EGPI FIRECREEK, INC.

CIK:0001106848|SEC Filings

Discontinued Operations	3 Months Ended
Mar. 31, 2013
Notes
Discontinued Operations	16. Discontinued Operations During the year ended December 31, 2012, the Company entered into a preliminary Agreement to sell 51% of its stock in Arctic Solar Engineering, LLC. Negotiations continue on the Agreement. Income on the discontinued portion is $32,567 and is recognized in the financial statements on the Agreement date. This income is primarily due to an insurance reimbursement that is recorded in other income. All assets and liabilities of Arctic Solar are segregated in the balance sheet and appropriately labeled as held for sale in 2012, and the quarter ended March 31, 2013. On July 31, 2012, the Company completed a Purchase Agreement whereby EGPI Firecreek, Inc., through its wholly owned subsidiary Energy Producers, Inc., would sell one half (50%) of its holdings in the Tubb oil and gas leases. The operations of the disposed portion are segregated in the statement of operations for the period ended March 31, 2012.

Discontinued Operations

3 Months Ended

Mar. 31, 2013

16. Discontinued Operations

During the year ended December 31, 2012, the Company entered into a preliminary Agreement to sell 51% of its stock in Arctic Solar Engineering, LLC. Negotiations continue on the Agreement. Income on the discontinued portion is $32,567 and is recognized in the financial statements on the Agreement date. This income is primarily due to an insurance reimbursement that is recorded in other income.

All assets and liabilities of Arctic Solar are segregated in the balance sheet and appropriately labeled as held for sale in 2012, and the quarter ended March 31, 2013.

On July 31, 2012, the Company completed a Purchase Agreement whereby EGPI Firecreek, Inc., through its wholly owned subsidiary Energy Producers, Inc., would sell one half (50%) of its holdings in the Tubb oil and gas leases. The operations of the disposed portion are segregated in the statement of operations for the period ended March 31, 2012.

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2013	Mar. 31, 2012
Operating Activities:
Net income (loss)	$ (164,693)	$ (840,621)
Adjustments to reconcile net loss items not requiring the use of cash:
Accretion of asset retirement obligation	285	670
Promissory notes issued for services		90,000
Imputed interest	27,024	16,181
Loss on change in derivative	6,271	88,959
Loss on settlement of debt		140,322
Depletion	663	43,725
Depreciation	22,820	25,654
Amortization of debt discount	14,596	261,242
Changes in other operating assets and liabilities:
Change in accounts payable and accrued expenses	79,607	185,377
Change in accounts payable and accrued expenses - related party	15,000	4,200
Net cash provided by (used by) operations	1,573	15,709
Investing Activities:
Net cash used by investing activities
Financing Activities:
Principal payments on debt	(15,834)	(40,000)
Borrowings on debt		52,700
Net cash provided by financing activities	(15,834)	12,700
Foreign currency translation	(14,269)	(24,874)
Net increase (decrease) in cash during the period	(8)	3,535
Beginning of Period	401	2,696
End of Period	409	6,231
Supplemental disclosures of cash flow information:
Interest paid during the year	220	13,354
Income taxes paid during the year
Common stock issued for:
Debt conversion and settlement		146,123
Services expensed in the prior period (common stock subscribed)		15,000
Preferred stock conversion		3,775
Adjustment to derivative liability due to debt conversion		94,505
Debt discount		$ 202,998

Consolidated Balance Sheets (USD $)	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash	$ 409	$ 401
Total current assets	409	401
Other assets:
Fixed assets - net	417,277	440,096
Oil and natural gas properties - proved reserves - net	892,176	892,839
Other assets related to discontinued operations
Fixed assets - net - discontinued operations	172	172
Total other assets related to discontinued operations	172	172
Total other assets	1,309,625	1,333,107
Total assets	1,310,034	1,333,508
Current liabilities:
Accounts payable & accrued expenses	1,594,900	1,512,057
Notes payable	2,807,472	2,827,017
Convertible notes, net of discount	831,831	817,335
Capital lease obligation	56,872	56,872
Advances & notes payable - related parties	825,248	810,243
Derivative liabilities	643,956	637,685
Asset retirement obligation	12,074	11,789
Current liabilities related to discontinued operations
Accounts payable & accrued expenses - discontinued operations	58,856	58,380
Notes payable - discontinued operations	96,390	96,390
Total current liabilities related to discontinued operations	155,246	154,770
Total current liabilities	6,927,599	6,827,673
Commitments and contingencies:
Series D preferred stock, 2.5 million authorized, par value $0.001, convertible into common shares, 2,485 and 2,490 shares issued at March 31, 2013 and December 31, 2012, respectively	1,867,913	1,867,913
Shareholders' deficit:
Series A preferred stock, 20 million authorized, par value $0.001,one share convertible to one common share, no stated dividend, none outstanding
Series B preferred stock, 20 million authorized, par value $0.001,one share convertible to one common share, no stated dividend, none outstanding
Series C preferred stock, 20 million authorized, par value $.001, each share has 21,200 votes per share, are not convertible, have no stated dividend; 87,142 and 87,142 shares outstanding at March 31, 2013 and December 31, 2012, respectively	1,087	1,087
Common stock $0.001 par value, authorized 5,000,000,000 shares, issued and outstanding, 4,760,734 at March 31, 2013 and December 31, 2012, respectively	4,761	4,761
Additional paid in capital	32,973,887	32,946,863
Other comprehensive income	214,909	200,640
Common stock subscribed	1,697,866	1,697,866
Contingent holdback	2,000	2,000
Accumulated deficit	(42,379,988)	(42,215,295)
Total shareholders' deficit	(7,485,478)	(7,362,078)
Total liabilities & shareholders' deficit	1,310,034	1,333,508
Series D Preferred Stock
Preferred Stock	1,867,913	1,867,913
Series C Preferred Stock
Preferred Stock	$ 1,087	$ 1,087