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UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re: Cameros Energy, Inc. Debtor MONTHLY OPERATING REPORT ........................................... .. ocnt. AftaehuiI

Case No. 09-10791 Reporting Period:December 2010

REOUIRED DO( IJMFN IS
Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtor’s 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 Postpelition Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

Form No
MOft-1 MOR-la MOR-ib

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N/A N/A MOR-2 MOR-3 MOR-4 I N/A N/A MOR-4 MOR-4 MOR-5 MOR-5
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/ /

I

Attached N/A N/A N/A N/A N/A NIA N/A N/A N/A N/A N/A N/A N/A N/A

t1iachcl
N/A N/A N/A N/A NIA N/A N/A N/A N/A N/A N/A N/A N/A N/A

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

Signature kfAuthAizedrndividual*

January21. 2011 Date

Gerry Tywonluk Printed Name of Authorized Individual

Plan Representative Title of Authorized Individual

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

MOlt (03107)

In re: Cameros Energy, Inc. Debtor

Case No. 09-10791 Reporting Period: December2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

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i-or.j. iwcrii’is

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USUSEMB*S

-. - .

Cameros Energy. Inc. does not have any active cash operating accounts.
..

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---.

OTALIISUL I RSFMI:XS

D’s

ESEME

SFORCALdJLTING1JS flOStEg611A*TER6flrEES

TOTAL DISDURSEMENTS

.. . -. . - . - - - 1 . ... . . Li- ..:H.Hh i. Hj .1 i. -. ...........:.

..

.:

:.. ’-

:-’..

..

.

THE FOLLOWING SECTION MUST BE COMPLETED

ACIUALCOLiJMN)

-.

1

$000

LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS

PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
TOTAL rnSrnJItSEMENTS FOR CALCIJL4T1NC U.S. TRUSTEE QUARTERLY FEES

SO.00
$000

FORM MOB-I

In re: Cameros Energy. Inc. Debtor BANK RECONCILIATIONS Continuation Sheet orM0R-1 Ope(Ming BALANCE PER BOOKS BANK BALANCE (+) DEPOSITS IN TRANSIT (ATTACH LIST) C.) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE 1, Payo1l

Case No. 09-10791 Reporting Period: December 2010

J

-

Oilier

-

I
.

I

I

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Cameron Energy. Inc. does not have any active cash operating accounts.

* Adjusted bank balance must equal
balance per books

FORM MOP-la (011W)

In re: Carneros Energy, Inc. Debtor

Case No. 09-10791 Reporting Period: December 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

No profesional fees were paid post-petition,

FORM MOR-Ib
(04/07)

In re: Cameros Energy, Inc. Debtor

Case No. 09-10791 Reporting Period: _December 2010

STATEMENT OF OPERATIONS
(Income Statement)

nVENOES

-

-

Oil and gas pmduction revenue

Royalty payments Net Revenue

FORM MOR-2 (04/07)

In re: Cameros Enerev. Inc. Debtor

Case No- 09-10791 Rep ngPeeiod December2010

BALANCE SHEET

CURR1I’J HKPORTIN(
055 I?I’’I A

lluo1cvAruTDo Orqi5
-

Unrestricted Cash and Equivalents Restncted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainers Other Current Assets (Sec Attached Schedule) TOTAL CURRBNTASSETS PROPERTV AN EQJ1PM’ENT Proved Properties Including Lease and Well Equipment Assel 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 OUIEkASSETS lOther Assets (Sec Attached Schedule) TOTALASETS : -..........-. LIAIHI ILJRi S.IsI)O\VIWR I?Q1JITY I IAB1I ITibis POI’StJ0JFCI (U COMIROMISIS (Poslneittion Accounts Payable and Acenied Liabilities Taxes Payable Wages Payable Notes Payable - Debtor-in-possession financing Rent /Leases - BuildinglEguipment Secured Debt /Adequale Protection Payments Professional Fees I ntercompany Payables Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES LTABILIT(ESShJB.TECTTO COMP1O\fISE(Prc-chtion) [Secured Debt LP1ior’ Debt lUnsecured Debt Intercompany Payables TOTAL PRE-PETITION LIABILITIES
.-,-

S
-

$

13,936,545 13,936.545 jJ
-

S

$
’ti

$

,5 . . .:............ ..

,

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l3936S45

.. 5OOK t1.IJtsATIi I? -1 (ORT’O1(I1N(MT)’’fll’ S
-

S ______________________ S -

1,840,096
.

S
’-

-

-.’

-

[TOTAL LIABILITIES OWNER -901T.Y-: .-.--. ........... . -Share Capital Contributed Surplus Warrants Additional Paid In Capital Accumulated Other Comprehensive Loss Partners Capital Account Ownm’s Equity Account Retained Earnings - Pre-Petition Retained Earnings - Postpetition Adjustment to owner Equity (attach schedule) Poslpeition Contributions (Distributions (Draws) (attach schedule) NIiTSHAREHOLDERS’EQUJTY TOTALUAEILITlSANDQWNE1S EQUITY

S -’-:-.-;
$

1.810,096
-

12,907,025 (810,576)
-

5

12.096,449 393545

4.

FORM MOR-3

(ao7s

In re: Cameros Energy, Inc. Debtor

Case No. 09-1079 Reporting Period: December 2010

BALANCE SHEET - continuation sheet
AOOX4ATE3D OtherCrrentAses Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets Oilier Assets Performance Bonds Investments-Abandonment Total Other Assets ’ $

13,936,545
-

$ $

13,936,545 -,
-

FORM MOR.3 CONTD (04/07)

In re: Cameros Energy, Inc. Debtor STATUS OF POSTPETITION TAXES
r

Case No. 09 - 10791
Reporting Period: Decernber 2010

VIEW
I I
Not Applicable

ri

Fed:af
Withholding FI CA-Einployee FICA-Employer Unemployment Income Total Federal Taxes Withholding Sales Excise Unemployment Real Property Personal Property Total Slate and Local Total Taxes

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Not Applicable

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SUMMARY OF UNPAID POSTPETJTION DEBTS
. . . . .

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.

:Ninbr

l)5)sT’", i...

. ........

.

...

.

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

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Not Applicable

I

FORM MOR-4 (01/07)

In re: - Cameros Energy Inc. Debtor

Case No. 09-10791 Reporting Period: December 2010_

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

AccousReceivable1ecoflc1lztfffl1.. 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

-

-Alp"nt

Not Applicable

0- 30 days old 31 - 60 days old 61 -90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net) DEBTOR QUESTIONNAIRE rnust be com’p1et each mWitJi .s

Not Applicable

-

-

I. 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 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-5 (04101)