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0001165527-11-000680.txt : 20110808 0001165527-11-000680.hdr.sgml : 20110808 20110808122403 ACCESSION NUMBER: 0001165527-11-000680 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110808 DATE AS OF CHANGE: 20110808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHANCELLOR GROUP INC. CENTRAL INDEX KEY: 0000894544 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870438647 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30219 FILM NUMBER: 111016296 BUSINESS ADDRESS: STREET 1: 216 SOUTH PRICE ROAD, CITY: PAMPA, STATE: TX ZIP: 79065 BUSINESS PHONE: 7027927479 MAIL ADDRESS: STREET 1: 216 SOUTH PRICE ROAD, CITY: PAMPA, STATE: TX ZIP: 79065 FORMER COMPANY: FORMER CONFORMED NAME: CHANCELLOR GROUP INC/ DATE OF NAME CHANGE: 19960520 FORMER COMPANY: FORMER CONFORMED NAME: NIGHTHAWK CAPITAL INC DATE OF NAME CHANGE: 19940426 10-Q 1 g5330.txt QTRLY REPORT FOR THE QTR ENDED 6-30-11 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2011 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 000-30219 Chancellor Group, Inc. (Exact Name of Registrant as Specified in Its Charter) Nevada 87-0438647 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 216 South Price Road, Pampa, TX 79065 79065 (Address of Principal Executive Offices) (Zip Code) (806-688-9697) (Registrant's Telephone Number, Including Area Code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check One): Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No APPLICABLE ONLY TO CORPORATE ISSUERS The number of shares outstanding the issuer's common stock, $.001 par value, was 67,060,030 as of August 3, 2011 Chancellor Group, Inc. Table of Contents Page No. -------- PART I FINANCIAL INFORMATION Item 1. Financial Statements......................................... 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.................................... 12 Item 3. Quantitative and Qualitative Disclosures about Market Risk... 16 Item 4. Controls and Procedures...................................... 16 PART II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds... 17 Item 6. Exhibits...................................................... 17 ii ITEM 1. FINANCIAL STATEMENTS Chancellor Group, Inc. I N D E X Page No. -------- Consolidated Balance Sheets as of June 30, 2011 (Unaudited) and December 31, 2010 .................................................... 2 Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2011 and 2010 (Unaudited)..... 3 Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2011 and 2010 (Unaudited)............... 4 Notes to Unaudited Consolidated Financial Statements ...................... 5 1 Chancellor Group, Inc. CONSOLIDATED BALANCE SHEETS

See Notes to Unaudited Consolidated Financial Statements 2 Chancellor Group, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011 AND JUNE 30, 2010 (Unaudited)

---------- * Less than $.01 per Share See Notes to Unaudited Consolidated Financial Statements 3 Chancellor Group, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND JUNE 30, 2010 (Unaudited)

See Notes to Unaudited Consolidated Financial Statements 4 CHANCELLOR GROUP, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2011 NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ORGANIZATION Chancellor Group, Inc. (the "Company", "our", "we", "Chancellor" or the "Company") was incorporated in the state of Utah on May 2, 1986, and then, on December 30, 1993, dissolved as a Utah corporation and reincorporated as a Nevada corporation. The Company's primary business purpose is to engage in the exploration and production of oil and gas. On March 26, 1996, the Company's corporate name was changed from Nighthawk Capital, Inc. to Chancellor Group, Inc. The Company's headquarters is in Pampa, Texas. OPERATIONS The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 138 wells, of which 29 are water disposal wells and 2 are gas wells, although "associated" gas is also produced from some oil wells. As of June 30, 2011, approximately 60 oil wells and 2 gas wells located in Gray and Hutchinson counties in the Texas panhandle are actively producing. We also own and operate our 15.9 acre property, with its shop, yard and office complex. Company equipment includes two work-over rigs as well as other oil field related equipment. In addition, we own approximately 4,830 gross and net acres of production rights on nine leases, which includes 4,300 acres of developed acreage and 500 acres of undeveloped acreage, approximately 300 acres of which was previously owned by Mobil and approximately 200 acres of which are on the Worley Combs lease. The nine leases have the production rights for oil, casing-head gas and natural gas. We produced a total of 4,021 barrels of oil and 2,490 mcf of gas in the six months ended June 30, 2011. The oil is light sweet crude and the natural gas has very high heat content, 1600 to 2600 btu/scf. BASIS OF PRESENTATION The consolidated financial statements of Chancellor Group, Inc. have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and in accordance with GAAP. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in the Chancellor Group, Inc. Annual Report on Form 10-K for the year ended December 31, 2010. The consolidated financial statements are unaudited, but, in management's opinion, include all adjustments (which, unless otherwise noted, include only normal recurring adjustments) necessary for a fair presentation of such financial statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2011. SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Chancellor Group, Inc.; and its wholly owned subsidiaries: Gryphon Production Company, LLC, and Gryphon Field Services, LLC. These entities are collectively hereinafter referred to as "the Company". Any inter-company accounts and transactions have been eliminated. ACCOUNTING YEAR The Company employs a calendar accounting year. The Company recognizes income and expenses based on the accrual method of accounting under generally accepted accounting principles in the United States of America. 5 USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. PRODUCTS AND SERVICES, GEOGRAPHIC AREAS AND MAJOR CUSTOMERS The Company plans to develop its domestic oil and gas properties, located in Gray and Hutchinson counties in the Texas panhandle, and possibly to acquire additional producing oil and gas properties. The Company's major customers, to which the majority of its oil and gas production is sold, are Plains Marketing and DCP Midstream. NET INCOME (LOSS) PER SHARE The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of six months or less as cash equivalents. Concentration of Credit Risk Some of the Company's operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company's financial position or results of operations. RESTRICTED CASH Included in cash in bank at June 30, 2011 are deposits totaling $250,000 which are assigned and held as collateral for a letter of credit issued to the Railroad Commission of Texas as required for its oil and gas activities. ACCOUNTS RECEIVABLE The Company reviews accounts receivable periodically for collectibles and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. An allowance for doubtful accounts was not considered necessary or recorded at June 30, 2011. PROPERTY AND EQUIPMENT Property and equipment are recorded at cost and depreciated under the straight line method over the estimated useful life of the equipment. The estimated useful life of leasehold costs, equipment and tools ranges from five to seven years. The useful life of the office building and warehouse is estimated to be twenty years. OIL AND GAS PROPERTIES The Company follows the successful efforts method of accounting for its oil and gas activities. Under this accounting method, costs associated with the acquisition, drilling and equipping of successful exploratory and development wells are capitalized. Geological and geophysical costs, delay rentals and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The carrying value of mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Undeveloped properties are periodically assessed for possible impairment due to un-recoverability of costs invested. Cash received for partial conveyances of property interests is treated as a recovery of cost and no gain or loss is recognized. DEPLETION The carrying value of the mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. 6 INCOME TAX Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. REVENUE RECOGNITION The Company recognizes revenue when a product is sold to a customer, either for cash or as evidenced by an obligation on the part of the customer to pay. FAIR VALUE MEASUREMENTS AND DISCLOSURES The Company estimates fair values of assets and liabilities which require either recognition or disclosure in the financial statements in accordance with FASB ASC Topic 820 "FAIR VALUE MEASUREMENTS". There is no material impact on the consolidated financial statements related to fair value measurements and disclosures. Fair value measurements include the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities. Level 3: Unobservable inputs that are not corroborated by market data. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying value of the Company's financial instruments, including cash and cash equivalents, accounts receivable and accounts payable and long term debt, as reported in the accompanying consolidated balance sheet, approximates fair values. EMPLOYEE STOCK-BASED COMPENSATION Compensation expense is recognized for performance-based stock awards if management deems it probable that the performance conditions are or will be met. Determining the amount of stock-based compensation expense requires us to develop estimates that are used in calculating the fair value of stock-based compensation, and also requires us to make estimates of assumptions including expected stock price volatility which is derived based upon our historical stock prices. BUSINESS COMBINATIONS The Company accounts for business combinations in accordance with FASB ASC Topic 805 "BUSINESS COMBINATIONS". This standard modifies certain aspects of how the acquiring entity recognizes and measures the identifiable assets, the liabilities assumed and the goodwill acquired in a business combination. The Company did not enter into any business combinations during the quarter ending June 30, 2011. The Company complies with the accounting guidance related to consolidation of variable interest entities ("VIEs") that requires a reporting entity to determine if a primary beneficiary that would consolidate the VIE from a quantitative risk and rewards approach, to a qualitative approach based on which variable interest holder has the power to direct the economic performance related activities of the VIE as well as the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. This guidance requires the primary beneficiary assessment to be performed on an ongoing basis and also requires enhanced disclosures that will provide more transparency about a company's involvement in a VIE. The Company did not have any VIEs that required consolidation in these financial statements during the quarter ending June 30, 2011. 7 SUBSEQUENT EVENTS Events occurring after June 30, 2011, were evaluated through the date this Quarterly Report was issued, in compliance FASB ASC Topic 855 "SUBSEQUENT EVENTS", to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. RECENT ACCOUNTING PRONOUNCEMENTS In January 2010, the FASB issued Accounting Standards Update ("ASU") 2010-03 to align the oil and gas reserve estimation and disclosure requirements of Extractive Industries -- Oil and Gas Topic of the Accounting Standards Codification with the requirements in the SEC's final rule, "MODERNIZATION OF THE OIL AND GAS REPORTING REQUIREMENTs." We implemented ASU 2010-03 as of December 31, 2009. Key items in the new rules include changes to the pricing used to estimate reserves and calculate the full cost ceiling limitation, whereby a 12-month average price is used rather than a single day spot price, the use of new technology for determining reserves, the ability to include nontraditional resources in reserves and the ability to disclose probable and possible reserves. Management has elected not to include probable and possible reserves in its reserve studies and related disclosures. In January 2010, the FASB issued ASU 2010-6, "IMPROVING DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS." This update requires additional disclosure within the roll forward of activity for assets and liabilities measured at fair value on a recurring basis, including transfers of assets and liabilities between Level 1 and Level 2 of the fair value hierarchy and the separate presentation of purchases, sales, issuances and settlements of assets and liabilities within Level 3 of the fair value hierarchy. In addition, the update requires enhanced disclosures of the valuation techniques and inputs used in the fair value measurements within Levels 2 and 3. The new disclosure requirements are effective for interim and annual periods beginning after December 15, 2009, except for the disclosure of purchases, sales, issuances and settlements of Level 3 measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010. As ASU 2010-6 only requires enhanced disclosures, the adoption of this update did not have a material effect on its financial position, cash flows and results of operations. In May 2011, ASU 2011-04 was issued which amends U.S. GAAP to confirm with measurement and disclosure requirements in International Financial Reporting Standards. The amendments in this Update change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include the following: 1. Those that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements. 2. Those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments in this Update are to be applied prospectively and are effective during interim and annual period beginning after December 15, 2011. In June 2011, ASU 2011-05, Comprehensive Income (Topic 220) was issued to provide guidance on the presentation of total comprehensive income, the components of net income, and the components of other comprehensive income. The amendments in this update are to be applied retrospectively and are effective for financial statements issued for fiscal years, and interim periods within those years, beginning after December 15, 2011. The provisions of ASU 2011-05 are not expected to have a material impact on our financial statements. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Company's financial position, results of operations or cash flows. NOTE 2. INCOME TAXES Deferred income taxes arise from temporary differences in recognition of certain revenues and expenses between financial statement and income tax basis of accounting, and also net operating loss carry-forwards and other tax credit carry-forwards At June 30, 2011, the Company had a federal net operating loss carry-forward of approximately $2,550,000. A deferred tax asset of approximately $510,000 has been partially offset by a valuation allowance of approximately $333,000 due to federal net operating loss carry-back and carry-forward limitations. At June 30, 2011, the Company also had approximately $177,000 in deferred income tax liability attributable to timing differences between federal income tax depreciation, depletion and book depreciation, which has been offset against the deferred tax asset related to the net operating loss carry-forward. 8 Management evaluated the Company's tax positions under FASB ASC Topic 740 "UNCERTAIN TAX POSITIONS," and concluded that the Company had taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance. With few exceptions, the Company is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before 2008. NOTE 3. STOCKHOLDERS' EQUITY PREFERRED STOCK The Company has provided for the issuance of 250,000 shares, par value $1,000 per share, of convertible Preferred Series B stock ("Series B"). Each Series B share is convertible into 166.667 shares of the Company's common stock upon election by the shareholder of the Series B Share, with dates and terms set by the Board. No shares of Series B preferred stock are outstanding. COMMON STOCK The Company has 250,000,000 authorized shares of common stock, par value $.001, with 67,060,030 shares issued and outstanding as of June 30, 2011. STOCK BASED COMPENSATION For the six months ending June 30, 2011, the Company recognized $23,100 in professional and consulting fees expense related to stock issued, which is recorded in general and administrative expenses. STOCK OPTIONS AND WARRANTS NON-EMPLOYEE STOCK OPTIONS AND WARRANTS The Company accounts for non-employee stock options under FASB ASC Topic 505 "EQUITY-BASED PAYMENTS TO NON-EMPLOYEES", whereby options costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. For the quarter ending June 30, 2011, no options were issued, exercised or cancelled. The Company currently has outstanding warrants expiring December 31, 2014 to purchase an aggregate of 6,000,000 shares of common stock; these warrants consist of warrants to purchase 2,000,000 shares at an exercise price of $.025 per share, and warrants to purchase 4,000,000 shares at an exercise price of $0.02 per share. In July 2009, the Company issued additional warrants expiring June 30, 2014 to purchase an aggregate of 500,000 shares of common stock at an exercise price of $0.125 per share. In 2010, the Company issued additional warrants expiring in 2015 to purchase an aggregate of 336,000 shares of common stock at an exercise price of $0.125 per share. During 2011, the Company issued additional warrants expiring in 2016 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share. On June 30, 2011, the Company had the following outstanding warrants: Weighted Remaining Exercise Price Average Exercise Number of Contractual Life Times Number Exercise Price Shares (in years) of Shares Price ----- ------ ---------- --------- ----- $0.025 2,000,000 4 $ 50,000 $0.020 4,000,000 4 $ 80,000 $0.125 500,000 3.5 $ 62,500 $0.125 504,000 4.5 $ 63,000 ---------- --------- 7,004,000 $ 255,500 $ 0.036 ========== ========= 9 Weighted Average Remaining Number of Exercise Contractual Life Warrants Shares Price (in years) -------- ------ ----- ---------- Outstanding at January 1, 2011 6,836,000 $0.044 ------ Issued 168,000 0.125 Exercised -- -- Expired/Cancelled -- -- --------- ------ Outstanding at June 30, 2011 7,004,000 $0.036 4.0 --------- ------ --- Exercisable at June 30, 2011 7,004,000 $0.036 4.0 --------- ------ --- Employee Stock Options The Company accounts for employee stock options under FASB ASC Topic 718 "COMPENSATION-STOCK COMPENSATION". The Company issued no employee stock options and had none outstanding as of June 30, 2011. NOTE 4. PROPERTY AND EQUIPMENT A summary of fixed assets at:

NOTE 5. LONG-TERM DEBT The Company had no long-term debt at June 30, 2011. At June 30, 2011, the Company has an irrevocable blanket letter of credit totaling $250,000 issued to the Railroad Commission of Texas as required for its oil and gas activities, which is secured by certain bank deposits totaling $250,000. The Company has recognized approximately $2,750 in amortization expense related to bank fees associated with this letter of credit in the six months ending June 30, 2011, and currently has approximately $4,660 in unamortized bank fees as of June 30, 2011. NOTE 6. ACCUMULATED COMPENSATED ABSENCES It is the Company's policy to permit employees to accumulate a limited amount of earned but unused vacation, which will be paid to employees upon separation from the Company's service. The cost of vacation and sick leave is recognized when payments are made to employees. These amounts are immaterial and not accrued. 10 NOTE 7. RELATED PARTY TRANSACTIONS The Company has used the services of a consulting company owned by the Chairman of the Board. The Company has paid $48,000 for those services during the six months ending June 30, 2011. NOTE 8. SUBSEQUENT EVENTS Events occurring after June 30, 2011 were evaluated through the date this Quarterly Report was issued, in compliance FASB ASC Topic 855 "Subsequent Events", to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. There were no such subsequent events. 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Throughout this report, we make statements that may be deemed "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events, outcomes and other matters that Chancellor plans, expects, intends, assumes, believes, budgets, predicts, forecasts, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, many of which are beyond our control, incident to the exploration for and development, production and sale of oil and gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of goods and services, environmental risks, operating risks, regulatory changes, the uncertainty inherent in estimating proved oil and natural gas reserves and in projecting future rates of production and timing of development expenditures and other risks described herein, the effects of existing or continued deterioration in economic conditions in the United States or the markets in which we operate; and acts of war or terrorism inside the United States or abroad. BACKGROUND The Company is an independent oil and gas exploration and development company focused on building and revitalizing our oil and gas properties located in the State of Texas. The Company is organized as a producing oil and gas company and licensed as an operator by the Texas Railroad Commission. We are in the business of acquisition, exploration, and development of oil and natural gas properties. Our common stock is quoted on the Over-The-Counter market and trades under the symbol CHAG.OB. As of August 3, 2011, there are 67,060,030 shares of our common stock issued and outstanding. RESULTS OF OPERATIONS Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010: PRODUCTION: During the three months ended June 30, 2011, we produced and sold 1,963 barrels of oil and produced and sold 1,214 mcf of gas, generating $195,336 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 2,423 barrels of oil and 3,000 mcf of gas, generating $200,238 in gross revenues net of royalties paid during the three months ended June 30, 2010. We had 60 wells actually producing oil and 2 producing gas at June 30, 2011, and had 70 wells actually producing oil and 2 producing gas at June 30, 2010. The following table summarizes our production volumes and average sales prices for the three months ended June 30: 2011 2010 --------- --------- Oil and Gas Sales: Oil Sales (Bbl) 1,963 2,423 Natural Gas Sales (Mcf) 1,214 3,000 Average Sales Price: Oil, per Bbl $ 95.96 $ 73.74 Gas, per McF $ 5.70 $ 8.35 The repair of our operational rigs continued into the second quarter of 2011. Because some parts were not immediately available there were times we were without an operational rig. Both rigs have now been repaired and we have added an extra rig crew to catch up. Three transformers and panel boxes were knocked out due to lightning and storms and had to be replaced. On another occasion an electrical line broke in two in a storm. A third lease needed a new gas compressor motor and there was some delay in production while one was located and shipped. Due to these storms and operational rig repairs, production during the three months ending June 30, 2011 was lower compared to the same period in 2010. The reduction in our production was partially offset in part by increased 12 oil prices and the increased production resulting from our acquisition of 15 oil wells in Hutchinson County in May of 2010 which management believes that the wells acquired in this transaction will continue to increase our production and reserves in our 2011 fiscal year. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property and equipment increased only $300, or approximately 1% in the three months ended June 30, 2011 from the three months ended June 30, 2010. This increase was primarily attributable to the additional depreciation related to the oil and gas properties and equipment acquired during May 2010. GENERAL AND ADMINISTRATIVE EXPENSES: During the three months ended June 30, our general and administrative expenses increased $1,609, or approximately 1% in 2011 from 2010. Significant components of these expenses include salaries, professional fees, and insurance. Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010: PRODUCTION: During the six months ended June 30, 2011, we produced and sold 4,021 barrels of oil and produced and sold 2,490 mcf of gas, generating $389,995 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 4,667 barrels of oil and 4,933 mcf of gas, generating $388,004 in gross revenues net of royalties paid during the six months ended June 30, 2010. We had 60 wells actually producing oil and 2 producing gas at June 30, 2011, and had 70 wells actually producing oil and 2 producing gas at June 30, 2010. The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 138 wells, of which 29 are water disposal wells and 2 are gas wells, although "associated" gas is also produced from some oil wells. As of June 30, 2011, approximately 62 wells were actively producing. We also own and operate our 15.9 acre property, with its shop, yard and office complex. Company equipment includes two work-over rigs as well as other oil field related equipment. In addition, we own approximately 4,830 gross and net acres of production rights on six leases, which includes 500 gross and net acres of undeveloped acreage, approximately 300 acres of which was previously owned by Mobil, and the balance of approximately 200 acres on the Worley Combs lease. The six leases have production rights for oil, casing-head gas and natural gas. The following table summarizes our production volumes and average sales prices for the six months ended June 30: 2011 2010 --------- --------- Oil and Gas Sales: Oil Sales (Bbl) 4,021 4,667 Natural Gas Sales (Mcf) 2,490 4,933 Average Sales Price: Oil, per Bbl $ 92.91 $ 74.46 Gas, per McF $ 6.66 $ 8.93 At various times during the first six months of 2011 our main gas purchaser closed lines for maintenance of their plant. Two new gas meters were required to be installed to comply with Texas Railroad Commission regulations, as well as a delay in locating a new gas compressor motor which needed replaced, which casued a noticeable loss of natural gas production during the six months ending June 30, 2011 compared to the same period in 2010. Bad weather in our area of the Panhandle coupled with the need for major parts replacement on rigs resulted in slightly lower oil production during the first six months of 2011 compared to the same period in 2010. The reduction in our production was offset in part by increased oil prices and the increased production resulting from our acquisition of 15 oil wells in Hutchinson County in May of 2010, which management believes that the wells acquired in this transaction will continue to increase our production and reserves in our 2011 fiscal year. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property and equipment increased $800, or approximately 1% in the six months ended June 30, 2011 from the six months ended June 30, 2010. This increase was primarily attributable to the additional depreciation related to the oil and gas properties and equipment acquired during May 2010. 13 GENERAL AND ADMINISTRATIVE EXPENSES: During the six months ended June 30, our general and administrative expenses increased $5,599, or approximately 2% in 2011 from 2010. Significant components of these expenses include salaries, professional fees, and insurance. Salaries (included in both administrative expenses and operating costs) decreased approximately 8% during 2011, primarily the result of staff reductions. Professional fees increased $40,537, or approximately 74%, during 2011, primarily the result of a change in auditors, as previously disclosed in our Form 8-K filing dated January 25, 2011. Insurance decreased $9,840, or approximately 15%, during 2011. OVERALL: The majority of the past two years we have continued with the ongoing production, maintenance and enhancements of our 60 currently producing wells in Gray county, as well as bringing into production 2 of our new wells in Hutchinson county during the third quarter of 2010. As a result of these efforts, along with continued increases in oil prices during most of 2010 and 2011, our gross oil revenues increased by approximately $26,000, or 7% during the six months ended June 30, 2011 compared to the six months ended June 30, 2010. During the six months ended June 30, 2011 our gross natural gas revenues decreased approximately $24,000, or 60% due to line closures for repairs. At the same time we were also able to reduce our direct lease and operating costs by $90,020, or 21%, compared to the same period last year. The Company also recognized a loss of approximately $20,000 related to its investment in an unconsolidated subsidiary (Munda We) in the six months ended June 30, 2011. The Company expects this to be a discrete event, as the Company has terminated this agreement, effective March 22, 2011. However, with our administrative expenses and depreciation remaining stable, we again reported a net loss of $430,156 during the six months ended June 30, 2011, compared to a net loss of $487,868 reported for the same period last year. Management anticipates that both oil and gas production volumes and prices will continue to increase during 2011, as well as continuing to look for opportunities to reduce general and administrative expenses, in an effort to continue to improve profitability of the Company. LIQUIDITY AND CAPITAL RESOURCES OVERVIEW: The following table highlights certain information relation to our liquidity and capital resources at: June 30, 2011 December 31, 2010 ------------- ----------------- Working Capital $ 532,784 $ 774,409 Current Assets $ 727,757 $ 922,630 Current Liabilities $ 194,973 $ 148,221 Stockholders' Equity $2,188,647 $2,595,703 Our working capital at June 30, 2011 decreased by $241,625, or approximately 31%, from December 31, 2010. Current assets decreased by $194,873 or approximately 21%, while current liabilities increased $46,752, or approximately 31%. Decrease in current assets was attributable to several factors, including a decrease in cash in bank and prepaid insurance. Our capital resources consist primarily of cash from operations and permanent financing, in the form of capital contributions from our stockholders. As of June 30, 2011 the Company had $646,177 of cash on hand, which includes restricted cash of $250,000 held as collateral for a letter of credit issued to the Railroad Commission of Texas as required for its oil and gas activities. Other than financing continuing operations, additional capital would be necessary should we decide to further expand our operations or pursue acquisitions of additional property or significant production equipment. CASH FLOW: Net cash used during the six months ended June 30, 2011 was $163,921, compared to net cash used of $324,785 during same period in 2010. The most significant factors causing the decrease in net cash flow during the six months ending June 30, 2011 were professional fees of $95,000 and our net loss of $430,156. Cash used for operations decreased by $23,704, or approximately 14% during the first six months of 2011, compared to 2010. This decrease is primarily related to decrease in other operating expenses from continued Management focus on cost reductions. EQUITY FINANCING: As of June 30, 2011, our stockholders have contributed $3,548,013 in equity financing. We do not anticipate that significant equity financing will take place in the foreseeable future. 14 CONTRACTUAL OBLIGATIONS On July 1, 2009, the Company entered into a 24-month non-exclusive consultant agreement with PK Advisors, LLC ("PK") in connection with the Company's interest in creating a strategy for growing the core business, creating market awareness and providing general strategic corporate advice. In accordance with this agreement, during each month in the period of 18 months beginning on January 1, 2010, until the consulting agreement is terminated, the Company is obligated to issue 40,000 shares of unregistered common stock and five year warrants to purchase 14,000 shares of our common stock with a strike price of $.125 to PK. Additional cash consideration would be payable to PK for any future investment transactions for which PK provides assistance. The Company recorded professional fees expense of $4,800 related to this agreement in the quarter ending June 30, 2011. On July 1, 2009, the Company entered into a 24-month non-exclusive consultant agreement with Equity Source Partners, LLC ("ESP") in connection with the Company's interest in creating a strategy for growing the core business, creating market awareness and providing general strategic corporate advice. In accordance with this agreement, during each month in the period of 18 months beginning on January 1, 2010, until the consulting agreement is terminated, the Company is obligated to issue 30,000 shares of unregistered common stock and five year warrants to purchase 14,000 shares of our common stock with a strike price of $.125 to ESP. Additional cash consideration would be payable to ESP for any future investment transactions for which ESP provides assistance. The Company recorded professional fees expense of $3,600 related to this agreement in the quarter ending June 30, 2011. CRITICAL ACCOUNTING POLICIES The Securities and Exchange Commission (the "SEC") recently issued "FINANCIAL REPORTING RELEASE NO. 60 CAUTIONARY ADVICE REGARDING DISCLOSURE ABOUT CRITICAL ACCOUNTING POLICIES" ("FRR 60"), suggesting companies provide additional disclosures, discussion and commentary on those accounting policies considered most critical to its business and financial reporting requirements. FRR 60 considers an accounting policy to be critical if it is important to the Company's financial condition and results of operations, and requires significant judgment and estimates on the part of management in the application of the policy. For a summary of the Company's significant accounting policies, including the critical accounting policies discussed below, please refer to the accompanying notes to the financial statements provided in this Quarterly Report on Form 10-Q. NATURAL GAS AND OIL PROPERTIES In January 2010, the Financial Accounting Standards Board issued ASU 2010-03 to align the oil and gas reserve estimation and disclosure requirements of Extractive Industries -- Oil and Gas Topic of the Accounting Standards Codification with the requirements in the SEC's final rule, "MODERNIZATION OF THE OIL AND GAS REPORTING REQUIREMENTS". We implemented ASU 2010-03 as of December 31, 2009. Key items in the new rules include changes to the pricing used to estimate reserves and calculate the full cost ceiling limitation, whereby a 12-month average price is used rather than a single day spot price, the use of new technology for determining reserves, the ability to include nontraditional resources in reserves and the ability to disclose probable and possible reserves. Management has elected not to include probable and possible reserves in its reserve studies and related disclosures. The process of estimating quantities of oil and gas reserves is complex, requiring significant decisions in the evaluation of all available geological, geophysical, engineering and economic data. The data for a given field may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. As a result, material revisions to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the subjective decisions and variances in available data for various fields make these estimates generally less precise than other estimates included in the financial statement disclosures. INCOME TAXES As part of the process of preparing the consolidated financial statements, we are required to estimate federal and state income taxes in each of the jurisdictions in which Chancellor operates. This process involves estimating the actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as derivative instruments, depreciation, depletion and amortization, and certain accrued liabilities for tax and accounting purposes. These differences and our net operating loss carry-forwards result in deferred tax assets and liabilities, which are included in our consolidated balance sheet. We must then assess, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income. If we believe that recovery is not likely, we must establish a valuation allowance. Generally, to the extent Chancellor establishes a valuation allowance or increases or decreases this allowance in a period, we must include an expense or reduction of expense within the tax provision in the consolidated statement of operations. Under accounting guidance for income taxes, an enterprise must use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists (i) the more positive evidence is necessary and 15 (ii) the more difficult it is to support a conclusion that a valuation allowance is not needed for some portion or all of the deferred tax asset. Among the more significant types of evidence that we consider are: * taxable income projections in future years; * whether the carry-forward period is so brief that it would limit realization of tax benefit; * future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; and * our earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition. If (i) oil and natural gas prices were to decrease significantly below present levels (and if such decreases were considered other than temporary), (ii) exploration, drilling and operating costs were to increase significantly beyond current levels, or (iii) we were confronted with any other significantly negative evidence pertaining to our ability to realize our NOL carry-forwards prior to their expiration, we may be required to provide a valuation allowance against our deferred tax assets. As of June 30, 2011, a deferred tax asset of $510,000 has been recognized but partially offset by a valuation allowance of approximately $333,000 due to federal NOL carry-back and carry-forward limitations Off-Balance Sheet Arrangements: There are no off-balance sheet transactions, arrangements, obligations (including contingent obligations), or other relationships of the Company with unconsolidated entities or other persons that have, or may have, a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Interest Rate Risk - Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. Investments that are classified as cash and cash equivalents have original maturities of six months or less. Our interest income is sensitive to changes in the general level of U.S. interest rates. Credit Risk - Our accounts receivables are subject, in the normal course of business, to collection risks. We regularly assess these risks and have established policies and business practices to protect against the adverse effects of collection risks. As a result, we do not anticipate any material losses in this area. Commodity Price Risk - We are exposed to market risks related to price volatility of crude oil and natural gas. The prices of crude oil and natural gas affect our revenues, since sales of crude oil and natural gas comprise all of the components of our revenues. A decline in crude oil and natural gas prices will likely reduce our revenues, unless we implement offsetting production increases. We do not use derivative commodity instruments for trading purposes. ITEM 4. CONTROLS AND PROCEDURES The Company's Chief Executive Officer and Principal Financial Officer is primarily responsible for the accuracy of the financial information that is presented in this quarterly Report. This officer has, as of the close of the period covered by this Quarterly Report on Form 10-Q, evaluated the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based upon that evaluation, this officer concluded that our disclosure controls and procedures were effective as of that date to ensure that information required to be disclosed by us in our reports filed or submitted under the Exchange Act is (a) accumulated and communicated to our management, including our principal executive and financial officer, as appropriate to allow timely discussions regarding required disclosure and (b) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. There were no changes to the Company's internal controls in this period identified in connection with this evaluation that have materially affected, or are reasonably likely materially to affect, the Company's internal control over financial reporting. 16 PART II--OTHER INFORMATION ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The following table sets forth the sales of unregistered securities since the Company's last report filed under this item. Total Principal Offering Price/ Date Title and Amount(1) Purchaser Consideration ---- ------------------- --------- ------------- June 28, 2011 90,000 shares of common stock. Advisor $ 0 (1) June 28, 2011 120,000 shares of common stock. Advisor $ 0 (1) ---------- (1) Securities issued in consideration for advisory services. See the disclosure provided in ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS--CONTRACTUAL OBLIGATIONS for a description of these services. The Company recorded professional fees expense of $8,400 related to the issuance of these securities in the quarter ending June 30, 2011. The Company did not engage an underwriter with respect to any of the issuances of securities described in the foregoing table, and none of these issuances gave rise to any underwriting discount or commission. All of the issuances described above are exempt from registration under the Securities Act of 1933, as amended, pursuant to Rule 505 promulgated thereunder. Alternatively, none of the issuances described above constituted a "public offering" of securities under Section 4(2) of the Securities Act, and, accordingly, all of such issuances are exempt from registration under the Securities Act. ITEM 6. EXHIBITS 3.1 Certificate of Incorporation of Nighthawk Capital, Inc. (Utah) (incorporated by reference to Exhibit 2.1 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000). 3.2 Articles on Incorporation on Nighthawk Capital, Inc. (Nevada) (incorporated by reference to Exhibit 2.2 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000). 3.3 Articles of Merger of Nighthawk Capital, Inc. (Utah) into Nighthawk Capital, Inc. (Nevada) (incorporated by reference to Exhibit 2.3 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000). 3.4 By-Laws (incorporated by reference to Exhibit 2.4 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000. 3.5 Amendments to the Articles of Incorporation of Nighthawk Capital, Inc., dated as of March 26, 1996. (incorporated by reference to Exhibit 3.5 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 25, 2011. 3.6 Certificate of Amendment of Articles of Incorporation of Chancellor Group, Inc., dated as of February 25, 2000. (incorporated by reference to Exhibit 3.6 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 25, 2011. 4.1 Form of Warrant issuable to PK and ESP. (incorporated by reference to Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 15, 2010). 10.1 Agreement and Plan of Reorganization, dated October 19, 2000, between Chancellor Group, Inc. and Southwin financial, Ltd. (incorporated by reference to Exhibit No. 10.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 21, 2000). 31 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 17 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Chancellor Group, Inc. (Registrant) By: /s/ Maxwell Grant ------------------------------------ Chief Executive Officer and Principal Financial Officer Dated: August 3, 2011 18 EXHIBIT INDEX Exhibit Number Description ------ ----------- 3.1 Certificate of Incorporation of Nighthawk Capital, Inc. (Utah) (incorporated by reference to Exhibit 2.1 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000). 3.2 Articles on Incorporation on Nighthawk Capital, Inc. (Nevada) (incorporated by reference to Exhibit 2.2 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000). 3.3 Articles of Merger of Nighthawk Capital, Inc. (Utah) into Nighthawk Capital, Inc. (Nevada) (incorporated by reference to Exhibit 2.3 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000). 3.4 By-Laws (incorporated by reference to Exhibit 2.4 to the Company's Registration Statement on Form 10-SB12G, filed with the Securities and Exchange Commission on April 5, 2000. 3.5 Amendments to the Articles of Incorporation of Nighthawk Capital, Inc., dated as of March 26, 1996. (incorporated by reference to Exhibit 3.5 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 25, 2011. 3.6 Certificate of Amendment of Articles of Incorporation of Chancellor Group, Inc., dated as of February 25, 2000. (incorporated by reference to Exhibit 3.6 to the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 25, 2011. 4.1 Form of Warrant issuable to PK and ESP. (incorporated by reference to Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 15, 2010). 10.1 Agreement and Plan of Reorganization, dated October 19, 2000, between Chancellor Group, Inc. and Southwin financial, Ltd. (incorporated by reference to Exhibit No. 10.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 21, 2000). 31 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. EX-31 2 ex31.txt SECTION 302 CERTIFICATION EXHIBIT 31 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002 CERTIFICATION I, Maxwell Grant, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Chancellor Group, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed nder our supervision, to provide reasonable assurance regarding the liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting; DATE: August 3, 2011 /s/ Maxwell Grant ------------------------------------------ Maxwell Grant, Chief Executive Officer and Principal Financial Officer EX-32 3 ex32.txt SECTION 906 CERTIFICATION EXHIBIT 32 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Chancellor Group, Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Maxwell Grant, Chief Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Maxwell Grant ------------------------------------------ Maxwell Grant, Chief Executive Officer and Principal Financial Officer August 3, 2011 EX-101.INS 4 chag-20110630.xml XBRL INSTANCE DOCUMENT 10-Q 2011-06-30 false CHANCELLOR GROUP INC. 0000894544 --12-31 67060030 Smaller Reporting Company Yes No No 2011 Q2

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NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization Chancellor Group, Inc. (the "Company", our, we, Chancellor or the Company) was incorporated in the state of Utah on May 2, 1986, and then, on December 30, 1993, dissolved as a Utah corporation and reincorporated as a Nevada corporation. The Company's primary business purpose is to engage in the exploration and production of oil and gas. On March 26, 1996, the Company's corporate name was changed from Nighthawk Capital, Inc. to Chancellor Group, Inc. The Companys headquarters is in Pampa, Texas. Operations The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 138 wells, of which 29 are water disposal wells and 2 are gas wells, although associated gas is also produced from some oil wells. As of June 30, 2011, approximately 60 oil wells and 2 gas wells located in Gray and Hutchinson counties in the Texas panhandle are actively producing. We also own and operate our 15.9 acre property, with its shop, yard and office complex. Company equipment includes two work-over rigs as well as other oil field related equipment. In addition, we own approximately 4,830 gross and net acres of production rights on nine leases, which includes 4,300 acres of developed acreage and 500 acres of undeveloped acreage, approximately 300 acres of which was previously owned by Mobil and approximately 200 acres of which are on the Worley Combs lease. The nine leases have the production rights for oil, casing-head gas and natural gas. We produced a total of 4,021 barrels of oil and 2,490 mcf of gas in the six months ended June 30, 2011. The oil is light sweet crude and the natural gas has very high heat content, 1600 to 2600 btu/scf. Basis of Presentation The consolidated financial statements of Chancellor Group, Inc. have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and in accordance with GAAP. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in the Chancellor Group, Inc. Annual Report on Form 10-K for the year ended December 31, 2010. The consolidated financial statements are unaudited, but, in management's opinion, include all adjustments (which, unless otherwise noted, include only normal recurring adjustments) necessary for a fair presentation of such financial statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2011. Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Chancellor Group, Inc.; and its wholly owned subsidiaries: Gryphon Production Company, LLC, and Gryphon Field Services, LLC. These entities are collectively hereinafter referred to as "the Company". Any inter-company accounts and transactions have been eliminated. Accounting Year The Company employs a calendar accounting year. The Company recognizes income and expenses based on the accrual method of accounting under generally accepted accounting principles in the United States of America. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Products and Services, Geographic Areas and Major Customers The Company plans to develop its domestic oil and gas properties, located in Gray and Hutchinson counties in the Texas panhandle, and possibly to acquire additional producing oil and gas properties. The Companys major customers, to which the majority of its oil and gas production is sold, are Plains Marketing and DCP Midstream. Net Income (loss) per share The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of six months or less as cash equivalents. Concentration of Credit Risk Some of the Company's operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Companys financial position or results of operations. Restricted Cash Included in cash in bank at June 30, 2011 are deposits totaling $250,000 which are assigned and held as collateral for a letter of credit issued to the Railroad Commission of Texas as required for its oil and gas activities. Accounts Receivable The Company reviews accounts receivable periodically for collectibles and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. An allowance for doubtful accounts was not considered necessary or recorded at June 30, 2011. Property and Equipment Property and equipment are recorded at cost and depreciated under the straight line method over the estimated useful life of the equipment. The estimated useful life of leasehold costs, equipment and tools ranges from five to seven years. The useful life of the office building and warehouse is estimated to be twenty years. Oil and Gas Properties The Company follows the successful efforts method of accounting for its oil and gas activities. Under this accounting method, costs associated with the acquisition, drilling and equipping of successful exploratory and development wells are capitalized. Geological and geophysical costs, delay rentals and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The carrying value of mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Undeveloped properties are periodically assessed for possible impairment due to un-recoverability of costs invested. Cash received for partial conveyances of property interests is treated as a recovery of cost and no gain or loss is recognized. Depletion The carrying value of the mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Income Tax Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Revenue Recognition The Company recognizes revenue when a product is sold to a customer, either for cash or as evidenced by an obligation on the part of the customer to pay. Fair Value Measurements and Disclosures The Company estimates fair values of assets and liabilities which require either recognition or disclosure in the financial statements in accordance with FASB ASC Topic 820 Fair Value Measurements. There is no material impact on the consolidated financial statements related to fair value measurements and disclosures. Fair value measurements include the following levels: Level 1:  Quoted market prices in active markets for identical assets or liabilities. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.  Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets.  Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2:  Observable market based inputs or unobservable inputs that are corroborated by market data. Valuations for assets and liabilities traded in less active dealer or broker markets.  Valuations are obtained from third party pricing services for identical or similar assets or liabilities. Level 3: Unobservable inputs that are not corroborated by market data. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions.  Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. Fair Value of Financial Instruments The carrying value of the Company's financial instruments, including cash and cash equivalents, accounts receivable and accounts payable and long term debt, as reported in the accompanying consolidated balance sheet, approximates fair values. Employee Stock-Based Compensation Compensation expense is recognized for performance-based stock awards if management deems it probable that the performance conditions are or will be met.  Determining the amount of stock-based compensation expense requires us to develop estimates that are used in calculating the fair value of stock-based compensation, and also requires us to make estimates of assumptions including expected stock price volatility which is derived based upon our historical stock prices. Business Combinations The Company accounts for business combinations in accordance with FASB ASC Topic 805 Business Combinations. This standard modifies certain aspects of how the acquiring entity recognizes and measures the identifiable assets, the liabilities assumed and the goodwill acquired in a business combination. The Company did not enter into any business combinations during the quarter ending June 30, 2011. The Company complies with the accounting guidance related to consolidation of variable interest entities (VIEs) that requires a reporting entity to determine if a primary beneficiary that would consolidate the VIE from a quantitative risk and rewards approach, to a qualitative approach based on which variable interest holder has the power to direct the economic performance related activities of the VIE as well as the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. This guidance requires the primary beneficiary assessment to be performed on an ongoing basis and also requires enhanced disclosures that will provide more transparency about a companys involvement in a VIE. The Company did not have any VIEs that required consolidation in these financial statements during the quarter ending June 30, 2011.   Subsequent Events Events occurring after June 30, 2011, were evaluated through the date this Quarterly Report was issued, in compliance FASB ASC Topic 855 Subsequent Events, to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. Recent Accounting Pronouncements In January 2010, the FASB issued Accounting Standards Update (ASU) 2010-03 to align the oil and gas reserve estimation and disclosure requirements of Extractive Industries -- Oil and Gas Topic of the Accounting Standards Codification with the requirements in the SEC's final rule, Modernization of the Oil and Gas Reporting Requirements. We implemented ASU 2010-03 as of December 31, 2009. Key items in the new rules include changes to the pricing used to estimate reserves and calculate the full cost ceiling limitation, whereby a 12-month average price is used rather than a single day spot price, the use of new technology for determining reserves, the ability to include nontraditional resources in reserves and the ability to disclose probable and possible reserves. Management has elected not to include probable and possible reserves in its reserve studies and related disclosures. In January 2010, the FASB issued ASU 2010-6, "Improving Disclosures about Fair Value Measurements. This update requires additional disclosure within the roll forward of activity for assets and liabilities measured at fair value on a recurring basis, including transfers of assets and liabilities between Level 1 and Level 2 of the fair value hierarchy and the separate presentation of purchases, sales, issuances and settlements of assets and liabilities within Level 3 of the fair value hierarchy. In addition, the update requires enhanced disclosures of the valuation techniques and inputs used in the fair value measurements within Levels 2 and 3. The new disclosure requirements are effective for interim and annual periods beginning after December 15, 2009, except for the disclosure of purchases, sales, issuances and settlements of Level 3 measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010. As ASU 2010-6 only requires enhanced disclosures, the adoption of this update did not have a material effect on its financial position, cash flows and results of operations. In May 2011, ASU 2011-04 was issued which amends U.S. GAAP to confirm with measurement and disclosure requirements in International Financial Reporting Standards. The amendments in this Update change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include the following: 1. Those that clarify the Boards intent about the application of existing fair value measurement and disclosure requirements. 2. Those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments in this Update are to be applied prospectively and are effective during interim and annual period beginning after December 15, 2011. In June 2011, ASU 2011-05, Comprehensive Income (Topic 220) was issued to provide guidance on the presentation of total comprehensive income, the components of net income, and the components of other comprehensive income. The amendments in this update are to be applied retrospectively and are effective for financial statements issued for fiscal years, and interim periods within those years, beginning after December 15, 2011. The provisions of ASU 2011-05 are not expected to have a material impact on our financial statements. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Companys financial position, results of operations or cash flows.

NOTE 2. INCOME TAXES   Deferred income taxes arise from temporary differences in recognition of certain revenues and expenses between financial statement and income tax basis of accounting, and also net operating loss carry-forwards and other tax credit carry-forwards   At June 30, 2011, the Company had a federal net operating loss carry-forward of approximately $2,550,000.  A deferred tax asset of approximately $510,000 has been partially offset by a valuation allowance of approximately $333,000 due to federal net operating loss carry-back and carry-forward limitations.   At June 30, 2011, the Company also had approximately $177,000 in deferred income tax liability attributable to timing differences between federal income tax depreciation, depletion and book depreciation, which has been offset against the deferred tax asset related to the net operating loss carry-forward.   Management evaluated the Companys tax positions under FASB ASC Topic 740 Uncertain Tax Positions, and concluded that the Company had taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance.  With few exceptions, the Company is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before 2008.

NOTE 3. STOCKHOLDERS' EQUITY   Preferred Stock   The Company has provided for the issuance of 250,000 shares, par value $1,000 per share, of convertible Preferred Series B stock ("Series B"). Each Series B share is convertible into 166.667 shares of the Company's common stock upon election by the shareholder of the Series B Share, with dates and terms set by the Board. No shares of Series B preferred stock are outstanding.   Common Stock   The Company has 250,000,000 authorized shares of common stock, par value $.001, with 67,060,030 shares issued and outstanding as of June 30, 2011.   Stock based Compensation   For the six months ending June 30, 2011, the Company recognized $23,100 in professional and consulting fees expense related to stock issued, which is recorded in general and administrative expenses.   Stock Options and Warrants   Non-employee Stock Options and Warrants   The Company accounts for non-employee stock options under FASB ASC Topic 505 Equity-Based Payments to Non-Employees, whereby options costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. For the quarter ending June 30, 2011, no options were issued, exercised or cancelled.    The Company currently has outstanding warrants expiring December 31, 2014 to purchase an aggregate of 6,000,000 shares of common stock; these warrants consist of warrants to purchase 2,000,000 shares at an exercise price of $.025 per share, and warrants to purchase 4,000,000 shares at an exercise price of $0.02 per share.  In July 2009, the Company issued additional warrants expiring June 30, 2014 to purchase an aggregate of 500,000 shares of common stock at an exercise price of $0.125 per share.  In 2010, the Company issued additional warrants expiring in 2015 to purchase an aggregate of 336,000 shares of common stock at an exercise price of $0.125 per share.  During 2011, the Company issued additional warrants expiring in 2016 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share.    On June 30, 2011, the Company had the following outstanding warrants:   <div align="right"> <table width="639" style="MARGIN:auto 6.75pt; WIDTH:479.55pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0" align="right"> <tr style="HEIGHT:51.3pt"> <td width="120" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:90.25pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom"> Exercise Price  </td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">  Number of Shares </td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">  Remaining Contractual Life (in years) </td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="139" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:104.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">   Exercise Price times Number of Shares  </td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:51.3pt; BACKGROUND-COLOR:transparent" valign="bottom"> Weighted Average Exercise Price</td></tr> <tr style="HEIGHT:12.9pt"> <td width="120" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:90.25pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent"> $0.025</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent"> 2,000,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent"> 4</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent">  </td> <td width="139" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:104.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent"> $               50,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.9pt; BACKGROUND-COLOR:transparent">  </td></tr> <tr style="HEIGHT:14.85pt"> <td width="120" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:90.25pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $0.020</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> 4,000,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> 4</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="139" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:104.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $               80,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td></tr> <tr style="HEIGHT:14.85pt"> <td width="120" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:90.25pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $0.125</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">   500,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> 3.5</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="139" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:104.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $                62,500</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td></tr> <tr style="HEIGHT:14.85pt"> <td width="120" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:90.25pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $0.125</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">   504,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> 4.5</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="139" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:104.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $                63,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td></tr> <tr style="HEIGHT:14.85pt"> <td width="120" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:90.25pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> 7,004,000</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="104" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:77.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="139" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:104.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $              255,500</td> <td width="21" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:14.85pt; BACKGROUND-COLOR:transparent"> $    0.036</td></tr></table></div>   <table width="639" style="WIDTH:479.5pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:31.4pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> Warrants</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> Number of Shares</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> Weighted Average Exercise Price</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:31.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> Remaining Contractual Life (in years)</td></tr> <tr style="HEIGHT:12.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> Outstanding at January 1, 2011</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 6,836,000</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  $           0.044 </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:4.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> Issued</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 168,000</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 0.125</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:4.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> Exercised</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:4.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> Expired/Cancelled</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:4.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> Outstanding at June 30, 2011</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 7,004,000</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  $           0.036 </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 4.0</td></tr> <tr style="HEIGHT:4.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.1pt"> <td width="254" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:190.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> Exercisable at June 30, 2011</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 7,,004,000</td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="109" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:81.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  $           0.036 </td> <td width="22" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:16.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="105" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:79.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.1pt; BACKGROUND-COLOR:transparent" valign="bottom"> 4.0</td></tr></table>     Employee Stock Options   The Company accounts for employee stock options under FASB ASC Topic 718 Compensation-Stock Compensation. The Company issued no employee stock options and had none outstanding as of June 30, 2011.

NOTE 4. PROPERTY AND EQUIPMENT   A summary of fixed assets at:                                                                                       Balance                                                                                    Balance                                                                                     December 31,                                                                          June 30,                                                                                     2010                        Additions                Deletions                 2011                    Auto/Transportation Equipment                                $             178,929    $                         -    $               23,583    $             155,346 Buildings & Improvements                                                        125,280                                                                                   125,280 Leasehold Costs - Developed                                                 1,773,749                     10,498                                                1,784,247 Furniture, Fixtures & Office Equipment                                       9,350                                                                                       9,350 Machinery & Equipment                                                           455,128                     18,343                                                   473,471                                                                                     $          2,542,436    $               28,841    $               23,583    $          2,547,694   Less: Accumulated Depreciation                                               773,487                   134,614                     11,360                   896,741                                                                                     $          1,768,949    $             134,614    $               11,360    $          1,650,953

NOTE 6. ACCUMULATED COMPENSATED ABSENCES   It is the Companys policy to permit employees to accumulate a limited amount of earned but unused vacation, which will be paid to employees upon separation from the Companys service. The cost of vacation and sick leave is recognized when payments are made to employees. These amounts are immaterial and not accrued.

NOTE 7. RELATED PARTY TRANSACTIONS   The Company has used the services of a consulting company owned by the Chairman of the Board.  The Company has paid $48,000 for those services during the six months ending June 30, 2011.

NOTE 8. SUBSEQUENT EVENTS   Events occurring after June 30, 2011 were evaluated through the date this Quarterly Report was issued, in compliance FASB ASC Topic 855 Subsequent Events, to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included.  There were no such subsequent events.

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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Preferred Stock, par or stated value	$ 1	$ 1
Preferred Stock, shares authorized	250,000	250,000
Common stock, par or stated value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued	67,060,030	66,640,030

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Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Oil	$ 188,405	$ 178,750	$ 373,599	$ 347,517
Natural Gas	6,931	21,488	16,396	40,487
Gross Revenues	195,336	200,238	389,995	388,004
Lease Operating Expense	46,139	53,221	95,814	101,855
Production Taxes	9,272	9,813	18,574	18,991
Other Operating Expense	130,459	170,506	249,149	333,128
General & Administrative Expense	111,532	109,923	297,219	291,620
Depreciation and Amortization	67,226	66,932	134,614	133,863
Total Operating Expense	364,628	410,395	795,370	879,457
Loss From Operations	(169,292)	(210,157)	(405,375)	(491,453)
Interest	385	0	1,094	0
Loss from Unconsolidated Subsidiary	(117)	0	(20,119)	0
Total Other Income (Expense)	401	3,295	(18,981)	6,809
Bank Fees Amortization	1,636	1,704	4,706	3,224
Total Financing Charges	2,021	1,704	5,800	3,224
Loss before provision for Income Taxes	(170,912)	(208,566)	(430,156)	(487,868)
Provision for Income Taxes (Benefits)	0	0	0	0
Net Loss	$ (170,912)	$ (208,566)	$ (430,156)	$ (487,868)
Net Income (Loss) per Share (Basic and Fully Diluted)	$ 0.000	$ 0.000	$ 0.000	$ 0.000
Weighted Average Number of Common Shares Outstanding	66,712,363	64,954,980	66,782,737	65,033,424

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Document and Entity Information	3 Months Ended
Document and Entity Information	Jun. 30, 2011	Aug. 03, 2011
Document and Entity Information
Entity Registrant Name	CHANCELLOR GROUP INC.
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Entity Central Index Key	0000894544
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		67,060,030
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2

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Related Party Disclosures

3 Months Ended

Jun. 30, 2011

Related Party Disclosures

NOTE 7. RELATED PARTY TRANSACTIONS

The Company has used the services of a consulting company owned by the Chairman of the Board. The Company has paid $48,000 for those services during the six months ending June 30, 2011.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Debt
3 Months Ended

Jun. 30, 2011

Debt

Long-term Debt [Text Block] NOTE 5. LONG-TERM DEBT The Company had no long-term debt at June 30, 2011. At June 30, 2011, the Company has an irrevocable blanket letter of credit totaling $250,000 issued to the Railroad Commission of Texas as required for its oil and gas activities, which is secured by certain bank deposits totaling $250,000. The Company has recognized approximately $2,750 in amortization expense related to bank fees associated with this letter of credit in the six months ending June 30, 2011, and currently has approximately $4,660 in unamortized bank fees as of June 30, 2011.

XML 17 R13.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Jun. 30, 2011

Subsequent Events

Schedule of Subsequent Events [Table Text Block]

NOTE 8. SUBSEQUENT EVENTS

Events occurring after June 30, 2011 were evaluated through the date this Quarterly Report was issued, in compliance FASB ASC Topic 855 “Subsequent Events”, to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. There were no such subsequent events.

- Definition

Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.

+ References+ Details

XML 18 R6.htm IDEA: XBRL DOCUMENT

Organization, Consolidation and Presentation of Financial Statements	3 Months Ended
	Jun. 30, 2011
Organization, Consolidation and Presentation of Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization Chancellor Group, Inc. (the "Company", “our”, “we”, “Chancellor” or the “Company”) was incorporated in the state of Utah on May 2, 1986, and then, on December 30, 1993, dissolved as a Utah corporation and reincorporated as a Nevada corporation. The Company's primary business purpose is to engage in the exploration and production of oil and gas. On March 26, 1996, the Company's corporate name was changed from Nighthawk Capital, Inc. to Chancellor Group, Inc. The Company’s headquarters is in Pampa, Texas. Operations The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 138 wells, of which 29 are water disposal wells and 2 are gas wells, although “associated” gas is also produced from some oil wells. As of June 30, 2011, approximately 60 oil wells and 2 gas wells located in Gray and Hutchinson counties in the Texas panhandle are actively producing. We also own and operate our 15.9 acre property, with its shop, yard and office complex. Company equipment includes two work-over rigs as well as other oil field related equipment. In addition, we own approximately 4,830 gross and net acres of production rights on nine leases, which includes 4,300 acres of developed acreage and 500 acres of undeveloped acreage, approximately 300 acres of which was previously owned by Mobil and approximately 200 acres of which are on the Worley Combs lease. The nine leases have the production rights for oil, casing-head gas and natural gas. We produced a total of 4,021 barrels of oil and 2,490 mcf of gas in the six months ended June 30, 2011. The oil is light sweet crude and the natural gas has very high heat content, 1600 to 2600 btu/scf. Basis of Presentation The consolidated financial statements of Chancellor Group, Inc. have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and in accordance with GAAP. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in the Chancellor Group, Inc. Annual Report on Form 10-K for the year ended December 31, 2010. The consolidated financial statements are unaudited, but, in management's opinion, include all adjustments (which, unless otherwise noted, include only normal recurring adjustments) necessary for a fair presentation of such financial statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2011. Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Chancellor Group, Inc.; and its wholly owned subsidiaries: Gryphon Production Company, LLC, and Gryphon Field Services, LLC. These entities are collectively hereinafter referred to as "the Company". Any inter-company accounts and transactions have been eliminated. Accounting Year The Company employs a calendar accounting year. The Company recognizes income and expenses based on the accrual method of accounting under generally accepted accounting principles in the United States of America. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Products and Services, Geographic Areas and Major Customers The Company plans to develop its domestic oil and gas properties, located in Gray and Hutchinson counties in the Texas panhandle, and possibly to acquire additional producing oil and gas properties. The Company’s major customers, to which the majority of its oil and gas production is sold, are Plains Marketing and DCP Midstream. Net Income (loss) per share The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of six months or less as cash equivalents. Concentration of Credit Risk Some of the Company's operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company’s financial position or results of operations. Restricted Cash Included in cash in bank at June 30, 2011 are deposits totaling $250,000 which are assigned and held as collateral for a letter of credit issued to the Railroad Commission of Texas as required for its oil and gas activities. Accounts Receivable The Company reviews accounts receivable periodically for collectibles and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. An allowance for doubtful accounts was not considered necessary or recorded at June 30, 2011. Property and Equipment Property and equipment are recorded at cost and depreciated under the straight line method over the estimated useful life of the equipment. The estimated useful life of leasehold costs, equipment and tools ranges from five to seven years. The useful life of the office building and warehouse is estimated to be twenty years. Oil and Gas Properties The Company follows the successful efforts method of accounting for its oil and gas activities. Under this accounting method, costs associated with the acquisition, drilling and equipping of successful exploratory and development wells are capitalized. Geological and geophysical costs, delay rentals and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The carrying value of mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Undeveloped properties are periodically assessed for possible impairment due to un-recoverability of costs invested. Cash received for partial conveyances of property interests is treated as a recovery of cost and no gain or loss is recognized. Depletion The carrying value of the mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Income Tax Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Revenue Recognition The Company recognizes revenue when a product is sold to a customer, either for cash or as evidenced by an obligation on the part of the customer to pay. Fair Value Measurements and Disclosures The Company estimates fair values of assets and liabilities which require either recognition or disclosure in the financial statements in accordance with FASB ASC Topic 820 “Fair Value Measurements”. There is no material impact on the consolidated financial statements related to fair value measurements and disclosures. Fair value measurements include the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities. Level 3: Unobservable inputs that are not corroborated by market data. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. Fair Value of Financial Instruments The carrying value of the Company's financial instruments, including cash and cash equivalents, accounts receivable and accounts payable and long term debt, as reported in the accompanying consolidated balance sheet, approximates fair values. Employee Stock-Based Compensation Compensation expense is recognized for performance-based stock awards if management deems it probable that the performance conditions are or will be met. Determining the amount of stock-based compensation expense requires us to develop estimates that are used in calculating the fair value of stock-based compensation, and also requires us to make estimates of assumptions including expected stock price volatility which is derived based upon our historical stock prices. Business Combinations The Company accounts for business combinations in accordance with FASB ASC Topic 805 “Business Combinations”. This standard modifies certain aspects of how the acquiring entity recognizes and measures the identifiable assets, the liabilities assumed and the goodwill acquired in a business combination. The Company did not enter into any business combinations during the quarter ending June 30, 2011. The Company complies with the accounting guidance related to consolidation of variable interest entities (“VIEs”) that requires a reporting entity to determine if a primary beneficiary that would consolidate the VIE from a quantitative risk and rewards approach, to a qualitative approach based on which variable interest holder has the power to direct the economic performance related activities of the VIE as well as the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. This guidance requires the primary beneficiary assessment to be performed on an ongoing basis and also requires enhanced disclosures that will provide more transparency about a company’s involvement in a VIE. The Company did not have any VIEs that required consolidation in these financial statements during the quarter ending June 30, 2011. Subsequent Events Events occurring after June 30, 2011, were evaluated through the date this Quarterly Report was issued, in compliance FASB ASC Topic 855 “Subsequent Events”, to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. Recent Accounting Pronouncements In January 2010, the FASB issued Accounting Standards Update (“ASU”) 2010-03 to align the oil and gas reserve estimation and disclosure requirements of Extractive Industries -- Oil and Gas Topic of the Accounting Standards Codification with the requirements in the SEC's final rule, “Modernization of the Oil and Gas Reporting Requirements.” We implemented ASU 2010-03 as of December 31, 2009. Key items in the new rules include changes to the pricing used to estimate reserves and calculate the full cost ceiling limitation, whereby a 12-month average price is used rather than a single day spot price, the use of new technology for determining reserves, the ability to include nontraditional resources in reserves and the ability to disclose probable and possible reserves. Management has elected not to include probable and possible reserves in its reserve studies and related disclosures. In January 2010, the FASB issued ASU 2010-6, "Improving Disclosures about Fair Value Measurements.” This update requires additional disclosure within the roll forward of activity for assets and liabilities measured at fair value on a recurring basis, including transfers of assets and liabilities between Level 1 and Level 2 of the fair value hierarchy and the separate presentation of purchases, sales, issuances and settlements of assets and liabilities within Level 3 of the fair value hierarchy. In addition, the update requires enhanced disclosures of the valuation techniques and inputs used in the fair value measurements within Levels 2 and 3. The new disclosure requirements are effective for interim and annual periods beginning after December 15, 2009, except for the disclosure of purchases, sales, issuances and settlements of Level 3 measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010. As ASU 2010-6 only requires enhanced disclosures, the adoption of this update did not have a material effect on its financial position, cash flows and results of operations. In May 2011, ASU 2011-04 was issued which amends U.S. GAAP to confirm with measurement and disclosure requirements in International Financial Reporting Standards. The amendments in this Update change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include the following: 1. Those that clarify the Board’s intent about the application of existing fair value measurement and disclosure requirements. 2. Those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments in this Update are to be applied prospectively and are effective during interim and annual period beginning after December 15, 2011. In June 2011, ASU 2011-05, Comprehensive Income (Topic 220) was issued to provide guidance on the presentation of total comprehensive income, the components of net income, and the components of other comprehensive income. The amendments in this update are to be applied retrospectively and are effective for financial statements issued for fiscal years, and interim periods within those years, beginning after December 15, 2011. The provisions of ASU 2011-05 are not expected to have a material impact on our financial statements. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

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Equity

3 Months Ended

Jun. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

NOTE 3. STOCKHOLDERS' EQUITY

Preferred Stock

The Company has provided for the issuance of 250,000 shares, par value $1,000 per share, of convertible Preferred Series B stock ("Series B"). Each Series B share is convertible into 166.667 shares of the Company's common stock upon election by the shareholder of the Series B Share, with dates and terms set by the Board. No shares of Series B preferred stock are outstanding.

Common Stock

The Company has 250,000,000 authorized shares of common stock, par value $.001, with 67,060,030 shares issued and outstanding as of June 30, 2011.

Stock based Compensation

For the six months ending June 30, 2011, the Company recognized $23,100 in professional and consulting fees expense related to stock issued, which is recorded in general and administrative expenses.

Stock Options and Warrants

Non-employee Stock Options and Warrants

The Company accounts for non-employee stock options under FASB ASC Topic 505 “Equity-Based Payments to Non-Employees”, whereby options costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. For the quarter ending June 30, 2011, no options were issued, exercised or cancelled.

The Company currently has outstanding warrants expiring December 31, 2014 to purchase an aggregate of 6,000,000 shares of common stock; these warrants consist of warrants to purchase 2,000,000 shares at an exercise price of $.025 per share, and warrants to purchase 4,000,000 shares at an exercise price of $0.02 per share. In July 2009, the Company issued additional warrants expiring June 30, 2014 to purchase an aggregate of 500,000 shares of common stock at an exercise price of $0.125 per share. In 2010, the Company issued additional warrants expiring in 2015 to purchase an aggregate of 336,000 shares of common stock at an exercise price of $0.125 per share. During 2011, the Company issued additional warrants expiring in 2016 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share.

On June 30, 2011, the Company had the following outstanding warrants:

Exercise Price	Number of Shares	Remaining Contractual Life (in years)	Exercise Price times Number of Shares	Weighted Average Exercise Price
$0.025	2,000,000	4	$ 50,000
$0.020	4,000,000	4	$ 80,000
$0.125	500,000	3.5	$ 62,500
$0.125	504,000	4.5	$ 63,000
	7,004,000		$ 255,500	$ 0.036

Warrants	Number of Shares	Weighted Average Exercise Price	Remaining Contractual Life (in years)
Outstanding at January 1, 2011	6,836,000	$ 0.044

Issued	168,000	0.125

Exercised	-	-

Expired/Cancelled	-	-

Outstanding at June 30, 2011	7,004,000	$ 0.036	4.0

Exercisable at June 30, 2011	7,,004,000	$ 0.036	4.0

Employee Stock Options

The Company accounts for employee stock options under FASB ASC Topic 718 “Compensation-Stock Compensation”. The Company issued no employee stock options and had none outstanding as of June 30, 2011.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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Compensation Related Costs, Share Based Payments

3 Months Ended

Jun. 30, 2011

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

NOTE 6. ACCUMULATED COMPENSATED ABSENCES

It is the Company’s policy to permit employees to accumulate a limited amount of earned but unused vacation, which will be paid to employees upon separation from the Company’s service. The cost of vacation and sick leave is recognized when payments are made to employees. These amounts are immaterial and not accrued.

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Income Taxes

3 Months Ended

Jun. 30, 2011

Income Taxes

Income Tax Disclosure [Text Block]

NOTE 2. INCOME TAXES

Deferred income taxes arise from temporary differences in recognition of certain revenues and expenses between financial statement and income tax basis of accounting, and also net operating loss carry-forwards and other tax credit carry-forwards

At June 30, 2011, the Company had a federal net operating loss carry-forward of approximately $2,550,000. A deferred tax asset of approximately $510,000 has been partially offset by a valuation allowance of approximately $333,000 due to federal net operating loss carry-back and carry-forward limitations.

At June 30, 2011, the Company also had approximately $177,000 in deferred income tax liability attributable to timing differences between federal income tax depreciation, depletion and book depreciation, which has been offset against the deferred tax asset related to the net operating loss carry-forward.

Management evaluated the Company’s tax positions under FASB ASC Topic 740 “Uncertain Tax Positions,” and concluded that the Company had taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance. With few exceptions, the Company is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before 2008.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2011	Jun. 30, 2010
Net Loss	$ (430,156)	$ (487,868)
Depreciation and Amortization	134,614	133,863
Non-Cash Stock Compensation	23,100	53,350
Decrease in Operating Assets	78,387	90,154
Increase in Operating Liabilities	46,752	39,494
Net Cash (Used for) Operating Activities	(147,303)	(171,007)
Sale of Assets Proceeds	12,223	0
Capital Expenditures	(28,841)	(153,778)
Net Cash Provided by (Used for) Investing Activities	(16,618)	(153,778)
Net Cash Provided by (Used for) Financing Activities	0	0
Net Increase (Decrease) in Cash and Cash Equivalents	(163,921)	(324,785)
Cash and Cash Equivalents at the Beginning of the Period	560,098	1,404,695
Cash and Cash Equivalents at the End of the Period	$ 396,177	$ 1,079,910

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Property, Plant, and Equipment

3 Months Ended

Jun. 30, 2011

Property, Plant, and Equipment

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4. PROPERTY AND EQUIPMENT

A summary of fixed assets at:

Balance Balance

December 31, June 30,

2010 Additions Deletions 2011

Auto/Transportation Equipment $ 178,929 $ - $ 23,583 $ 155,346

Buildings & Improvements 125,280 125,280

Leasehold Costs - Developed 1,773,749 10,498 1,784,247

Furniture, Fixtures & Office Equipment 9,350 9,350

Machinery & Equipment 455,128 18,343 473,471

$ 2,542,436 $ 28,841 $ 23,583 $ 2,547,694

Less: Accumulated Depreciation 773,487 134,614 11,360 896,741

$ 1,768,949 $ 134,614 $ 11,360 $ 1,650,953

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

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CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
Cash in Bank	$ 396,177	$ 560,098
Restricted Cash	250,000	250,000
Revenue Receivable	66,339	91,053
Prepaid Insurance	15,241	21,479
Total Current Assets	727,757	922,630
Leasehold Costs Developed	1,784,247	1,773,749
Office Building & Equipment	134,630	134,630
Fleet Road	155,346	178,929
Heavy Field Equipment & Tools	473,471	455,128
Accumulated Depreciation and Amortization	(896,741)	(773,487)
Total Property and Equipment, Net	1,650,953	1,768,949
Investment in Unconsolidated Subsidiary	0	50,000
Unamortized Letter of Credit	4,660	2,095
Deposits	250	250
Total Other Assets	4,910	52,345
Total Assets	2,383,620	2,743,924
Accounts Payable	90,524	88,415
Accrued Expenses	104,449	59,806
Total Current Liabilities	194,973	148,221
Series B Preferred Stock: $1,000 Par Value 250,000 shares authorized, non outstanding	0	0
Common Stock: $.001 par value, 250,000,000 shares authorized 67,060,030 and 66,640,030 shares issued and outstanding, respectively	67,060	66,640
Paid in Capital	3,480,953	3,458,273
Retained Earnings (Deficit)	(1,359,366)	(929,210)
Total Stockholders' Equity	2,188,647	2,595,703
Total Liabilities and Stockholders' Equity	$ 2,383,620	$ 2,743,924

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Debt	3 Months Ended
Debt	Jun. 30, 2011
Debt
Long-term Debt [Text Block]	NOTE 5. LONG-TERM DEBT The Company had no long-term debt at June 30, 2011. At June 30, 2011, the Company has an irrevocable blanket letter of credit totaling $250,000 issued to the Railroad Commission of Texas as required for its oil and gas activities, which is secured by certain bank deposits totaling $250,000. The Company has recognized approximately $2,750 in amortization expense related to bank fees associated with this letter of credit in the six months ending June 30, 2011, and currently has approximately $4,660 in unamortized bank fees as of June 30, 2011.