UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re: Cameros Acquisition Corp. Debtor MONTHLY OPERATING REPORT

Case No. 09-10788 Reporting Period- December 2010

b at Mt i Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtors bank reconciliations) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status of Postpetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Posipetition Debts Listing ofaged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

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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

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

Signature of Debtor

Date

Signature of mt Debtor

Date

Signature of Auttiori

ii d Individual

Gerry Tjworsiuk Printed Name of Authorized Individual

January 21. 2011 Date

Plan Representative Title of Authorized Individual

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

MOX

(cons)

In re: Cameros Acqitisilion Con. Debtor

Case No. 09-10788 ReoopinPeijocj: December 2010_

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

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TOTAL RECEIPTS

Cameros Acquisition Corp. doss not maintain any cash accounts. jk

TOTAL DISBURSEMENTS

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snn are roIrerPP nrs.&Divth v wwC

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THE FOLLOWING SECTION MUST BE COMPLETED
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$0.00 $000 $0.00 $0.00

TOTAL DISDUNSEMENTS

LESS; TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS PLUS: ESTATE DISBURSEMENTSMADEBYOUTSIDESOURCES (i.e. fromescxowccounIs) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

FOSMMOR.I (04e7)

In re: Cameros Acquisition Corp. Debtor BANK RECONCILIATIONS Continuation Sheet For MOB-I Optratung ayroI(

CaseNo. 09-10788 Reporting Period: December2010

Ta

Other

IBALANCE PER BOOKS

BANKBALA1iCE DEPOSITS IN TRANSIT (ATTACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE * Adjusted bank balance must equal baIaoicaperbools
(-I-)

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Cameros AcquIsItIon Corp. does not maintain any cash accounts.

FORM MOO-h (01)01)

In re: Cameros Acquisition Corp. Debtor

Case No. 09-10788 Reporting Period: December 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

No profesional fees were paid post-petition.

FORM MOR.lb (04/07)

In re: Cameros Acquisition Corp. Debtor

Case No. 09-10788 Reporting Period: December 2010

STATEMENT OF OPERATIONS
(Income Statement)

RFVINOE.S Oil and gas production revenue

Royalty payments Net Revenue

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.:- .!:.:

Month

-..Fikneto flate
-

FORM MOR-2 (04107)

In re: Cameras Acquisition Corp. Debtor

Case No. 09-10788 Reporting Peiiod December 2010

BALANCE SHEET

OOXVAEATThOI
AF1 (I1RtlA,IrTS

Unrestricted Cash and Equivalents Restricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainers OlherCw-rent AssetsLSeeAttuched Schedule) TOTAL CURRENT ASSETS

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-

1,840,096 1,840,096
-

kOPBRT1bB1PMNT
Proved Properties Including Lease and Well Equipment Asset Retirement Costs In Process Development Unproved Propea1im Office Equipment and Software Vehicles Other Equipment and Leasehold Improvements Pipeline Equipment ess Accumulated Depreciation TOTAL PROPERTY & EQUIPMENT OTHRASTSrOlher Assets (Sen Macbed Schedule) LTOTALAIS

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flgbEN4I.uEA1,NDoF cURRtIWPOltNtMO\11l

Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable - Debtor-in-possession financing Rent I Leases - Building/Equipment Secured Debt I Adequate Protection Payments Professional Fees ntercompany Payalmles Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES B1LIT1 SUBThYFTO CO1IPRoMTSE rethjon Secured Debt LPiionty Debt Unsecured Debt [etercOsapany Paynbles [TOTAL PRE-PETITION LIABILITIES TOTAL LIABILITIES

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$

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5,099434 5,099,434
5,099,431

Share Capital capital 100 S Contmibuted Surplus Warrants Additional Paid In Capital 6,124,900 Accumulated Other Comprehensive Loss Nrtners Capital Account OwssemsEquilyAccount Retained Earnings - Pre-Pelifton (9,384,338) Retained Earnings -Posipetition djiIstment to owner Equity (attach schedule) Postpeition Contributions (Distiibsstioss (Draws) (attach schedule) NET SHAREHOLDERS EQUITY Is (3,259,338) ._.r,r.-.-.-r-- .-,-:-.--- ---..-.......---,_. --------------.r--,-:----s.-.--,-;-.v-.z..---rm,,!:--.---:,--rrs...1 TOTAL LIABILITfES AND OW)EUS EQbJTY I 840 091 $ , -

FORM MOe-i

In re: Cameros Acquisition Corp. Debtor

Case No. 09-10788 Reporting Period: December 2010

BALANCE SHEET - continuation sheet

- OtherCrentAssets Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets
-

ASS,ETS ; t

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1,240,096
-

1,840,096

FORM MOR-3 COTD (O41O)

Case No. 09-10788 Reporting Period: December 2010 STATUS OF POSTPETITION TAXES

Withholding PICA-Employee FICA-Employer Unemployment Income Total Federal Taxes

-----..-----,------.--.--.----

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Not Applicable

S(ate ad Local Withholding

Sales Excise Unemployment Real Property Personal Property Total State and Local Total Taxes

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Not Applicable

SUMMARY OF UNPAID POSTPETITION DEBTS - -: - ----- I rr,.nt

-: -

Accounts Payable Wages Payable Taxes Payable Rent/Leases-Building Rent/Leases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Total Postpetition Debts

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un*erofflaspst.flitc--- A At.

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Not Applicable

FORM MOR4
(04(07)

In re: Cameros Acquisition Con). Debtor

Case No. 09-10788 Reporting Period: December20 10_

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Xin

Total Accounts Receivable at the beginning of the reporting period + Amounts billed during the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period

Not Applicable

____________________

0-30 days old 31 -6o days old 61- 90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

Not Applicable
I

DEBTOR QUESTIONNAIRE
iMiSt cothp1ited reach month

.
No No Yes Yes

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. 3. Have all posipetition tax returns been timely filed? If no, provide an explanation below. 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. Note: We carry only fiduciary liability insurance. Company has no employees. Workers comp not requred. 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

No

FORM Molt-S (04/07)