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UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Gotland Oil, Inc. Debtor MONTHLY OPERATING REPORT Case No.

09-10792 Reporting Period: November2010

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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 of IRS Form 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

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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 Joint Debtor

Date

SifAuthized Individual*

December 21, 2010 Date

Jennifer Kuntz Printed Name of Authorized Individual

Treasurer Title of Authorized Individual

Authonzed individual must bean officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member ifdebtor is a limited liability company.

MOR
(OO7)

In re: Gotland Oil. Inc. Debtor

Case No. 09-10792 Reporting Period: November 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

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Gotland Oil. Inc. does not maintain any cash accounts. TOTAL RECEIPTS

TOTAL DISBURSEMEN1S S

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THE FOLLOWING SECTION MUST BE COMPLETED

FOSMMOR- I (O4O1)

In to: Gotland Oil. inc. Debtor BANK RECONCILIATIONS Continuation Sheet for MOR-I

Case No, 09.10792 Reporting Period: November2010

FBALANCE PER BOOKS

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BANK BALANCE
1 +)DEPOSITS

11 TN TRANSIT (ATTACH LIST)

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(-)OUTSTANDING CHECKS (ATTACK LIST) ADJUSTED BANK BALANCE’ Adjusted bank balance must equal balance per books tj

Gotland Oil, Inc. does not maintain any cash accounts.

FORM MOe.!,

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

Case No. 09-10792 Reporting Period: November 20l’

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post-petition. No profesional fees wereiJT

FORM MOR-ib (04/07)

In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: November 2010 STATEMENT OF OPERATIONS
(Income Statement)

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Oil and gas production revenue Royalty payments Not Revenue

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Repairs and maintenance Salaries/commissions/fees Transportation expense Utilities Insurance mployee benefit programs Taxes productiou I nventory change Rent and lease expense Travel and entertainment S upplies Advertising Auto and truck Bad debt Contributions I nsider compensation Management fees/bonuses Office expenses Pensioii& profit sharing plans Taxes - payroll Taxes - real estate Taxes - other General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses Accretion of discounts and amortization of deferred financing costs
Interest expense- non-cash - paid in kind S tock compensation expense I nterest and dividends Realized gain/(loss) on derivatives

-

-

-

-

-

-

Interest expense- cash Other revenue General exploration expense Net Profit (Loss) Before Reoranization Items Professional Fees Reorganization Interest Net Profit (Loss)

$ $

-

FORM MOM (04/07)

In to: (lolland Oil. Debtor

IncBALANCE SHEET

Case No. 09-10792 Repotljtsg Penod: November 2010

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Unrestricted Ce1- and Equivalents IRes tri cted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Expenses (epiona1 Retainers I0cherCnt Assets (See Attached Schedule) TOTAL CURRENT ASSETS

S

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400 400

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frepycd Properties Including lease and Well Equipment
Asset Retirement Costs Its Process Development Unproved Properties Office Equipment and Software Vehicles Other Equipment and Leasehold Improvements Pipeline Equipment Lass Acctsniulated Depreciation TOTAL PROPERTY & EU!PMENT

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Other Assets (See Attached Schedule?

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UTO Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable. Deblor-in-possession financing Rent /Leases - Building/Equipment Secured Debt /Adequate Protection Payments Professional Fees Intercompany Payables Asset Relireinent Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION Se=ed Debt Priority Debt Unsecured Debt Intercompany Paysbles TOTAL PRE-PETITION LIABILITIES

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LIABILITIES$

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TOTAL LIABILITIES Ishure Capital IContabeted Surplus Warrants Additional Paid In Capital 1AcI1nuIated Other Comprehensive Loss !Partners Capital Account Qps Equity Account c!ined Eamin8s - Pre-Petilion Retained Earnings - Posipelition Adjustment to owner Equity (attach schedule) Postpeition Contributions (Distributions (Draws) (attach scliedale) NET SHAREHOLDERS EQUITY

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$

400

$
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400

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In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: _Novernber 2010_

BALANCE SHEET - continuation sheet
:

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets

$

400
-

$

400

FORM MOR-3 CONI’D
(04)07)

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

Case No. 09-10792 Reporting Period: November 2010

Withholding FICA-Employee FICA-Employer Unemployment Income Total Federal Taxes tate idc Withholding Sales Excise Unemployment Real Property Personal Property Total State and Local Total Taxes

N Not Applicable

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Not Applicable

SUMMARY OF UNPAID POSTPETITION DEBTS
IN

Accounts Payable Wages Payable Taxes Payable Rent/Leases-Building RcntlLeases-Eguipment Secured Debt/Adequate Protection Payments Professional Fees Total Postpetltion Debts

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Not Applicable

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FORM MOR-4 (04107)

In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: November 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

0-30 days old 31 - 60 days old 61- 90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

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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 fluids 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 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

No

Yes Yes

No

FORM MOR.S (04107)