UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Petrocat Acquisition Corp.

Debtor MONTHLY OPERATING REPORT Case No. 09-10786 Reporting Period: June2010_

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 Postpctition Taxes Copies 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

MOR-1 MOR-la MOR-lb

I
1

&VERNOMM
MOR-2 MOR-3 MOR-4

N/A N/A I V N/A N/A

MOR-4 MOR-4 MOR-5 MOR-5

I I

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

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

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 ofixed Individual

August 2, 2010 Date

JenniterKurilz Printed Name of Authorized Individual

Treasurer Title of Authorized Individual

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

MOR (04/05)

In re: Petrocal Avouisition Corp. Debtor

Case No. 09.10786 Reporlin Period: June2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

Petrocal

any Kcashi WOUI1U,

J
, g TOTAL DISBURSEMEM

THE FOLLOWING SECTION MUST BE COMPLETED

TOTAL DISBURSEMENTS LESS: TRANSFERS TO DEBTOR INPOSSESSION ACCOUNTS PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i
.

$000 10.00 e. from escow accoun(s) $0.00

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

FORMMOR.1 (0(01)

In cc:

Peirocal
Debtor

Acquisition Coro

CaseNo. 09-10786 Reporting Period: June2010

BANK RECONCILIATIONS
Continuation Sheet for MOR1 ______ _____ BALANCE PER BOOKS BANK BALANCE (+) DEPOSITS IN TRANSIT (ATTACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE* * Adjusted bank balance must equal balance per books Petrocal Acquisition Corp. does not maintain any cash accounts. i; ji _____

FORM MOR-lu (04/01)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: June 2010_

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

-I

No profesional fees were paid post-petition.

FORM MOR-ib (04)07)

In re: Petrocal Acquisition Corp. Debtor

(Income Statement)

Case No. 09-10786 Reporting Period: June 2010_ STATEMENT OF OPERATIONS

Oil and gas production revenue Royalty payments Net Revenue

FORM MOR-2
(04107)

In re: Pelrocal Acquisition Debtor

Corn. BALANCE SHEET

Case No. 09-10786 Renortina Period June 2010

Na,l~ t 6
RM
Usresliicled Cash and Equivalents Restricted Cash and Cash Equivalents musts Receivable (Net) Inventories P repaid Expenses

NO

Professional Retainers Other Current Assets (See Attached Schedule)

TOTAL CURRENT ASSETS

QFIJ1 c4iJ4ii- n Proved Properties Including Lease and Well Equipment A sset Retirement Costs In Process Development

Is
S

15.762,849 15 762.849
-

Unproved Properties
Office Equipment and Software

Vehicles Other Equipment and Leasehold Improvements P ipeline Equipment Less Accumulated Depreciation TOTAL PROPERTY & EQUIPMENT
lOther Assets (See Attached Schedule)

Accounts Paya b le and Accrued Liabilities

AM

41
4N.-

ai
ell
~1-5 E ll
-

Tax" Payable
ages Payable
- Debtor-in-possession financing ent / Leases - Building/Equipment Se cured Debt / Adequate Protection Payments Professional Fees eccompany Payables Asset Retirement Obligations

Notes Payable

A ccrued Interest O ther Liabilities

TO TAL POSTPETITION LIABILITIES

S
P?t-Pttoa)
l5(

cO)POMLSE
cired Debt

r-rity Debt secured Debt

accompany Payables

TALPRE-PETITION LIABILITIES TOTAL LIABILITIES

25 25 25

Sh are Capital Contributed Surplus Warrants Additional Paid In Capital ecwnulated Other Comprehensive Loss Partners Capital Account Owners Equity Account Retained Earnings- Pre-Pelition Retained Earnings - Postpetilion Adjustment to owner Equity (attach schedule) )stpeilion Contributions (Distributions (Draws) (attach schedule) NET SHAREI-JOLDERS EQUITY

15,762,849 (25
-

15 762,824
,

Q5M 5.505-3

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In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: June 2010

BALANCE SHEET - continuation sheet

IIII?
]Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets

IN _

mll
$

15,762,849

15,762,849

FORMMOR-3 CONTh (OJO7)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: _June 2010_

STATUS OF POSTPETITION TAXES

SUMMARY OF UNPAID POSTPETITION DEBTS

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

Not Applicable

FORM MOR-4
(04107)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: June 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

Not Applicable

0.30 days old 31- 60 days old

61- 90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

I
Not Applicable

I
DEBTOR QUESTIONNAIRE

E
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 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. 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 (0110?)