Black Raven Energy, Inc.

CIK:0001299966|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Operating revenue:
Oil and gas sales	$ 493	$ 114	$ 740	$ 344
Gain on sale of oil and gas properties (Note 3)	836		945
Total operating revenue	1,329	114	1,685	344
Operating expenses:
Oil and gas production expense	211	300	359	608
Exploration expense	1		7	11
Depreciation, depletion, amortization and accretion	88	44	177	112
General and administrative	648	463	1,815	1,670
Total operating expenses	948	807	2,358	2,401
Operating income (loss)	381	(693)	(673)	(2,057)
Other income (expense):
Interest and other income	19	4	44	7
Realized and unrealized gain on derivative contracts	1,180		1,180
Gain (loss) on disposal of assets				(6)
Interest expense	(1,107)	(146)	(2,042)	(1,085)
Total other income (expense)	92	(142)	(818)	(1,084)
Income (loss) before reorganization items and income taxes	473	(835)	(1,491)	(3,141)
Reorganization items:
Gain on reorganization				1,069
Professional fees				(4)
Total reorganization items				1,065
Net income (loss) before income taxes	473	(835)	(1,491)	(2,076)
Income tax provision/benefit	0		0
Net income (loss)	$ 473	$ (835)	$ (1,491)	$ (2,076)
Net income (loss) per common share, basic and diluted (in dollars per share)	$ 0.03	$ (0.05)	$ (0.09)	$ (0.12)
Weighted average shares outstanding, basic (in shares)	16,974,778	16,658,109	16,854,566	16,658,507
Weighted average shares outstanding, diluted (in shares)	16,974,778	16,658,109	16,854,566	16,658,507

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities
Net loss	$ (1,491)	$ (2,076)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on sale of oil and gas properties	(945)
Depreciation, depletion, amortization and accretion	177	112
Amortization of debt issuance costs	130	53
Amortization of debt discount	83	672
Share-based compensation expense	235	242
Non-cash interest expense	705
Gain on reorganization		(1,069)
Loss on sale of assets		6
Unrealized gain on derivative contracts	(1,123)
Changes in assets and liabilities:
Accounts receivable	(1,341)	(24)
Inventory		9
Prepaid expenses	110	13
Other non-current assets	(484)	(4)
Restricted cash - Farmout Agreement (Note 3)	(13,954)	(941)
Advances from Atlas (Note 3)	15,251	660
Accounts payable	2,192	205
Accrued expenses and other current liabilities	681	202
Net cash provided by (used in) operating activities	226	(1,940)
Cash flows from investing activities
Property acquisitions	(15,336)
Capital expenditures	(794)	(320)
Restricted cash - interest reserve (Note 6)	(450)
Proceeds from Farmout Agreement (Note 3)	3,240	1,360
Net cash (used in) provided by investing activities	(13,340)	1,040
Cash flows from financing activities
Proceeds from loans	18,000	250
Deferred financing costs	(1,770)
Net cash provided by financing activities	16,230	250
Net increase (decrease) in cash	3,116	(650)
Cash-beginning of period	948	1,064
Cash and cash equivalents-end of period	4,064	414
Supplemental disclosure of cash flow activity
Cash paid for interest	551	117
Supplemental schedule of non-cash investing and financing activities
Accrued capital expenditures	165	33
Conversion of interest to debt	96	348
Overriding royalty interest conveyed as financing costs	$ 2,161

Condensed Consolidated Balance Sheets (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 4,064	$ 948
Restricted cash (Note 3)	19,591	5,637
Accounts receivable, net	1,644	282
Derivative asset (Note 10)	466
Inventory	53	53
Prepaid expenses	150	260
Total current assets	25,968	7,180
Oil and gas properties accounted for under the successful efforts method of accounting:
Proved properties	15,810	5,113
Unproved leaseholds	4,544	3,375
Wells-in-progress	157	48
Total oil and gas properties	20,511	8,536
Less: Accumulated depreciation, depletion and amortization	(1,335)	(1,265)
Net oil and gas properties	19,176	7,271
Gathering and other property and equipment	3,086	2,962
Less: Accumulated depreciation and amortization	(1,046)	(974)
Net gathering and other property and equipment	2,040	1,988
Other non-current assets:
Derivative asset (Note 10)	657
Deferred financing costs	3,802
Restricted cash (Note 6)	450
Other	637	152
Total other non-current assets	5,546	152
TOTAL ASSETS	52,730	16,591
Current liabilities:
Accounts payable	3,266	1,234
Accrued expenses and other current liabilities	1,241	656
Advances from Atlas (Note 3)	20,096	4,824
Total current liabilities	24,603	6,714
Senior secured debentures, net of discount	18,848	18,848
Senior secured notes, net of discount	18,179
Asset retirement obligation	863	241
Total liabilities	62,493	25,803
Commitments and Contingencies (Note 9)
Stockholders' deficit:
Common stock, par value $.001; 150,000,000 authorized; 17,010,531 and 16,660,965 issued and outstanding at September 30, 2011 and December 31, 2010, respectively	17	17
Additional paid-in-capital	30,684	29,744
Accumulated deficit	(40,464)	(38,973)
Total stockholders' deficit	(9,763)	(9,212)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 52,730	$ 16,591