214775    1,590.13 
    214776    1,590.13 
    214777    185.24 
    214778    432.16 
    214779    1,278.35 
    214780    887.27 
    214781    624.10 
    214782    887.27 
    214783    1,828.72 
    214785    5,223.79 
    214786    149.83 
    214787    233.71 
    214788    4,945.66 
    214789    6,490.38 
    214790    6,312.89 
    214791    2,477.83 
    214792    2,523.93 
    214793    2,497.50 
    214794    14,093.08 
    214795    6,543.00 
    214796    6,543.00 
    214797    6,543.00 
    214798    590.24 
    214799    4,186.36 
    214800    1,653.98 
    214801    1,550.00 
    214802    1,550.00 
    214803    1,035.63 
    214804    996.52 
    214805    996.52 
    214806    1,006.86 
    214807    996.52 
    214808    1,006.86 
    214809    996.52 
    214810    6,512.24 
    214811    2,170.80 
    214812    2,170.80 
    214813    2,232.75 
    214814    3,725.45 
    214815    187.69 
    214816    2,736.27 
    214817    1,840.88 
    214818    1,414.82 
    214819    581.39 
    214820    343.75 
    214821    210.32 
    214822    392.30 
    214823    490.54 
    214824    408.77 
    214825    490.54 
    214826    1,584.90 
    214827    110.45 
    214828    687.53 
    214829    272.54 
    214830    229.43 
    214831    408.77 
    214832    3,488.48 
    214833    272.54 
    214834    581.39 
    214835    272.54 
    214836    110.47 
    214837    182.25 
    214838    182.24 
    214839    272.54 
    214840    891.97 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214841    581.39 
   214842    343.75 
    214843    1,744.20 
    214844    581.39 
    214845    135.17 
    214846    891.98 
    214847    142.27 
    214848    581.39 
    214849    227.82 
    214850    222.99 
    214851    272.54 
    214852    408.79 
    214853    5,183.18 
    214854    229.44 
    214855    272.53 
    214856    5,183.18 
    214857    917.72 
    214858    187.69 
    214859    581.39 
    214860    272.54 
    214861    884.52 
    214862    200.72 
    214863    272.54 
    214864    227.82 
    214865    581.39 
    214866    3,455.45 
    214867    102.44 
    214868    280.40 
    214869    129.32 
    214870    4,360.58 
    214871    280.40 
    214872    272.54 
    214873    408.77 
    214874    272.54 
    214875    581.39 
    214876    222.99 
    214877    272.54 
    214878    234.63 
    214879    3,455.45 
    214880    104.91 
    214881    104.89 
    214882    137.90 
    214883    167.50 
    214884    577.14 
    214885    597.30 
    214886    224.00 
    214887    1,229.69 
    214888    1,194.63 
    214889    224.00 
    214890    396.03 
    214891    224.00 
    214892    1,154.22 
    214893    865.92 
    214894    14,749.36 
    214895    2,736.27 
    214896    14,488.63 
    214897    577.14 
    214898    597.30 
    214899    1,154.22 
    214900    1,154.22 
    214901    396.03 
    214902    224.00 
    214903    298.68 
    214904    597.31 
    214905    384.72 
    214906    597.29 
    214907    551.36 
    214908    1,602.21 
    214909    410.24 
    214910    698.52 
    214911    560.12 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214912    129.66 
    214913    560.12 
    214914    129.66 
    214915    420.11 
    214916    560.12 
    214917    1,680.47 
    214918    1,680.47 
    214919    420.11 
    214920    420.11 
    214921    1,680.47 
    214922    1,408.18 
    214923    420.11 
    214925    14,781.41 
    214926    129.05 
    214927    176.09 
    214928    210.76 
    214929    176.09 
    214930    234.77 
    214931    176.09 
    214932    181.44 
    214933    359.39 
    214934    114.03 
    214935    1,154.22 
    214936    1,194.63 
    214937    3,429.64 
    214938    346.22 
    214939    232.60 
    214940    386.39 
    214941    2,828.58 
    214942    2,828.58 
    214943    1,885.69 
    214944    1,885.68 
    214945    1,885.68 
    214946    5,657.16 
    214947    192.89 
    214948    3,729.06 
    214949    194.56 
    214950    1,909.98 
    214951    124.25 
    214952    124.25 
    214953    4,433.84 
    214954    706.69 
    214955    4,433.84 
    214956    3,347.45 
    214957    222.26 
    214958    491.69 
    214959    519.16 
    214960    107.76 
    214961    1,424.40 
    214962    3,347.45 
    214963    106.63 
    214964    326.29 
    214965    317.13 
    214966    326.29 
    214967    241.06 
    214968    2,797.35 
    214969    817.64 
    214970    182.24 
    214971    269.56 
    214972    12,377.58 
    214973    184.94 
    214974    694.15 
    214975    288.54 
    214976    288.54 
    214977    288.55 
    214978    288.54 
    214979    1,379.90 
    214980    1,408.07 
    214981    445.95 
    214982    445.95 
    214983    2,653.85 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   214984    2,580.29 
    214985    6,049.56 
    214986    778.22 
    214987    53,628.49 
    214988    9,262.43 
    214989    9,262.43 
    214990    163.96 
    214991    5,013.84 
    214992    11,673.35 
    214993    831.36 
    214994    1,751.21 
    214995    3,286.32 
    214996    103.73 
    214997    206.01 
    214998    206.01 
    214999    206.01 
    215000    103.73 
    215001    200.23 
    215002    154.53 
    215003    200.23 
    215004    150.19 
    215005    206.01 
    215006    520.5 
    215007    5298 
    215008    392.54 
    215009    185.48 
    215010    169.03 
    215011    304.47 
    215012    131.44 
    215013    124.55 
    215014    228.34 
    215015    0.1 
    215016    290.13 
    215017    896.35 
    215018    304.47 
    215019    2275.68 
    215020    2275.68 
    215023    100.22 
    215024    798.94 
    215025    5541.14 
    215026    2067.4 
    215027    440.43 
    215028    240.24 
    215029    164.72 
    215030    435.44 
    215031    278.69 
    215032    3637.34 
    215033    928.73 
    215034    413.33 
    215035    117.69 
    215036    3455.45 
    215037    1294.74 
    215038    1180.54 
    215039    758.07 
    215040    758.07 
    215041    1751.2 
    215042    758.07 
    215043    1727.54 
    215044    197.94 
    215045    1180.54 
    215046    100.6 
    215047    1151.71 
    215048    197.94 
    215049    1151.71 
    215050    194.32 
    215051    906.7 
    215052    194.32 
    215053    197.94 
    215054    197.94 
    215055    3735.48 
    215056    216.97 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   215057    216.98 
    215058    2810.47 
    215059    780.37 
    215060    780.37 
    215061    780.37 
    215062    780.37 
    215063    13150.19 
    215064    269.56 
    215065    109.69 
    215066    202.16 
    215067    126.78 
    215068    197.2 
    215069    127.97 
    215070    109.68 
    215071    106.97 
    215072    109.69 
    215073    97.62 
    215074    97.62 
    215075    262.95 
    215076    97.62 
    215077    97.62 
    215078    1516.55 
    215079    361.56 
    215080    778.22 
    215081    486.39 
    215082    486.39 
    215083    510.12 
    215084    486.39 
    215085    253.07 
    215086    253.07 
    215087    253.07 
    215088    316.34 
    215089    316.34 
    215090    316.34 
    215091    316.29 
    215092    271.15 
    215093    221.31 
    215094    221.31 
    215095    221.31 
    215096    221.31 
    215097    221.31 
    215098    194.78 
    215099    194.78 
    215100    194.78 
    215101    162.13 
    215102    162.13 
    215103    162.13 
    215104    109.42 
    215105    112.43 
    215106    1638.43 
    215107    273.16 
    215108    577.14 
    215109    577.15 
    215110    16181.52 
    215111    519.16 
    215112    823.61 
    215113    427.09 
    215114    2158.93 
    215115    104.84 
    215116    104.84 
    215117    140.02 
    215118    140.02 
    215119    140.02 
    215120    140.02 
    215121    105.57 
    215122    2653.85 
    215123    141.41 
    215124    143.34 
    215125    106.43 
    215126    106.43 
    215127    106.43 

 

FORM MOR-1a
(04/07)

 

 

 

 

Checks Outstanding  Ck. #   Amount 
   215128    6597.13 
    215129    106.43 
    215130    136.72 
    215131    696.41 
    215132    225.58 
    215133    225.58 
    215134    225.58 
    215135    289.09 
    215136    1993.66 
    215137    355.1 
    215138    354.81 
    215139    128.43 
    215140    408.79 
    1475    5757.34 
         2,931,189.03 

 

FORM MOR-1a
(04/07)

 

 

 

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 1 – 30, 2016

 

                     July 28, 2016

 

Office of the United States Trustee

 

Subject: Declaration Regarding Bank Account Reconciliations – MOR1a (June)

 

The debtors, Emerald Oil, Inc. et al., submit this a declaration regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations.

 

The debtors have, on a timely basis, performed all bank account reconciliation in the ordinary course of its business. Copies of bank account statements and reconciliations are available for inspection upon request by the United States Trustee’s Office.

 

Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

 

  /s/ Ryan Smith
  Name:  Ryan Smith
  Position:  Chief Financial Officer

 

 

 

  

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR - 1b

Schedule of Disbursements by Debtor Entity

For the Period June 1, 2016 through June 30, 2016

Unaudited

          Allocation  
    Total Disbursements     Emerald Oil, Inc.     Emerald 
DB, LLC		     Emerald 
NWB, LLC		     Emerald WB,
LLC		     EOX Marketing,
LLC		     On Behalf of 3rd
Parties		  
          16-10704     16-10705     16-10706     16-10707     16-10708        
                                           
Trade   $ 2,839,597 (2)   $ 228,038     $ -     $ 1,175,185     $ 641,908     $ 4,040     $ 790,427  
Severance Taxes     549,616 (2)     -       -       247,707       135,302       -       166,607  
Royalties and other WI     1,653,605     -       -       -       -       -       1,653,605  
Payroll, Payroll Taxes and Benefits     511,181 (3)     511,181       -       -       -       -       -  
Rent & Utilities     52,963 (4)     52,963       -       -       -       -       -  
Other     117,163 (5)     117,163       -       -       -       -       -  
Professional fees     1,738,661 (6)     1,738,661       -       -       -       -       -  
Interest and Bank Fees     616,407 (7)     615,418       -       -       -       989       -  
                                                         
Total:   $ 8,079,194     $ 3,263,424     $ -     $ 1,422,892     $ 777,210     $ 5,029     $ 2,610,639  

 

Notes:

 

(1) Debtor in possession financing agreement was entered into by Emerald Oil, Inc.

 

(2) Allocated to the Debtors based on the estimate ownership of the underlying working interest in the properties.

 

(3) All individuals employed by Emerald Oil, Inc.

 

(4) Corporate office lease engaged by Emerald Oil, Inc.

 

(5) "Other' represents Insurance, which includes general commercial liability, workers’ compensation and employee benefits, allocated to Emerald Oil, Inc. as the covered items are directly related to the debtor entity.

 

(6) Debtor Professionals employed by Emerald Oil, Inc.

 

(7) Revolving Credit Agreement and related fees/interest were entered into by Emerald Oil, Inc.

 

FORM MOR-1b
(04/07)

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR - 1c

Schedule of Professional Fees and Expenses Paid (1)

For the Period June 1, 2016 through June 30, 2016

(Unaudited)

 

             Check  Amount Paid 
Payee  Period Covered  Amount Approved   Payor  Number   Date  Fees   Expenses 
Debtor Bankruptcy Professionals                             
Kirkland & Ellis LLP  3/23/16 - 4/30/16  $731,831   Emerald Oil, Inc.   113138   6/30/2015   713,092.80   $18,738 
Donlin Rencano & Company (Notice)      -               -    - 
Donlin Rencano & Company (Admin)      -               -    - 
Intrepid Financial Partners, LLC  3/23/16 - 4/30/16   108,855   Emerald Oil, Inc.   113137   6/30/2016   90,000    18,855 
Opportune LLP  3/23/16 - 4/30/16   409,224   Emerald Oil, Inc.   Various   Various   385,010    24,214 
Pachulski Stang Ziehl &Jones LLP      -               -    - 
BDO LLP      -               -    - 
                              
Debtor Ordinary Course Professionals      -               -    - 
EKS&H LLP      -               -    - 
Fredrickson & Byron, P.A.      -               -    - 
Vogel Law Firm  3/24/16 - 4/27/16   526   Emerald Oil, Inc.   113122   6/23/2016   526     N/A  
Husch Blackwell LLP  3/24/16 - 4/27/16   28   Emerald Oil, Inc.   113100   6/23/2016   28     N/A  
Taylor Anderson LLP      -               -    - 
Mayer Brown LLP  3/28/16 - 4/15/16   10,368   Emerald Oil, Inc.   113106   6/23/2016   10,368     N/A  
                              
Lender Professionals                             
Luskin, Stern & Eisler LLP      -               -    - 
Vinson & Elkins LLP  4/1/16 - 4/30/16   339,704   Emerald Oil, Inc.   113089   6/16/2016   337,453    2,251 
Womble Carlyle Sandridge & Rice, LLP      -               -    - 
FTI Consulting, Inc.  5/1/16 - 5/31/16   138,126   Emerald Oil, Inc.   113099   6/23/2016   138,126     N/A  
                              
UCC Professionals                             
Akin Gump Strauss Hauer & Feld LLP      -               -    - 
Whiteford, Taylor & Preston LLC      -               -    - 
Houlihan Lokey, Inc.      -               -    - 
                              
Total    $1,738,661              $1,674,603   $64,059 

 

Notes:

(1) Professional payments listed herein include payments made by the Debtors to retained professionals.

 

FORM MOR-1b
(04/07)

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR - 2

Debtor Statement of Operations (1) (2)

For the Period June 1, 2016 through June 30, 2016

(Unaudited)

 

Case #     16-10704   16-10707   16-10706   16-10705   16-10708         
                            
Debtors (3):     Emerald Oil,
Inc.		   Emerald WB,
LLC		   Emerald NWB,
LLC		   Emerald DB,
LLC		   EOX Marketing,
LLC		   Eliminations (5)   Total Debtors 
           (4)   (4)                 
                                 
REVENUES, NET OF TRANSPORTATION EXPENSES                                     
Oil Sales    $-   $3,774,376   $-   $-   $5,686,448   $(5,686,448)  $3,774,376 
Natural Gas Sales     -    (133,166)   -    -    -    -    (133,166)
      -    3,641,210    -    -    5,686,448    (5,686,448)   3,641,210 
OPERATING EXPENSES                                     
Cost of Sales     -    -    -    -    5,582,826    (5,582,826)   - 
Production Expenses     -    1,595,509    -    -    -    -    1,595,509 
Production Taxes     -    377,262    -    -    -    -    377,262 
General and Administrative Expenses     575,321    -    -    -    -    -    575,321 
Depletion of Oil and Natural Gas Properties     -    1,390,062    -    -    -    -    1,390,062 
Impairment Expense     -    -    -    -    -    -    - 
Depreciation and Amortization     67,872    -    -    -    -    -    67,872 
Accretion of Discount on Asset Retirement Obligations     -    70,854    -    -    -    -    70,854 
Total Expenses     643,193    3,433,687    -    -    5,582,826    (5,582,826)   4,076,880 
                                      
INCOME (LOSS) FROM OPERATIONS     (643,193)   207,523              103,622    (103,622)   (435,670)
                                      
OTHER INCOME (EXPENSE)                                     
Interest Expense     (2,011,494)   -    -    -    -    -    (2,011,494)
Reorganization Items     (1,887,939)   -    -    -    -    -    (1,887,939)
Total Other Expense, Net     (3,899,433)   -    -    -    -    -    (3,899,433)
                                      
INCOME BEFORE INCOME TAXES     (4,542,626)   207,523    -    -    103,622    (103,622)   (4,335,103)
                                      
INCOME TAX BENEFIT     -    -    -    -    -    -    - 
                                      
NET LOSS    $(4,542,626)  $207,523   $-   $-   $103,622   $(103,622)  $(4,335,103)

 

Notes:  

 

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, and is unaudited and subject to future adjustment. Certain totals may not sum due to rounding.

 

(2) The Statement of Operations is prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

 

(3) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

 

(4) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

 

(5) The crude oil purchases by EOX Marketing, LLC, from Emerald Oil, Inc., are eliminated for consolidation purposes.

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
 Debtor Reporting Period: June 2016

 

MOR - 3a

Debtor Balance Sheets (1)

As of the Petition Date (2)

(Unaudited)

 

Case #   16-10704   16-10707   16-10706   16-10705   16-10708         
                               
Debtors (3):  Emerald Oil,
Inc.		   Emerald WB,
LLC (4)		   Emerald NWB,
LLC (4)		   Emerald DB,
LLC		   EOX Marketing,
LLC		   Eliminations (8)   Total Debtors 
                               
ASSETS                                     
CURRENT ASSETS                                     
Cash and Cash Equivalents    $435,528   $-   $-   $-   $3,100,307   $-   $3,535,835 
Accounts Receivable — Oil and Natural Gas Sales     1,957,354    -    -    -    -    -    1,957,354 
Accounts Receivable — Joint Interest Partners     5,852,643    -    -    -    -    -    5,852,643 
Other Receivables     700,705    -    -    -    31,871    -    732,576 
Intercompany Receivable     3,018,861    -    -    -    -    (3,018,861)   - 
Prepaid Expenses and Other Current Assets     1,734,745    -    -    -    -    -    1,734,745 
Total Current Assets     13,699,836    -    -    -    3,132,178    (3,018,861)   13,813,153 
                                      
PROPERTY AND EQUIPMENT                                     
Oil and Natural Gas Properties, Full Cost Method                                     
Proved Oil and Natural Gas Properties     -    733,069,244    -    -    -    -    733,069,244 
Unproved Oil and Natural Gas Properties     -    79,272,070    -    -    -    -    79,272,070 
Equipment and Facilities     987,311    14,552,936    -    -    -    -    15,540,247 
Other Property and Equipment     3,483,025    -    -    -    -    -    3,483,025 
Total Property and Equipment     4,470,336    826,894,250    -    -    -         831,364,586 
Less - Accumulated Depreciation, Depletion and Amortization     (1,406,996)   (588,210,892)   -    -    -    -    (589,617,888)
Total Property and Equipment, Net     3,063,340    238,683,358    -    -    -         241,746,698 
Debt Issuance Costs, Net of Amortization     2,697,568    -    -    -    -    -    2,697,568 
Deferred Tax Asset, net     1,813,561    -    -    -    -    -    1,813,561 
Other Non-Current Assets     290,084    -    -    -    -    -    290,084 
Total Assets    $21,564,389   $238,683,358   $-   $-   $3,132,178   $(3,018,861)  $260,361,064 
                                      
LIABILITIES AND STOCKHOLDERS' EQUITY                                     
                                      
LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)                                     
Intercompany Payables    $-   $-   $-   $-   $3,018,861   $(3,018,861)  $- 
Account Payable     42,542,980    -    -    -    29,673    -    42,572,653 
Accrued Expenses     5,473,146    -    -    -    264,138    -    5,737,284 
Priority Debt (5)     -    -    -    -    -    -    - 
Revolving Credit Facility     111,678,151    -    -    -    -    -    111,678,151 
Convertible Senior Notes     148,500,000    -    -    -    -    -    148,500,000 
Advances from Joint Interest Partners     726,710    -    -    -    -    -    726,710 
Asset Retirement Obligations     4,582,522    -    -    -    -    -    4,582,522 
Warrant Liability     94,000    -    -    -    -    -    94,000 
Deferred Tax Liability, net     1,813,561    -    -    -    -    -    1,813,561 
Other Liabilities     -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise     315,411,070    -    -    -    3,312,672    (3,018,861)   315,704,881 
                                      
Commitments and Contingencies                                     
                                      
Series B Voting Preferred Stock (6)     256    -    -    -    -    -    256 
                                      
STOCKHOLDERS' EQUITY                                     
Common Stock (7)     9,583    -    -    -    -    -    9,583 
Additional Paid-In Capital     273,945,998    238,683,358    -    -    -    -    512,629,356 
Accumulated Deficit     (567,802,519)   -    -    -    (180,493)   -    (567,983,012)
Total Stockholders' Equity     (293,846,938)   238,683,358    -    -    (180,493)   -    (55,344,073)
Total Liabilities and Stockholders' Equity    $21,564,389   $238,683,358   $-   $-   $3,132,178   $(3,018,861)  $260,361,064 

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
 Debtor Reporting Period: June 2016

 

MOR - 3a

Debtor Balance Sheets (1)

As of the Petition Date (2)

(Unaudited)

 

Notes:    

 

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, is unaudited and may not be prepared in accordance with US GAAP and is subject to future adjustment. Certain totals may not sum due to rounding.

 

(2) The petition date was March 22, 2016.

 

(3) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

 

(4) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

 

(5) While the amount of priority debt as of the petition date is zero, this does not reflect potential liabilities. The amount of these potential liabilities are unknown at this time.

 

(6) 255,732 issued and outstanding with a liquidation preference value of $256 as of the petition date.

 

(7) Par Value $.001, 500,000,000 shares authorized, 9,582,970 shares issued and outstanding.

 

(8) Intercompany balances between EOX Marketing, LLC and Emerald Oil, Inc., are eliminated for consolidation purposes.

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR - 3b

Debtor Balance Sheets (1)

As of June 30, 2016

(Unaudited)

 

Case #  16-10704   16-10707   16-10706   16-10705   16-10708         
                             
Debtors (2):  Emerald Oil,
Inc.		   Emerald WB,
LLC (3)		   Emerald NWB,
LLC (3)		   Emerald DB,
LLC		   EOX Marketing,
LLC		   Eliminations
(7)		   Total Debtors 
                             
ASSETS                                   
CURRENT ASSETS                                   
Cash and Cash Equivalents  $6,025,903   $-   $-   $-   $3,207,505   $-   $9,233,408 
Accounts Receivable — Oil and Natural Gas Sales   4,413,534    -    -    -    -    -    4,413,534 
Accounts Receivable — Joint Interest Partners   5,323,597    -    -    -    -    -    5,323,597 
Other Receivables   1,398,207    -    -    -    33,852    -    1,432,059 
Intercompany Receivables   3,108,939    -    -    -    -    (3,108,939)   - 
Prepaid Expenses and Other Current Assets   1,487,565    -    -    -    -    -    1,487,565 
Total Current Assets   21,757,745    -    -    -    3,241,357    (3,108,939)   21,890,163 
                                    
PROPERTY AND EQUIPMENT                                   
Oil and Natural Gas Properties, Full Cost Method                                   
Proved Oil and Natural Gas Properties   -    780,302,468    -    -    -    -    780,302,468 
Unproved Oil and Natural Gas Properties   -    32,095,591    -    -    -    -    32,095,591 
Equipment and Facilities   987,311    14,429,022    -    -    -    -    15,416,333 
Other Property and Equipment   3,483,025    -    -    -    -    -    3,483,025 
Total Property and Equipment   4,470,336    826,827,081    -    -    -         831,297,417 
Less - Accumulated Depreciation, Depletion and Amortization   (1,633,929)   (667,519,667)   -    -    -    -    (669,153,596)
Total Property and Equipment, Net   2,836,407    159,307,414    -    -    -         162,143,821 
Debt Issuance Costs, Net of Amortization   2,392,169    -    -    -    -    -    2,392,169 
Deferred Tax Asset, net   1,813,561    -    -    -    -    -    1,813,561 
Other Non-Current Assets   512,236    -    -    -    -    -    512,236 
Total Assets  $29,312,118   $159,307,414   $-   $-   $3,241,357   $(3,108,939)  $188,751,950 
                                    
LIABILITIES AND STOCKHOLDERS' EQUITY                                   
CURRENT LIABILITIES                                   
Accounts Payable  $3,951,423   $-   $-   $-   $-   $-   $3,951,423 
Debtor-in-possession financing   90,500,000    -    -    -    -    -    90,500,000 
Accrued Expenses   -    -    -    -    543,418    -    543,418 
Professional Fees   4,809,812    -    -    -    -    -    4,809,812 
Total Current Liabilities   99,261,235    -    -    -    543,418    -    99,804,653 
                                    
LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)                                   
Intercompany Payable   -    -    -    -    3,108,939    (3,108,939)   - 
Account Payable   40,573,458    -    -    -    29,673    -    40,603,131 
Accrued Expenses   6,343,010    -    -    -    -    -    6,343,010 
Priority Debt (4)   -    -    -    -    -    -    - 
Revolving Credit Facility   31,678,151    -    -    -    -    -    31,678,151 
Convertible Senior Notes   148,500,000    -    -    -    -    -    148,500,000 
Advances from Joint Interest Partners   711,822    -    -    -    -    -    711,822 
Asset Retirement Obligations   4,660,343    -    -    -    -    -    4,660,343 
Warrant Liability   4,000    -    -    -    -    -    4,000 
Deferred Tax Liability, net   1,813,561    -    -    -    -    -    1,813,561 
Other Liabilities   -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   234,284,345    -    -`   -    3,138,611    (3,108,939)   234,314,018 
                                    
Total Liabilities   333,545,580    -    -    -    3,682,029    (3,108,939)   334,118,671 
                                    
Commitments and Contingencies                                   
                                    
Series B Voting Preferred Stock (6)   256    -    -    -    -    -    256 
                                    
STOCKHOLDERS' EQUITY                                   
Common Stock (6)   9,583    -    -    -    -    -    9,583 
Additional Paid-In Capital   353,369,575    159,307,414    -    -    -    -    512,676,989 
Accumulated Deficit   (657,612,875)   -    -    -    (440,673)   -    (658,053,548)
Total Stockholders' Equity   (304,233,717)   159,307,414    -    -    (440,673)   -    (145,366,976)
Total Liabilities and Stockholders' Equity  $29,312,118   $159,307,414   $-   $-   $3,241,357   $(3,108,939)  $188,751,950 

 

 

 

  

Notes:  

 

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, is unaudited and may not be prepared in accordance with US GAAP and is subject to future adjustment. Certain totals may not sum due to rounding.

 

2) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

 

(3) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

 

(4) This does not reflect potential liabilities. The amount of potential liabilities are unknown at this time.

 

(5) 255,732 issued and outstanding with a liquidation preference value of $256 as of the petition date.

 

(6) Par Value $.001, 500,000,000 shares authorized, 9,582,970 shares issued and outstanding.

 

(7) Oil Sales of EOX Marketing, LLC on behalf of Emerald Oil, Inc. and associated intercompany balances are eliminated for consolidation purposes.

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR - 4a

Status of Post-Petition Taxes (1)

As of June 30, 2016

Unaudited

 

   Beginning Tax Liability   Amount Withheld or
Accrued		   Amount Paid   Date Paid  Check No. or EFT   Ending Tax Liability 
Federal                            
Withholding  $-   $95,808   $(95,808)  Various   Various   $- 
FICA-Employee   -    22,201    (22,201)  Various   Various    - 
FICA-Employer   -    21,315    (21,315)  Various   Various    - 
Unemployment   -    -    -            - 
Income   -    -    -            - 
Other   -    -    -            - 
 Total Federal Taxes  $-   $139,324   $(139,324)          $- 
                             
State and Local                            
Withholding   -    17,130    (17,130)  Various   Various    - 
Sales   -    -    -            - 
Excise   -    -    -            - 
Unemployment   -    -    -   Various   Various    - 
Real Property   -    -    -            - 
Personal Property   -    -    -            - 
Other (2)   549,616    543,418    (549,616)  5/24/2016   00365    543,418 
 Total State and Local  $549,616   $560,548   $(566,746)          $543,418 
                             
Total Taxes  $549,616   $699,872   $(706,070)          $543,418 

 

Notes:

 

(1) No tax returns including IRS Form 6123 were filed during the reporting period.

 

(2) Severance and extraction taxes are paid on a monthly basis to the respective state in which our producing oil and gas properties are located. The amount represents the estimated portion of gross state taxes (including those remitted on behalf of third parties) to the Company that have accrued since the petition date.

 

FORM MOR-4
(04/07)

 

 

 

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 1 – 30, 2016

 

                     July 28, 2016

 

Office of the United States Trustee

 

Subject: Declaration Regarding Postpetition Taxes – MOR4a (June)

 

The debtors, Emerald Oil, Inc. et al., hereby submit this declaration regarding postpetition taxes.

 

All postpetition taxes for the debtors, which are not subject to dispute or reconciliation, are current. There are no material tax disputes or reconciliations.

 

Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

 

  /s/ Ryan Smith
  Name:  Ryan Smith
  Position:  Chief Financial Officer

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR - 4b

Summary of Unpaid Post-Petition Debts (1)

As of June 30, 2016

Unaudited

 

   Days Aged 
   Current   0-30   31-60   61-90   Over 90   Total 
Trade Payable  $2,981,502   $681,284   $224,394   $6,044   $-   $3,893,223 
Wages Payable   -    -    -    -    -    - 
Taxes Payable (2)   543,418    -    -    -    -    543,418 
Rent/Leases-Building   52,963    -    -    -    -    52,963 
Rent/Leases-Equipment   671         3,449    -    -    4,120 
Secured Debt/Adequate Protection Payments   -    -    -    -    -    - 
Professional Fees   2,819,139    1,340,871    649,803    -    -    4,809,812 
Amounts Due to Insiders*   1,117    -    -    -    -    1,117 
Other   -    -    -    -    -    - 
Total Postpetition Debts  $6,398,810   $2,022,155   $877,645   $6,044   $-   $9,304,653 
Percentage of Total   69%   22%   9%   0%   0%     

 

Notes:

 

(1) The postpetition accounts payable reported represents open and outstanding trade vendor invoices that have been entered into the Debtor's accounts payable system. This summary includes accruals for invoices not yet received and for invoices not yet entered into the Debtor's accounts payable system.

 

(2) Severance and extraction taxes are paid on a monthly basis to the respective state in which our producing oil and gas properties are located. The amount represents the estimated portion of gross state taxes (including those remitted on behalf of third parties) to the Company that have accrued since the Petition Date.

 

 

 

 

In re: EMERALD OIL, INC., et al., Case No. 16-10704
Debtor Reporting Period: June 2016

 

MOR – 5

Debtors Account Receivable Reconciliation and Aging (1)

As of June 30, 2016

Unaudited

 

   Days Aged 
Debtors  Current   0-30   31-60   61-90   Over 90   Total 
Emerald Oil, Inc.  $4,030,979   $87,808   $147,337   $-   $6,869,215   $11,135,338 
Emerald WB, LLC   -    -    -    -    -    - 
Emerald NWB, LLC   -    -    -    -    -    - 
Emerald DB, LLC   -    -    -    -    -    - 
EOX Marketing, LLC   -    33,851    -    -    -    33,851 
Total  $4,030,979   $121,660   $147,337   $-   $6,869,215   $11,169,190 
Percentage of Total   36%   1%   1%   0%   62%     

 

Notes:

 

(1) Aging is primarily for the Debtors' joint interest billing and oil and gas sales receivables and does not include intercompany receivables. All amounts are included on a gross basis before any adjustment for estimated bad debts and other uncollectible amounts.

 

FORM MOR-5
(04/07)

 

 

 

 

DEBTOR QUESTIONNAIRE

 

Must be completed each month Yes No
1. Have any assets been sold or transferred outside the normal course of business   X
this reporting period? If yes, provide an explanation below.
2. Have any funds been disbursed from any account other than a debtor in possession   X
account this reporting period? If yes, provide an explanation below.
3. Have all postpetition tax returns been timely filed? If no, provide an explanation X  
below.
4. Are workers compensation, general liability and other necessary insurance X  
coverages in effect? If no, provide an explanation below.
5. Has any bank account been opened during the reporting period? If yes, provide   X
documentation identifying the opened account(s). If an investment account has been opened
provide the required documentation pursuant to the Delaware Local Rule 4001-3.