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0001165527-12-000432.txt : 20120511 0001165527-12-000432.hdr.sgml : 20120511 20120511121219 ACCESSION NUMBER: 0001165527-12-000432 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120511 DATE AS OF CHANGE: 20120511 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: 12833066 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 g5965.txt 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: March 31, 2012 [ ] 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) 500 Taylor Street, Plaza Two - Suite 200, Amarillo, TX 79101 (Address of principal executive offices, including zip code) Issuer's Telephone Number, Including Area Code: (806) 322-2731 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 [X] 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 Number of shares of Common Stock outstanding as of May 11, 2012: 69,560,030 CHANCELLOR GROUP, INC. INDEX Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements: 3 Consolidated Balance Sheets, as of December 31, 2011 and as of March 31, 2012 (unaudited) 4 Consolidated Statements of Operations, for the Three Months Ended March 31, 2012 and 2011 (unaudited) 5 Consolidated Statements of Cash Flows, for the Three months Ended March 31, 2012 and 2011 (unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3. Quantitative and Qualitative Disclosures About Market Risk 16 Item 4. Controls and Procedures 16 PART II. OTHER INFORMATION Item 1. Legal Proceedings 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 6. Exhibits 17 SIGNATURES 18 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following consolidated financial statements be read in conjunction with the year-end consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The results of operations for the three months ended March 31, 2012 and 2011 are not necessarily indicative of the results for the entire fiscal year or for any other period. 3 CHANCELLOR GROUP, INC. Consolidated Balance Sheets

See Notes to Unaudited Consolidated Financial Statements 4 CHANCELLOR GROUP, INC. Consolidated Statements of Operations Three Months Ended March 31, 2012 and 2011 (Unaudited)

---------- * Less than $0.01 per share See Notes to Unaudited Consolidated Financial Statements 5 CHANCELLOR GROUP, INC. Consolidated Statements of Cash Flows Three Months Ended March 31, 2012 and 2011 (Unaudited)

See Notes to Unaudited Consolidated Financial Statements 6 CHANCELLOR GROUP, INC. Notes to Unaudited Consolidated Financial Statements March 31, 2012 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 acquisition, exploration and development of oil and gas production. On March 26, 1996, the Company's corporate name was changed from Nighthawk Capital, Inc. to Chancellor Group, Inc. The Company's corporate office was moved to Amarillo, Texas in early 2012. Operations The Company is licensed by the Texas Railroad Commission as an oil and gas producer and operator. The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 5 wells in Gray County, Texas, of which 1 is a water disposal well. As of March 31, 2012, approximately 4 oil wells are actively producing. We produced a total of 390 barrels of oil in the three months ended March 31, 2012. 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, 2011. 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 consolidated 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, 2012. 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. Use of Estimates The preparation of consolidated 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 consolidated 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 operate its domestic oil and gas properties, located in Gray County in Texas, and possibly to acquire additional producing oil and gas properties. The Company currently sales 100% of its oil production to Plains Marketing and 100% of its gas production to DCP Midstream. 7 Net Loss per Share The net loss per share is computed by dividing the net 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 three 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 restricted cash at March 31, 2012 is a license bond with the Railroad Commission of Texas as required for its oil and gas activities. Accounts Receivable The Company reviews accounts receivable periodically for collectibles, 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 March 31, 2012. 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. 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. Long-Lived Assets The Company assesses potential impairment of its long-lived assets, which include its property and equipment and its identifiable intangibles such as deferred charges, under the guidance Topic 360 "PROPERTY, PLANT AND Equipment" in the Accounting Standards Codification (the "ASC"). The Company must continually determine if a permanent impairment of its long-lived assets has occurred and write down the assets to their fair values and charge current operations for the measured impairment. Asset Retirement Obligations The Company has not recorded an asset retirement obligation (ARO) in accordance with ASC 410. Under ASC 410, a liability should be recorded for the fair value of an asset retirement obligation when there is a legal obligation associated with the retirement of a tangible long-lived asset, and the liability can be reasonably estimated. The associated asset retirement costs should also be capitalized and recorded as part of the carrying amount of the related oil and gas properties. Management believes that not recording an ARO liability and asset under ASC 410 is immaterial to the consolidated financial statements. 8 Income Taxes 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 March 31, 2012 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 in hand and restricted cash, revenue receivable and accounts payable, 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 ended March 31, 2012. 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 ended March 31, 2012. 9 Subsequent Events Events occurring after March 31, 2012 were evaluated through the date this Annual 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 June 2011, the FASB issued Accounting Standards Update ("ASU") 2011-5, "PRESENTATION OF COMPREHENSIVE INCOME." This update requires that all non-owner changes in stockholders' equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. These changes are effective for the first quarter filing of 2012. As the Company is not reporting any components of other comprehensive income, the adoption of this update is not considered material to the consolidated financial statements. 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. 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 are recorded for temporary differences between financial statement and income tax basis. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax basis. Deferred tax assets are recognized for temporary differences that will be deductible in future years' tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years' tax returns. At March 31, 2012, the Company had a federal net operating loss carry-forward of approximately $1,689,000. A deferred tax asset of approximately $338,000 has been partially offset by a valuation allowance of approximately $334,000 due to federal net operating loss carry-back and carry-forward limitations. At March 31, 2012, the Company also had approximately $4,000 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 No. 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 2009. 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 stockholder, with dates and terms set by the Board. No shares of Series B preferred stock are outstanding. 10 Common Stock The Company has 250,000,000 authorized shares of common stock, par value $.001, with 68,560,030 shares issued and outstanding as of March 31, 2012. Stock Based Compensation For the three months ended March 31, 2012, the Company recognized $13,600 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. During the first quarter of 2012, 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 June 2010, the Company issued additional warrants expiring June 30, 2015 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share. On March 31, 2012, the Company had the following outstanding warrants: Remaining Exercise Price Weighted Exercise Number of Contractual Life Times Number Average Price Shares (in years) of Shares Exercise Price ----- ------ ---------- --------- -------------- $0.025 2,000,000 2.75 $ 50,000 $0.020 4,000,000 2.75 80,000 $0.125 500,000 2.25 62,500 $0.125 168,000 3.25 21,000 --------- -------- 6,668,000 $213,500 $ 0.032 ========= ======== ======= Weighted Average Remaining Number of Exercise Contractual Life Warrants Shares Price (in years) -------- ------ ----- ---------- Outstanding at December 31, 2010 6,668,000 $0.032 ------ Issued -- Exercised -- Expired/Cancelled -- ------ Outstanding at December 31, 2011 6,668,000 $0.032 ------ Issued -- Exercised -- Expired/Cancelled -- ------ Outstanding at March 31, 2012 6,668,000 $0.032 2.75 --------- ------ ----- Exercisable at March 31, 2012 6,668,000 $0.032 2.75 ========= ====== ===== 11 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 the close of the period ending March 31, 2012. There were no stock options issued for the year ended December 31, 2011. NOTE 4. PROPERTY A summary of fixed assets at: Balance Balance December 31, March 31, 2011 Additions Deletions 2012 -------- --------- --------- -------- Leasehold Costs - Developed $ 47,740 $ -- $ -- $ 47,740 -------- -------- -------- -------- Total Property $ 47,740 $ -- $ -- $ 47,740 ======== ======== ======== ======== Less: Accumulated Amortization $ 18,815 $ 1,193 $ -- $ 20,008 -------- -------- -------- -------- Total Property, net $ 28,925 $ 1,193 $ -- $ 27,732 ======== ======== ======== ======== NOTE 5. CONTINGENT LIABILITY Chancellor is from time to time involved in legal proceedings arising in the normal course of business. Other than proceedings incidental to Chancellor's business, and a current proceeding against Gryphon (Cause no. 36433 in the 223rd District Court in Gray County, Texas) in which Gryphon has made a counterclaim for declaratory judgment, Chancellor is not a party to, nor is any of their property the subject of, any material legal proceedings. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of Chancellor's management, any such liability will not have a material adverse effect upon Chancellor's financial condition, results of operations or cash flows. NOTE 6. LONG-TERM DEBT The Company had no long-term debt as of March 31, 2012. At March 31, 2012, the Company has a license bond of $25,000 with the Railroad Commission of Texas as required for its oil and gas activities. NOTE 7. 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. NOTE 8. RELATED PARTY TRANSACTIONS The Company has used the services of a consulting company owned by the Chairman of the Board. The Company has paid $24,000 for those services during the three months ended March 31, 2012. NOTE 9. SUBSEQUENT EVENTS Events occurring after March 31, 2012 were evaluated through the date this Annual 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. On April 24, 2012, the Board approved the issuance of 500,000 shares each to its two directors Dudley Muth and Maxwell Grant as additional compensation to directors, which such shares were issued to both directors effective April 30, 2012. The Company will recognize $29,000 in Directors' Fee Expense in the second quarter of 2012 related to these shares. 12 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 In April 2007 we commenced operations with what were 84 actually producing wells in Gray and Carson counties, Texas. On July 22, 2008, we had entered into an Agreement, effective as of June 1, 2008 with Legacy Reserves Operating LP ("Legacy") for the sale of our oil and gas wells in Carson County, Texas, representing for approximately 84% of our oil and gas production at that time. In 2010, the Company acquired three additional properties in Hutchinson County including approximately 16 wells for a purchase price of approximately $150,000. In 2011, the Company continued our operational and restoration programs and the production capacity from our 67 actively producing wells in Gray and Hutchinson counties. Pursuant to the terms of the Purchase and Sale Agreement dated October 18, 2011, LCB purchased all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property, effective December 1, 2011. The assets sold to LCB approximated 82% of the Company's consolidated total assets as of September 30, 2011 and contributed approximately 95% and 77%, respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Purchase and Sale Agreement, LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Purchase and Sale Agreement. The Company has continued to maintain a total of four (4) producing wells and one (1) water disposal well. Gryphon will also retain an operator's license with the Texas Railroad Commission and continue to operate the Hood Leases itself. The proceeds from the asset sale will be used to provide working capital to Gryphon and for future corporate purposes including, but not limited to, possible acquisitions and other corporate programs and purposes that have yet to be identified. Our common stock is quoted on the Over-The-Counter market and trades under the symbol CHAG.OB. As of May 11, 2012, there were 69,560,030 shares of our common stock issued and outstanding. RESULTS OF OPERATIONS Three Months Ended March 31, 2012 Compared to Three Months Ended March 31, 2011. PRODUCTION: During the three months ended March 31, 2012, we produced and sold 76 barrels of oil, generating $7,320 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 2,058 barrels of oil and 1,275 mcf of gas, generating $194,659 in gross revenues net of royalties paid during the same period in 2011. The Company also recorded revenue from the sale of approximately 315 barrels of oil which was in tanks at the date of the sale to LCB, resulting in approximately $24,620 in revenues. We had 4 wells actually producing oil and none producing gas at March 31, 2012 and had 67 wells actually producing oil and 2 producing gas at March 31, 2011. Pursuant to the terms of the Purchase and Sale Agreement dated October 18, 2011, LCB purchased effective December 1, 2011 all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property. The assets sold to LCB approximated 82% of the Company's consolidated assets as of September 30, 2011 and contributed approximately 95% and 77%, respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Purchase and Sale Agreement, LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Purchase and Sale Agreement. 13 Pursuant to the transition services agreement related to the asset sale to LCB, the Company recorded $18,750 in other income for operating the wells sold to LCB through February 15, 2012. The Company has continued to maintain a total of four (4) producing wells and one (1) water disposal well. Gryphon will also retain an operator's license with the Texas Railroad Commission and continue to operate the Hood Leases itself. The proceeds from the asset sale will be used to provide working capital to Gryphon and for future corporate purposes including, but not limited to, possible acquisitions and other corporate programs and purposes that have yet to be identified. The following table summarizes our production volumes and average sales prices for the periods ended March 31: 2012 2011 ---- ---- Oil and Gas Sales: Oil Sales (Bbl) 390 2,058 Natural Gas Sales (Mcf) -- 1,275 Average Sales Price: Oil, per Bbl $ 81.85 $ 75.23 Gas, per McF $ n/a $ 9.83 The decrease in net sales of both oil and natural gas during the period ended March 31, 2012 (as compared to the period ended March 31, 2011) resulted in part from the sale of substantially all of our producing wells effective December 1, 2011 to LCB. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property and equipment decreased $66,195, or approximately 98% in the three months ended March 31, 2012 compared to the same period in 2011. This decrease was primarily attributable to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. GENERAL AND ADMINISTRATIVE EXPENSES: During the three months ended March 31, 2012, our general and administrative expenses decreased $68,378, or approximately 37% compared to same period in 2011. Significant components of these expenses include salaries, professional fees, and insurance. Salaries (included in both administrative expenses and operating costs) decreased approximately 100% during 2011, primarily the result of complete staff reductions due to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. Professional fees decreased approximately 32% during the three months ending March 31, 2012 compared to the same period in 2011, primarily the result of decreased consultation costs with third parties and decreased audit fees. Insurance decreased approximately 13% during the three months ending March 31, 2012 compared to the same period in 2011. OVERALL: Effective December 1, 2011, pursuant to the terms of the Purchase and Sale Agreement dated October 18, 2011, LCB purchased all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property. The assets sold to LCB approximated 82% of the Company's consolidated assets as of September 30, 2011 and contributed approximately 95% and 77%, respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Purchase and Sale Agreement, LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Purchase and Sale Agreement. Pursuant to the transition services agreement related to the asset sale to LCB, the Company recorded $18,750 in other income to operate the wells sold to LCB through February 15, 2012, at which date it ceased operating these wells. It continues to operate the 4 remaining producing wells. LIQUIDITY AND CAPITAL RESOURCES OVERVIEW: The following table highlights certain information relation to our liquidity and capital resources at: March 31, 2012 December 31, 2011 -------------- ----------------- Working Capital $2,148,598 $2,253,170 Current Assets 2,199,588 2,424,020 Current Liabilities 50,990 170,850 Stockholders' Equity 2,176,580 2,284,463 Our working capital at March 31, 2012 decreased by $104,572, or approximately 5%, from December 31, 2011, primarily from the loss from operations during first quarter 2012. Current assets decreased by decreased by $224,432 or approximately 9%, while current liabilities decreased $119,860, or approximately 70%, primarily as a result of reduced operations related to the sale of a majority of the Company's assets to LCB. 14 Our capital resources consist primarily of cash from operations and permanent financing, in the form of capital contributions from our stockholders. As of March 31, 2012 the Company had $2,105,527 of unrestricted cash on hand. CASH FLOW: Net cash used during the three months ended March 31, 2012 was $206,250, compared to net cash used of $144,042 during same period in 2011. The most significant factor causing the increase in net cash used during 2012 relates to the reduction in liabilities related to the timing of cash disbursements. Cash used for operations increased by $62,208, or approximately 43% during the first quarter in 2012, compared to the same period in 2011. The most significant factor causing the increase in net cash used during the first quarter in 2012 relates to the reduction in liabilities related to the timing of cash disbursements. EQUITY FINANCING: As of March 31, 2012, our stockholders have contributed $3,579,613 in total equity financing to date. We do not anticipate that significant equity financing will take place in the foreseeable future. CONTRACTUAL OBLIGATIONS On October 13, 2011, the Company entered into a consulting agreement for 500,000 shares of stock and $3,000 cash. The agreement is for six months with an additional 200,000 shares and $3,000 payable monthly. The Company recognized $13,600 in consulting fee expense in relation to the stock issued pursuant to this agreement during the three months ended March 31, 2012. 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. 15 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 (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 March 31, 2012, a deferred tax asset of $337,000 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 three months or less. Our interest income is sensitive to changes in the general level of U.S. interest rates. Due to the short-term nature of our investments, we believe that there is not a material risk exposure. 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. The prices of the commodities that the Company produces are unsettled at this time. At times the prices seem to be drift down and then either increase or stabilize for a few days. Current price movement seems to be slightly up but with the prices of the traditionally marketed products (gasoline, diesel, and natural gas as feed stocks for various industries, power generation, and heating) are not showing material increases. Although prices are difficult to predict in the current environment, the Company maintains the expectation that demand for its products will continue to increase for the foreseeable future due to the underlying factors that oil and natural gas based commodities are both sources of raw energy and are fuels that are easily portable. ITEM 4. CONTROLS AND PROCEDURES As supervised by our Board of Directors and our principal executive and principal financial officer, management has established a system of disclosure controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management's Annual Report on Internal Control over Financial Reporting. Based on the evaluation of our controls and procedures (as defined in Rule 13a-15(e) under the 1934 Securities Exchange Act, as amended (the "Exchange Act")) required by paragraph (b) of Rule 13a-15, our principal executive and financial officer has concluded that our disclosure controls and procedures as of March 31, 2012, are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (x) accumulated and communicated to management, including our principal executive and financial officer, as appropriate to show timely decisions regarding required disclosure and (y) recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms. 16 There have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period ended March 31, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Chancellor is from time to time involved in legal proceedings arising in the normal course of business. Other than proceedings incidental to Chancellor's business, and a current proceeding against Gryphon (Cause no. 36433 in the 223rd District Court in Gray County, Texas) in which Gryphon has made a counterclaim for declaratory judgment, Chancellor is not a party to, nor is any of their property the subject of, any material legal proceedings. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of Chancellor's management, any such liability will not have a material adverse effect upon Chancellor's financial condition, results of operations or cash flows. 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.

---------- (1) The issuances to advisors are viewed by the Company as exempt from registration under the Securities Act of 1933, as amended ("Securities Act"), alternatively, as transactions either not involving any public offering, or as exempt under the provisions of Regulation D promulgated by the SEC under the Securities Act. ITEM 6. EXHIBITS 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.** SEC Ref. No. Title of Document ------- ----------------- 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Label Linkbase Document 101.PRE XBRL Taxonomy Presentation Linkbase Document ---------- * Filed herewith. ** Furnished herewith. 17 SIGNATURES Pursuant to the requirements of Section 12(g) 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, on May 11, 2012. Chancellor Group, Inc. By: /s/ Maxwell Grant ------------------------------------ Chief Executive Officer and Principal Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant in the capacities indicated, on May 11, 2012. By: /s/ Maxwell Grant ----------------------------------------- Maxwell Grant, Chief Executive Officer 18 EXHIBIT INDEX 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.** SEC Ref. No. Title of Document ------- ----------------- 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Label Linkbase Document 101.PRE XBRL Taxonomy Presentation Linkbase Document ---------- * Filed herewith. ** Furnished herewith. EX-31 2 ex31.txt 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 under 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: May 11, 2012 /s/ Maxwell Grant ---------------------------------------------------------------------- Maxwell Grant, Chief Executive Officer and Principal Financial Officer EX-32 3 ex32.txt 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 March 31, 2012 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 May 11, 2012 EX-101.INS 4 chag-20120331.xml 2518 3070 2518 3779 2118 false --12-31 Q1 2012 2012-03-31 10-Q 0000894544 69560030 Yes Smaller Reporting Company CHANCELLOR GROUP INC. No No

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<div> <div> NOTE 2. INCOME TAXES   Deferred income taxes are recorded for temporary  differences  between financial statement and income tax basis.  Temporary  differences are differences  between the amounts of assets and liabilities  reported for financial statement purposes and  their  tax  basis.   Deferred  tax  assets  are  recognized  for  temporary differences  that  will be  deductible  in future  years'  tax  returns  and for operating loss and tax credit carryforwards.  Deferred tax assets are reduced by a valuation  allowance  if it is deemed more likely than not that some or all of the  deferred  tax assets will not be realized.  Deferred  tax  liabilities  are recognized for temporary  differences  that will be taxable in future years' tax returns.   At March 31, 2012, the Company had a federal net operating loss carry-forward of approximately  $1,689,000.  A deferred tax asset of  approximately  $338,000 has been partially offset by a valuation allowance of approximately  $334,000 due to federal net operating loss carry-back and carry-forward limitations.   At March 31, 2012, the Company also had approximately  $4,000 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 No.  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 2009. </div> </div>

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<div> <div> NOTE 6. LONG-TERM DEBT   The Company had no long-term debt as of March 31, 2012.   At March 31,  2012,  the Company has a license bond of $25,000 with the Railroad Commission of Texas as required for its oil and gas activities. </div> </div>

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<div> <div> 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 acquisition, exploration and development of oil and gas production. On March 26, 1996, the Company's  corporate name was changed from Nighthawk Capital,  Inc. to Chancellor  Group,  Inc. The Company's  corporate  office was moved to Amarillo, Texas in early 2012.   Operations   The  Company is  licensed  by the Texas  Railroad  Commission  as an oil and gas producer and operator.  The Company and its wholly-owned  subsidiaries,  Gryphon Production  Company,  LLC and Gryphon Field  Services,  LLC, own 5 wells in Gray County,  Texas,  of which 1 is a water  disposal  well.  As of March  31,  2012, approximately 4 oil wells are actively producing.   We  produced a total of 390 barrels of oil in the three  months  ended March 31, 2012.  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, 2011.   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 consolidated 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, 2012.   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.   Use of Estimates   The  preparation  of  consolidated   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 consolidated 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 operate its  domestic oil and gas  properties,  located in Gray County in Texas, and possibly to acquire  additional  producing oil and gas properties.  The Company  currently  sales 100% of its oil  production to Plains Marketing and 100% of its gas production to DCP Midstream.   Net Loss per Share   The net loss per share is  computed  by  dividing  the net 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 three 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  restricted  cash at March  31,  2012 is a  license  bond  with the Railroad Commission of Texas as required for its oil and gas activities.   Accounts Receivable   The  Company  reviews  accounts   receivable   periodically  for   collectibles, 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 March 31, 2012.   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.   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.   Long-Lived Assets   The Company  assesses  potential  impairment  of its  long-lived  assets,  which include its property and  equipment  and its  identifiable  intangibles  such as deferred charges,  under the guidance Topic 360 "PROPERTY,  PLANT AND Equipment" in  the  Accounting  Standards   Codification  (the  "ASC").  The  Company  must continually  determine if a permanent  impairment of its  long-lived  assets has occurred  and write  down the assets to their  fair  values  and charge  current operations for the measured impairment.   Asset Retirement Obligations   The Company has not recorded an asset retirement  obligation (ARO) in accordance with ASC 410.  Under ASC 410, a liability  should be recorded for the fair value of an asset retirement  obligation when there is a legal  obligation  associated with the  retirement of a tangible  long-lived  asset,  and the liability can be reasonably  estimated.  The  associated  asset  retirement  costs should also be capitalized  and recorded as part of the carrying  amount of the related oil and gas  properties.  Management  believes  that not  recording an ARO liability and asset under ASC 410 is immaterial to the consolidated financial statements.   Income Taxes   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 March  31,  2012  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 in hand and restricted cash, revenue  receivable and accounts payable,  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  ended March 31, 2012.   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 ended March 31, 2012.   Subsequent Events   Events  occurring  after  March 31,  2012 were  evaluated  through the date this Annual 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 June 2011,  the FASB  issued  Accounting  Standards  Update  ("ASU")  2011-5, "PRESENTATION OF COMPREHENSIVE  INCOME." This update requires that all non-owner changes  in  stockholders'  equity be  presented  in either a single  continuous statement of comprehensive income or in two separate but consecutive statements. This  update   eliminates   the  option  to  present  the  components  of  other comprehensive  income  as part of the  statement  of  changes  in  stockholders' equity. These changes are effective for the first quarter filing of 2012. As the Company is not  reporting  any  components of other  comprehensive  income,  the adoption of this update is not considered material to the consolidated financial statements.   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.   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. </div> </div>

250

2368

24824

118690

-20002

1277

-19382

18750

1000

250000

3944

13396

1472

9302

-121485

-259244

<div> <div> NOTE 4. PROPERTY   A summary of fixed assets at:                                         Balance                                    Balance                                     December 31,                                 March 31,                                        2011         Additions      Deletions       2012                                      --------       ---------      ---------     -------- Leasehold Costs - Developed          $ 47,740        $     --      $     --      $ 47,740                                      --------        --------      --------      --------       Total Property                 $ 47,740        $     --      $     --      $ 47,740                                      ========        ========      ========      ========                                                                                 Less: Accumulated Amortization       $ 18,815        $  1,193      $     --      $ 20,008                                      --------        --------      --------      --------       Total Property, net            $ 28,925        $  1,193      $     --      $ 27,732                                      ========        ========      ========      ======== </div> </div>

27732

28925

25000

250000

-1403034

-1281550

65117

73848

50691

194659

<div> <div> NOTE 9. SUBSEQUENT EVENTS   Events  occurring  after  March 31,  2012 were  evaluated  through the date this Annual 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.   On April 24, 2012, the Board approved the issuance of 500,000 shares each to its two  directors  Dudley  Muth and Maxwell  Grant as  additional  compensation  to directors,  which such shares were issued to both directors  effective April 30, 2012. The Company will recognize $29,000 in Directors' Fee Expense in the second quarter of 2012 related to these shares. </div> </div>

13600

14700

2176580

2284463

<div> <div> 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 stockholder, 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 68,560,030 shares issued and outstanding as of March 31, 2012.   Stock Based Compensation   For the three  months ended March 31, 2012,  the Company  recognized  $13,600 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.  During the first quarter of 2012, 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 June 2010, the Company issued  additional warrants  expiring  June 30, 2015 to purchase an aggregate of 168,000  shares of common stock at an exercise price of $0.125 per share.   On March 31, 2012, the Company had the following outstanding warrants:                                       Remaining           Exercise Price          Weighted Exercise         Number of       Contractual Life        Times Number            Average  Price            Shares            (in years)             of Shares          Exercise Price  -----            ------            ----------             ---------          -------------- $0.025          2,000,000              2.75                 $ 50,000         $0.020          4,000,000              2.75                   80,000         $0.125            500,000              2.25                   62,500         $0.125            168,000              3.25                   21,000                         ---------                                   --------                         6,668,000                                   $213,500             $ 0.032                 =========                                   ========             =======                                                                                                                                       Weighted                                                              Average           Remaining                                            Number of        Exercise        Contractual Life        Warrants                             Shares            Price           (in years)        --------                             ------            -----           ---------- Outstanding at December 31, 2010          6,668,000          $0.032                                                                      ------         Issued                                           --                         Exercised                                        --                         Expired/Cancelled                                --                                                                                      ------         Outstanding at December 31, 2011          6,668,000          $0.032                                                                      ------         Issued                                           --                         Exercised                                        --                         Expired/Cancelled                                --                                                                                      ------                                                                                     Outstanding at March 31, 2012             6,668,000          $0.032               2.75                                           ---------          ------              -----                                                                             Exercisable at March 31, 2012             6,668,000          $0.032               2.75                                           =========          ======              =====   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 the close of the period  ending March 31, 2012. There were no stock options issued for the year ended December 31, 2011. </div> </div>

68360030

66712363

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PROPERTY	3 Months Ended
PROPERTY	Mar. 31, 2012
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	NOTE 4. PROPERTY A summary of fixed assets at: Balance Balance December 31, March 31, 2011 Additions Deletions 2012 -------- --------- --------- -------- Leasehold Costs - Developed $ 47,740 $ -- $ -- $ 47,740 -------- -------- -------- -------- Total Property $ 47,740 $ -- $ -- $ 47,740 ======== ======== ======== ======== Less: Accumulated Amortization $ 18,815 $ 1,193 $ -- $ 20,008 -------- -------- -------- -------- Total Property, net $ 28,925 $ 1,193 $ -- $ 27,732 ======== ======== ======== ========

- 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.

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STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2012
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	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 stockholder, 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 68,560,030 shares issued and outstanding as of March 31, 2012. Stock Based Compensation For the three months ended March 31, 2012, the Company recognized $13,600 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. During the first quarter of 2012, 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 June 2010, the Company issued additional warrants expiring June 30, 2015 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share. On March 31, 2012, the Company had the following outstanding warrants: Remaining Exercise Price Weighted Exercise Number of Contractual Life Times Number Average Price Shares (in years) of Shares Exercise Price ----- ------ ---------- --------- -------------- $0.025 2,000,000 2.75 $ 50,000 $0.020 4,000,000 2.75 80,000 $0.125 500,000 2.25 62,500 $0.125 168,000 3.25 21,000 --------- -------- 6,668,000 $213,500 $ 0.032 ========= ======== ======= Weighted Average Remaining Number of Exercise Contractual Life Warrants Shares Price (in years) -------- ------ ----- ---------- Outstanding at December 31, 2010 6,668,000 $0.032 ------ Issued -- Exercised -- Expired/Cancelled -- ------ Outstanding at December 31, 2011 6,668,000 $0.032 ------ Issued -- Exercised -- Expired/Cancelled -- ------ Outstanding at March 31, 2012 6,668,000 $0.032 2.75 --------- ------ ----- Exercisable at March 31, 2012 6,668,000 $0.032 2.75 ========= ====== ===== 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 the close of the period ending March 31, 2012. There were no stock options issued for the year ended December 31, 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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Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current Assets:
Cash in Bank	$ 2,105,527	$ 2,086,776
Restricted Cash	25,000	250,000
Revenue Receivable	65,117	73,848
Prepaid Insurance	3,944	13,396
Total Current Assets	2,199,588	2,424,020
Property:
Leasehold Costs - Developed	47,740	47,740
Accumulated Amortization	(20,008)	(18,815)
Total Property, net	27,732	28,925
Other Assets:
Unamortized Letter of Credit		2,118
Deposits	250	250
Total Other Assets	250	2,368
Total Assets	2,227,570	2,455,313
Current Liabilities:
Accounts Payable	40,031	112,405
Accrued Expenses	10,959	58,445
Total Current Liabilities	50,990	170,850
Stockholders' Equity
Series B Preferred Stock: $1,000 Par Value 250,000 shares authorized, none outstanding
Common Stock; $.001 par value, 250,000,000 shares authorized, 68,560,030 and 67,960,030 shares issued and outstanding, respectively	68,560	67,960
Paid-in Capital	3,511,053	3,498,053
Retained Earnings (Deficit)	(1,403,034)	(1,281,550)
Total Stockholders' Equity	2,176,580	2,284,463
Total Liabilities and Stockholders' Equity	$ 2,227,570	$ 2,455,313

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ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:	3 Months Ended
	Mar. 31, 2012
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:	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 acquisition, exploration and development of oil and gas production. On March 26, 1996, the Company's corporate name was changed from Nighthawk Capital, Inc. to Chancellor Group, Inc. The Company's corporate office was moved to Amarillo, Texas in early 2012. Operations The Company is licensed by the Texas Railroad Commission as an oil and gas producer and operator. The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 5 wells in Gray County, Texas, of which 1 is a water disposal well. As of March 31, 2012, approximately 4 oil wells are actively producing. We produced a total of 390 barrels of oil in the three months ended March 31, 2012. 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, 2011. 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 consolidated 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, 2012. 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. Use of Estimates The preparation of consolidated 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 consolidated 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 operate its domestic oil and gas properties, located in Gray County in Texas, and possibly to acquire additional producing oil and gas properties. The Company currently sales 100% of its oil production to Plains Marketing and 100% of its gas production to DCP Midstream. Net Loss per Share The net loss per share is computed by dividing the net 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 three 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 restricted cash at March 31, 2012 is a license bond with the Railroad Commission of Texas as required for its oil and gas activities. Accounts Receivable The Company reviews accounts receivable periodically for collectibles, 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 March 31, 2012. 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. 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. Long-Lived Assets The Company assesses potential impairment of its long-lived assets, which include its property and equipment and its identifiable intangibles such as deferred charges, under the guidance Topic 360 "PROPERTY, PLANT AND Equipment" in the Accounting Standards Codification (the "ASC"). The Company must continually determine if a permanent impairment of its long-lived assets has occurred and write down the assets to their fair values and charge current operations for the measured impairment. Asset Retirement Obligations The Company has not recorded an asset retirement obligation (ARO) in accordance with ASC 410. Under ASC 410, a liability should be recorded for the fair value of an asset retirement obligation when there is a legal obligation associated with the retirement of a tangible long-lived asset, and the liability can be reasonably estimated. The associated asset retirement costs should also be capitalized and recorded as part of the carrying amount of the related oil and gas properties. Management believes that not recording an ARO liability and asset under ASC 410 is immaterial to the consolidated financial statements. Income Taxes 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 March 31, 2012 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 in hand and restricted cash, revenue receivable and accounts payable, 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 ended March 31, 2012. 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 ended March 31, 2012. Subsequent Events Events occurring after March 31, 2012 were evaluated through the date this Annual 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 June 2011, the FASB issued Accounting Standards Update ("ASU") 2011-5, "PRESENTATION OF COMPREHENSIVE INCOME." This update requires that all non-owner changes in stockholders' equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. These changes are effective for the first quarter filing of 2012. As the Company is not reporting any components of other comprehensive income, the adoption of this update is not considered material to the consolidated financial statements. 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. 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.

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INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2012
INCOME TAXES
INCOME TAXES	NOTE 2. INCOME TAXES Deferred income taxes are recorded for temporary differences between financial statement and income tax basis. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax basis. Deferred tax assets are recognized for temporary differences that will be deductible in future years' tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years' tax returns. At March 31, 2012, the Company had a federal net operating loss carry-forward of approximately $1,689,000. A deferred tax asset of approximately $338,000 has been partially offset by a valuation allowance of approximately $334,000 due to federal net operating loss carry-back and carry-forward limitations. At March 31, 2012, the Company also had approximately $4,000 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 No. 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 2009.

- 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.

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Consolidated Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Preferred Stock, par or stated value	$ 1,000	$ 1,000
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	68,560,030	67,960,030

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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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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 11, 2012
Document and Entity Information
Entity Registrant Name	CHANCELLOR GROUP INC.
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Entity Central Index Key	0000894544
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		69,560,030
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	2012
Document Fiscal Period Focus	Q1

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Consolidated Statements of Operations (USD $)	3 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011
Oil	$ 31,941	$ 185,194
Natural Gas		9,465
Other Operating Income	18,750
Gross Revenue	50,691	194,659
Operating Expenses:
Lease Operating Expenses	26,137	49,675
Severance Taxes	1,472	9,302
Other Operating Expenses	24,824	118,690
Administrative Expenses	117,309	185,687
Depreciation and Amortization	1,193	67,388
Total Operating Expenses	170,935	430,742
Loss From Operations	(120,244)	(236,083)
Other Income (Expense):
Interest Income	1,277	620
Other Income (Expense)		(20,002)
Total Other Income (Expense)	1,277	(19,382)
Financing Charges:
Interest Expense		709
Bank Fees Amortization	2,518	3,070
Total Financing Charges	2,518	3,779
Loss before provision for Income Taxes	(121,485)	(259,244)
Provision for Income Taxes (Benefit)
Net Loss	$ (121,485)	$ (259,244)
Net Loss per Share (Basic and Fully Diluted)
Weighted Average Number of Common Shares Outstanding	68,360,030	66,712,363

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ACCUMULATED COMPENSATED ABSENCES	3 Months Ended
ACCUMULATED COMPENSATED ABSENCES	Mar. 31, 2012
ACCUMULATED COMPENSATED ABSENCES
ACCUMULATED COMPENSATED ABSENCES	NOTE 7. 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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LONG-TERM DEBT	3 Months Ended
LONG-TERM DEBT	Mar. 31, 2012
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 6. LONG-TERM DEBT The Company had no long-term debt as of March 31, 2012. At March 31, 2012, the Company has a license bond of $25,000 with the Railroad Commission of Texas as required for its oil and gas activities.

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RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2012
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 8. RELATED PARTY TRANSACTIONS The Company has used the services of a consulting company owned by the Chairman of the Board. The Company has paid $24,000 for those services during the three months ended March 31, 2012.

- 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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SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2012
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9. SUBSEQUENT EVENTS Events occurring after March 31, 2012 were evaluated through the date this Annual 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. On April 24, 2012, the Board approved the issuance of 500,000 shares each to its two directors Dudley Muth and Maxwell Grant as additional compensation to directors, which such shares were issued to both directors effective April 30, 2012. The Company will recognize $29,000 in Directors' Fee Expense in the second quarter of 2012 related to these shares.

- 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.

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Consolidated Statements of Cash Flows (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Net Loss $ (121,485) $ (259,244)

Adjustments to Reconcile Net Loss to Net Cash (Used for) Operating Activities:

Depreciation and Amortization 1,193 67,388

Non-Cash Stock Compensation 13,600 14,700

Decrease in Operating Assets 20,302 28,506

Increase in Operating Liabilities (119,860) 4,608

Net Cash (Used for) Operating Activities (206,250) (144,042)

Cash Flows From Financing Activities:

Cash Flows From Financing Activities

Cash Flows From Investing Activities:

Cash Flows From Investing Activities

Net Increase (Decrease) in Cash (206,250) (144,042)

Cash and Cash Equivalents at the Beginning of the Period 2,336,776 810,098

Cash and Cash Equivalents at the End of the Period 2,130,527 666,056

Supplemental Disclosures of Cash Flow Information:

Interest Paid 709

Income Taxes Paid

XML 26 R10.htm IDEA: XBRL DOCUMENT

CONTINGENT LIABILITY	3 Months Ended
CONTINGENT LIABILITY	Mar. 31, 2012
CONTINGENT LIABILITY
CONTINGENT LIABILITY	NOTE 5. CONTINGENT LIABILITY Chancellor is from time to time involved in legal proceedings arising in the normal course of business. Other than proceedings incidental to Chancellor's business, and a current proceeding against Gryphon (Cause no. 36433 in the 223rd District Court in Gray County, Texas) in which Gryphon has made a counterclaim for declaratory judgment, Chancellor is not a party to, nor is any of their property the subject of, any material legal proceedings. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of Chancellor's management, any such liability will not have a material adverse effect upon Chancellor's financial condition, results of operations or cash flows.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-Name FASB Interpretation (FIN)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
Net Loss	$ (121,485)	$ (259,244)
Adjustments to Reconcile Net Loss to Net Cash (Used for) Operating Activities:
Depreciation and Amortization	1,193	67,388
Non-Cash Stock Compensation	13,600	14,700
Decrease in Operating Assets	20,302	28,506
Increase in Operating Liabilities	(119,860)	4,608
Net Cash (Used for) Operating Activities	(206,250)	(144,042)
Cash Flows From Financing Activities:
Cash Flows From Financing Activities
Cash Flows From Investing Activities:
Cash Flows From Investing Activities
Net Increase (Decrease) in Cash	(206,250)	(144,042)
Cash and Cash Equivalents at the Beginning of the Period	2,336,776	810,098
Cash and Cash Equivalents at the End of the Period	2,130,527	666,056
Supplemental Disclosures of Cash Flow Information:
Interest Paid		709
Income Taxes Paid