UNITED STATES BANKRUPTCY COURT DISTRICT OF DELA WARE

In re: Gotland OiL. Inc.

Debtor

Case No. 09. I 0792 Reporting Period: May 2009

VIONTHL Y OPERATING REPORT

Document
l REQUIRED DOCUMENTS , .' Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtor's bank reconciliations) Schedule of Professional .'

Expl~n~tio AffdavWSupplenient

Fees Paid

F 'orm No. MOR-I MOR-Ia MOR.! b

Auacie Id ./
./ ./ ./ ./ ./ ./ ./
N/A N/A

Att ehd AWi hc e d a

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A

Copies of bankstateinnts Cash disbursements. journals

,iT;..;:;........
;..

Sllitementof Operations
BlnceSleet

Status of PostpetItion Taxes

Copies ofIRS Form 6123 or

MOR-2 MOR-3 MOR.4

payment receipt

.'..:..;;

Copies of taii reUirns fied during reporting period Summarv of Unpaid Postpetition Debts Listing of aJ!ed accounts payable
Accounts Receivable Reconciliation and Aging

'Fd .'
MOR-4 MOR-4 MOR-S MOR-S

./ ./
.

Debtor Questionnaire

./

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A NfA

are true and correct to the best of my

I declare under penalty of perjury (28 U.S.C. Section 1746) that Ihis report and the attached documents knowledge artd belief.

Si~,,lL
Signature of Joint Debtor

Date

-if#~ i/l hfo

Tiile of Authorized Individual

Dare

*Auihorized individual must be aii officer, director or shareholder if debtor is a corpomliou; a parner if debtor
is a partnership: II manager

or member if debtor is II limiied liabitiiy company,

MOO

(()101,

Iii reo Goiiand Oil. Ine. Oebiar

Case No. 09-10792

Reponing Period:_May 209_

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

BAN ACCOUNS OPER PAYROLL TAX OTIR
CASH BEGINING OFMQNT

REIP
TOTAL REEIPT
D1SBVRSE/IEN

I I II
i II i I II

ACAL PROJEC
II

CURRENT MONT

CUMULATIVE FILING TO DATE

ACTAL PROJEC

Galland Oil,/nc. does not maintain ~nv c~sh accounts.

I I

L",".~~,,,.,

H FHI
II

t; ~: II

J
i

II

ii

/I

'lHE FOLLOWING SECTION MUST B~; COII-IPLETED

DJSBURSIlMENTS FOR CALCULTING V.s, TRUSEE QUARTERLY FEES, (FROM CURNT MONT ACTUAL CQLUM!','
TOTAL. D1SBURSEM&l'TS

$0.00 $0,00

LESS: TRANSFli TO DEBTOR IN POSSESION ACCOUNTS

PLUS, EST/\TE DISBURSEMENTS MADE BY OUTSIDE SOURCES (;,e. frm ...,'Ow .''-'OWlIS)

so.oo
$0,00

TOni. DISBURSEMENTS FOR CALCl:L.\TING us. TRUSTE OUARTERLY FEll

FOkM MaR-!

(0W)

In re: Gotland Oil, Inc, Deblor

Case No. 09-10792

Reponing Peliod:_May 2009_

BANK RECONCILIA nONS

Conilnuatlon Slit (or :vroR-l

Operating
I BALAXCE PER BOOKS
I

ParD
1#
I i

Tax
1#
I I

Oiher
1#
I i

j#

BAN"K BALNCE

(+) DEPOIT IN TRA~SIT (ATTACH Usn (- OUTSANDII\G CIIECKS (A lTACH Usn

ADJUSfD IlA:-1C BA!.CE .

GoliaRd on, Inc, does nol maIntain any cash accounts.

Adjusted bank balane must equal

balance pe boks

fOR:\1 :\fOR.1 a (fHlOl.

In re: Gotland OiL, Inc.

Debtor

Case No, 09-10792 Reporting Period:_May 2009_

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Payee
Payor

Penod Covered

Amount Approved

Check Number Date

Amount Paid

Fees
Expenses

Year-To-Date

Fees

Exonses

No profesional fees were paid post-petition.

FORM MOR-I b
(04107)

In re: Gotland Oil. Ine,

Debtor

Case No. 09-10792 Reporting Period:_May 2009_

STA TEMENT OF OPERATIONS
(Income Statement)

Month
S

Repairs and maintenance

Salaries/commissions/fees Transpartatiotl expense

Utilties
Insurance Employee benefit pro.erams Taiies - production Inventory chatl.ee Rent and lease expense
Travel and enterainment

Supplies
General and administrative

Depreciation, depletion and amortization Net Profit (Loss) Before Oiher Income & Expenses

OTHER INCOME AND (EXPENSES) Accretion of discunts and amoitization of defen'ed financing costs
Interest cxp.cnse- non.cash - paid in kind Stock compensation eiipense Interest and dividends Realized gainf(loss) on detivatives
Interest expense- cash

Other revenue General exploration elllJCnse Net Profit (Loss) Before Reorganization Items

REORGANIZATION ITEMS
Profesional Fee Reorganization Interest Net Profit (Loss)
I

IS

FORM MOR.Z

(0410)

In re: Gotland Oil. Inc. Debtor

Case No. 09.10792

Reporiing Period:_May 200_

BALANCE SHEET

CURRNT ASSETS
Unrestcted Ciish and Eouivalenis Resirieied Cas and Cash Eouivalenis

ASETS

BOOK VALUE AT END OF

CUNT REPORTING MONT

S

AcconlS Recivable (Net) Im'eniories

PreoaKl EXDC'ses

Profesional Retainers Oihet Current Asset. (See Aiiached Schedule) TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMEN

Proved Pronnies locludn. Lease iind Well Eouiarneni

40
-

.i

Asset Rerirenini CoslS In Process Develonmcnl Unnrved Proneriies

Offiee EouiOlnent Ilnd Sofiware Vehieles Other Eouiomenl and Leasehold Inioravemenis Pi..liiie ",,-nment Less Accumulated Deorecia.ioi
TOTAL PROPERTY & F.UIPMENT OTHER ASSETS Oiher Asts (Se Attahed Sehedule)

$
$

TOTAL

ASSETS

40

LIAILITlF AND OWNR EQUITY LIABILIES NOT SUBJECl TO COMPROMISE (posl-llioDl

AecoonlS Pav.ble und Accrued Liabilties Toxes P"'lble
Waoe. Payable

BOOK VALUE AT EN OF CURRENT REPORTING MONTH

$

NOles Pivable. Debtor.in-llosssian finacine

Ren! I Leases. Buildinl1Eouiomenl Seured Debt I Adeuaie Protection Pivnienis

Proressionat Fees In'ercomDanv Pnvablcs

Asset Reiireniiil Obli..iians

Accrued InlClest

Other (.iabilties TOTAL POSTPETITIO:- LIABILITIES LlABILlTrES SUBJECl TO COMPROMISE (P.PeIIlJoo)

Secured Deb.

Priorty Debi Unsecud Delx lnierro,nanv Paviibles TOTAl. PRE-PETlTIO:- LIABILITIES

ITOTAL LIABILITIES

OWN13RiWTY
Shar Caoi~11

1$
S

-I
-

Conlribated Surolus Wnrtanis Addirional l-did In Caoiial Accumulated Oier ComDrehensil'e Loss

l-dtliirs' Coniia Accnt

Owner Eouitv Accou.i Reiained EainRS - Pre-Petition Retained Eaninos - Posipeiitian Adiustmni ia OWner Eouitv (.iiaeh sehcdulel Posi"'iion Coninbuiions (Disiributions (Dmws) (atteh sehedulel NET SHAREHOLDERS' EQUITY

40

$ $

400

TOTAL LIABllITIES AND OWNERS' EQUITY

40

fORM t.OR-.l (O1I7J

In re: Goland Oil. Inc. Debtor

Case No. 09-J0792

Reporting Period:_May 2009_

BALANCE SHEET. continuation sheet

ASSETS
Other Currnt Assets

BOOK VALUE AT END OF CURRENT REPORTING MONTH

Intercomoanv Receivables
Derivative Assets

400
-

Advances
Other Receivables

Total Other Currnt Assets

400

FORM MOR.) CO:lTD (04101

In fe: Gotland Oil, Inc. Debtor

STA TUS OF POSTPETITION TAXES
Beginning Tax

Case No. 09-10792

Reporting Period:_May 2009_

Amount Withlield or

Federal
Withholding FICA-BrDloyee FICA-Emplover Unemployment Income Total Federal Taxes

Liabilty
I

Ac:ued
I

Amount Paid
I

Date Paid
I

Check No.
or

Ending Tax

EFT
i

Liabilty

Not Applicable
I

State and Ltcal

Withholding Sales Eiicise Unemoloyment
Rea Prooertv

Not Applicable

Personal Property
Total Slate and Local

Total Taxes

I I

I I

I r

I J

I I

SUMMARY OF UNPAID POSTPETITION DEBTS

Number of

Days Past Due

Current
Accounts Payable
I

0-30
I

3 1-60 61-90 Oyer 90

I I I

Total

Wal!es Payable
Taxes Pavable

Rent/Lees.uildinl!
Rent/Leses-Eauipment
Secured DebtAdequate Protection Paymenrs

Not Applicable

Professional Fees Total PostDctition DcbLt

I I

I I

I I

i i

I I

FORM MQR-4

(0107)

In re: Gotland Oil. rnc,

Debtor

Case No. 09-10792 Reporting Period:_May 2009_

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconcilation

Total Accounts Receivable at the beginning of the reporting period + Amounts biled during the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period
Accouots eceiva e o - 30 days old 31 - 60 days old 61 - 90 days old
91+ days old

Amount
I

Not Applicable

R . bl A glO~ '

A mount

1
Not Applicable

Total Accounts Receivable Accounts Receivable (Net)

T

DEBTOR QUESTIONNAIRE
Must be completed each month
I. Have any assets been sold or transferred outside the nonnal course of busi riess
this rcpoltng period? If yes, provide an explanation below.

YesIo
No
No

2. Have any funds been disbursed from any account other than a debtor in possession
accouiit this reporting period? If yes, provide an explanalion below.

3. Have all postpetition tax returns been timely filed? If no, provide an explanation
below.

N/A
Yes

4, Are workers compensation, general liabilty and other necessary insurance

coverages in effect? If no, provide an explanation below,

5, Has any bank account been opened during the reporting period? If yes, provide
documeiiation identifying the opened account(s). If an investment account has been opened
provide the required documentation pursuant to the Delaware Local Rule 400 i -3.

No

RlRM MOR-j
(04/07)