GEOGLOBAL RESOURCES INC.

CIK:0000896726|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		121 Months Ended
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Revenue and other income
Oil and gas sales	$ 108,536	$ 195,300	$ 378,849	$ 446,326	$ 2,390,664
Interest income	3,271	7,528	10,785	27,730	5,957,488
Gain on sale of equipment	0	0	0	0	42,228
Total revenue and other income	111,807	202,828	389,634	474,056	8,390,380
Expenses
Operating	33,958	35,528	106,046	103,758	516,562
General and administrative	120,826	825,650	932,736	3,125,269	18,370,195
Consulting fees	65,706	225,258	439,415	652,612	8,617,202
Professional fees	382,210	278,690	886,458	668,223	6,847,274
Depletion and depreciation (note 6)	94,301	46,881	308,631	221,565	2,184,013
Accretion	14,994	11,239	44,982	39,369	227,301
Foreign exchange (gain)/loss	39,505	20,624	(20,038)	12,970	124,143
Loss on and impairment of available for sale investment (note 5)	2,654,442	0	2,654,442	0	2,654,442
Impairment of oil and gas properties	9,562,000	0	10,601,000	0	42,358,015
Total expenses	12,967,942	1,443,870	15,953,672	4,823,766	80,899,147
Net loss before tax	(12,856,135)	(1,241,042)	(15,546,038)	(4,349,710)	(72,508,767)
Current income tax expense	(2,931)	(18,259)	(15,668)	(51,469)	(121,356)
Deferred income tax benefit (expense)	(3,304)	3,837	(3,813)	14,615	(46,284)
Net loss	(12,862,370)	(1,255,464)	(15,583,519)	(4,386,564)	(72,646,407)
Warrant modification	0	0	0	0	(3,074,000)
Net loss attributable to common stockholders	$ (12,862,370)	$ (1,255,464)	$ (15,583,519)	$ (4,386,564)	$ (75,750,407)
Basic and diluted net loss per share (note 12) (in dollars per share)	$ (0.11)	$ (0.02)	$ (0.13)	$ (0.05)

Supplemental Disclosure of Cash Flow Information

9 Months Ended

Sep. 30, 2012

Supplemental Disclosure of Cash Flow Information [Abstract]

Supplemental Disclosure of Cash Flow Information

16.	Supplemental Disclosure of Cash Flow Information

Changes in non-cash working capital were as follows:

	Nine months ended September 30, 2012			Nine months ended September 30, 2011
		$			$
(Increase) decrease in non-cash working capital
Accounts receivable		(6,046,354	)		1,432,589
Prepaid expenses and deposits		348,564			(91,355	)
Accounts payable		8,724,719			4,415,849
Accrued liabilities		1,449,348			(1,189,777	)
Due to related companies		(36,067	)		113,895
Net change in non-cash working capital		4,440,210			4,681,201
Relating to:
Operating activities		267,928			143,497
Investing activities		4,172,282			4,537,704
		4,440,210			4,681,201

UNAUDITED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current
Cash and cash equivalents (note 17)	$ 10,055,396	$ 10,480,734
Accounts receivable (note 17)	25,661,507	19,615,153
Restricted deposits (notes 4 and 17)	32,238,000	40,378,075
Available for sale investment (note 5)	702,155	0
Prepaid expenses and deposits (note 17)	224,736	573,300
Total current assets	68,881,794	71,047,262
Equity method investment (note 7)	2,047,099	1,340,262
Property and equipment (notes 6 and 10)	45,229,522	42,580,105
Total assets	116,158,415	114,967,629
Current
Accounts payable (note 17)	81,081,267	72,356,548
Accrued liabilities	2,004,584	555,236
Due to related companies (note 11)	30,263	66,330
Total current liabilities	83,116,114	72,978,114
Deferred income taxes	46,284	42,471
Asset retirement obligation	769,223	724,241
Total liabilities	83,931,621	73,744,826
Stockholders ' Equity
Capital stock (notes 8, 9 and 10) Authorized 250,000,000 common shares with a par value of $0.001 each 1,000,000 preferred shares with a par value of $0.01 each Issued 138,343,051 common shares (December 31, 2011 - 99,213,572)	123,751	84,622
Additional paid-in capital	107,853,450	101,305,069
Deficit accumulated during the development stage	(76,750,407)	(60,166,888)
Total stockholders' equity	32,226,794	41,222,803
Total liabilities and stockholders' equity	$ 116,158,415	$ 114,967,629