High Plains Gas, Inc.
CIK:0001327195|SEC Filings
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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| Statements of Operations | ||||
| Natural gas revenue | $ 2,784,663 | $ 2,143,458 | $ 10,191,744 | |
| Total Revenue | 2,784,663 | 2,143,458 | 10,191,744 | |
| Lease operating expense and production taxes | 228,999 | 1,514,961 | 4,790,737 | 10,443,214 |
| General and administrative expense | 1,462,578 | 1,759,713 | 6,693,859 | 6,401,347 |
| Depreciation, depletion, amortization and accretion | 247,504 | 1,844,446 | 2,461,445 | 5,580,557 |
| Other operating expenses | 10,872 | 581,292 | 684,389 | |
| Amortization of bond commitment / financing fees | 109,848 | 807,743 | 341,801 | 2,403,173 |
| Realized commodity hedge (gain) | (52,837) | (129,140) | (771,733) | (337,645) |
| Impairment of natural gas properties | 2,565,270 | 13,440,869 | 2,565,270 | |
| Impairment expense - other assets | 240,757 | 240,757 | ||
| Abandonment of natural gas properties | 2,748 | 4,127,758 | ||
| Total Costs and Expenses | 2,236,849 | 8,376,613 | 27,779,027 | 31,868,063 |
| Operating (loss) from continuing operations | (2,236,849) | (5,591,950) | (25,635,569) | (21,676,319) |
| Other income expense | 61,048 | 27,522 | (183,469) | 88,665 |
| (Loss) on valuation of equity securities | (1,751,602) | (2,645,108) | ||
| Unrealized commodity hedge gain (loss) | 1,157,117 | 1,128,902 | ||
| (Loss) on extinguishment of debt and liabilities | (360,015) | (4,323,581) | (1,649,314) | (4,856,513) |
| Interest (expense) | (1,941,601) | (549,843) | (2,516,143) | (1,855,288) |
| Total Other Income (Expense) | (2,240,568) | (5,440,387) | (4,348,926) | (8,139,342) |
| Net (loss) from continuing operations | (4,477,417) | (11,032,337) | (29,984,495) | (29,815,661) |
| Loss from discontinued operations | (5,353,241) | (9,019,698) | ||
| Net (loss) | (9,830,658) | (11,032,337) | (39,004,193) | (29,815,661) |
| Preferred stock dividend | (30,405) | (86,980) | ||
| Net (loss) applicable to common stockholders | $ (9,861,063) | $ (11,032,337) | $ (39,091,173) | $ (29,815,661) |
| Continuing operations | $ (0.01) | $ (0.06) | $ (0.09) | $ (0.18) |
| Discontinued operations | $ (0.02) | $ (0.03) | ||
| Total basic and diluted net (loss) per share | $ (0.03) | $ (0.06) | $ (0.12) | $ (0.18) |
| Weighted average number of common shares outstanding - basic and diluted | 351,324,443 | 181,547,173 | 327,925,252 | 170,204,573 |
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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
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Sep. 30, 2012
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Dec. 31, 2011
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| Balance Sheets | ||||||||||
| Cash and cash equivalents | $ 44,681 | $ 321,227 | ||||||||
| Accounts receivable, net | 1,080,967 | |||||||||
| Deferred financing fees, net | 48,106 | 89,905 | ||||||||
| Bond commitment fees, net | 86,849 | 100,140 | ||||||||
| Funds in escrow | 750,000 | |||||||||
| Commodity hedge | 2,182,400 | |||||||||
| Prepaid and other | 52,572 | 77,199 | ||||||||
| Assets of discontinued operations | 9,914,556 | |||||||||
| Total current assets | 232,208 | 14,516,394 | ||||||||
| Natural Gas Properties-using successful efforts method | 44,114,691 | 43,553,233 | ||||||||
| Less accumulated depletion, depreciation, amortization and impairment | (44,114,691) | (29,810,300) | ||||||||
| Natural gas properties-net | 13,742,933 | |||||||||
| Property, Plant and Equipment-net | 326,776 | |||||||||
| Certificates of deposit - restricted | 0 | 201,988 | ||||||||
| Other Assets-net | 147,196 | |||||||||
| Total Assets | 232,208 | 28,935,287 | ||||||||
| Accounts payable and accrued liabilities | 15,891,320 | 14,380,470 | ||||||||
| Current portion - term debt | 667,415 | 1,578,432 | ||||||||
| Current portion - lines of credit | 5,315,694 | 6,225,439 | ||||||||
| Notes payable - related parties | 3,393,949 | 3,398,838 | ||||||||
| Liabilities of discontinued operations | 4,673,158 | |||||||||
| Total current liabilities | 29,941,536 | 24,004,747 | ||||||||
| Debt Obligations - term debt, net of current | 4,615,919 | |||||||||
| Asset Retirement Obligation | 9,679,815 | 9,320,074 | ||||||||
| Total liabilities | 39,621,351 | 37,940,740 | ||||||||
| Preferred stock | [1] | [1] | ||||||||
| Series A Convertible Preferred stock | 810,971 | [2] | 810,971 | [2] | ||||||
| Common stock | 353,239 | [3] | 275,714 | [3] | ||||||
| Additional paid in capital | 61,773,658 | 53,229,680 | ||||||||
| Accumulated deficit | (102,327,011) | (63,321,818) | ||||||||
| Total stockholders' deficit | (39,389,143) | (9,005,453) | ||||||||
| Total Liabilities and Stockholders' Deficit | $ 232,208 | $ 28,935,287 | ||||||||
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