UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re: Gotland OIL Inc. Debtor

Case No. 09-10792 Reporting Period: _Deceniber 2010

MONTHLY OPERATIIG REPORT

RlOLJILflD DOCUMEMS

- 1)quit I xpl jflhI , Qn4 Affldqv.yppcn,ipnt

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MOR-I MOR-la MOR-ib / " MOR-2 MOk-3 MOR-4 I I N/A N/A - MOR-4 MOR-4 MOR-5 MOR-5
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Affached

Attiched
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

Attached
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

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

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

Signature of Debtor

Date

Signature of oint Debtor

Date

Signature of AutElo

d1ndividual4

Januaiy2l, 2011 Date

GerrvTvwoniuk Printed Name of Authorized Individual

Plan Representative Title of Authorized Individual

Authorized individual niusi be an officer, direcloror shareholder if debtor is corporation; a partner if debtor is a partnership; a manager or member ifdebtor is a limited liability company.

MOR
(O47)

In Ce: Golland Oil. Inc. Debtor

Case No. 09-10792 EpQiiing Period: December2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

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Gotland Oil, Inc. doss not maIntain any cash accounts.

T0rALREcEIPTS 4.

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TOTAL DISOURSEMENTS

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FORMMQR-I (040?)

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Gotland Oil. Inc. Debtor BANK RECONCILIATIONS Canlinualion Sheet for MOR-I Operattng

Case No. 09-10792 Reoorting Period. December2010

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Payroll

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Tax

Other

IBALANCEPERBOOKS
BANK BALANCE (+) DEPOSITS IN TRANSIT (ATTACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE * Adjusted bank balance must equal balanceper books

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Gotland OIl, Inc. doss not maIntaIn any cash accounts.

FORM

MOR-t. (odat)

In re: Gotland Oil, Inc. Debtor SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Case No. 09-10792 Reporting Period: December 201

No profesional fees were paid

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FORM MOR-lb
(04/0?)

In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: December 2010 STATEMENT OF OPERATIONS

(Income Statement)

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Oil and gas production revenue Royalty payments Net Revenue

FORM MOR-2 (04/07)

In re: Gotland Oil. Inc Debtor BALANCE SHEET

Case No. 09-10792 RctroitingPeriod: December2010

ORM&rASSET Unrestricted Cash and Equivalents Restricted Cash and Cash Equivalents tAccounts Receivable (Net) IInventories Prepaid Expenses Professional Retainers IOther Current Assets (See Attached Schedule) (TOTAL CURRENT ASSETS ROERTYA$OEQJflMf Proved Properties Including Lease and Well Equipment Asset Retirement Costs In Process Development Unproved Properties Office Equipment and Software Vehicles Other Equipment and Leasehold Improvements Pipeline Equipment Less Accumulated Depreciation TOTAL PROPERTY& EQUIPMENT OTIIERASSRTS OIlier Assets (See Attached Schedule)
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Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable nim Payable - Debtor-in-possession financing cot! Leases - BuildinEquipnient Secured Debt /Adequate Protection Payments Professional Fees Intercompany Payables Asset Retirement Obligations Accrued interest Other Liabilities TOTAL POSTPETITION LIABILITIES Secured Debt IPriority Debt Unsecured intercompany Payables TOTAL PRE-PETITION LIABILITIES TOTAL LIABILITIES EQUITY sa IsaroCapital Contributed Surplus Warrants Additional Paid In Capital Accwnulaled Other Comprehensive Loss ariners Capital Account Osvaers Equity Account Retained Earnings - Pro-Petition Retained Earnings - Postpetition Adjustment to owner Equity(attachschedule) osipeilion Contributions (Distributions (Draws) (815mb schedule) NET SHAREHOLDERS EQUITY TOTALUABLITfSANDOWNERS

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400
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400
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FORM 51015.3

In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: _December 2010

BALANCE SHEET - continuation sheet ..- .

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-. ;Other Currnt AssiAs

ASSFT S 400
$

Jiiitcrcotiipany Receivables Derivative Assets

Advances Oilier Receivables Total Other Current Assets

400

FORM MOR-3 CONTD (D4W)

In re: Gotland Oil, Inc. Debtor STATUS OF POSTPETITION TAXES

Case No. 09-10792 Reporting Period: December2010

Withholding FICA-Employee FICA-Employer Unemployment Income Total Federal Taxes StaieanaL&caL Withholding Sales Excise Unemployment Real Property Personal Property Total State and Local Total Taxes

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Not Applicable

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Not Applicable

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SUMMARY OF UNPAID POSTPETITION DEBTS Accounis Payable

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

Not Applicable

FORM MOR-4 (0410?)

In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: December 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

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

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Not Applicable

0-3o days old 31-60 days old 61- 90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

Not Applicable

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DEBTOR QUESTIONNAIRE

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 finds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. 3. Have all postpetition 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 camp 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 No Yes Yes

No

FORM MOlt-s
(04107)