Income Statements
ARÊTE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
For the years ended
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Three Months
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Three Months
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Nine Months
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Nine Months
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Ended September 30,
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Ended September 30,
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Ended September 30,
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Ended September 30,
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2010
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2011
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2010
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2011
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Revenues
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Oil & natural gas revenue
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$ | 34,606 | $ | 436,764 | $ | 135,086 | $ | 482,403 | ||||||||
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Other income
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- | - | - | - | ||||||||||||
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Gain of sale of oil & natural gas assets
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- | 2,479,934 | - | 2,479,934 | ||||||||||||
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Total revenues
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34,606 | 2,916,698 | 135,086 | 2,962,337 | ||||||||||||
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Operating expenses
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Lease operating expenses including
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production taxes
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79,629 | 226,095 | 247,278 | 337,468 | ||||||||||||
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Acquisition costs
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- | 11,821 | - | 469,322 | ||||||||||||
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Depreciation, depletion, and accretion
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11,065 | 89,121 | 33,174 | 111,231 | ||||||||||||
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Rent
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1,009 | 887 | 2,679 | 3,030 | ||||||||||||
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General and administrative
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188,793 | 289,090 | 528,602 | 1,001,513 | ||||||||||||
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Total operating expenses
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280,496 | 617,014 | 811,733 | 1,922,564 | ||||||||||||
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Net income (loss) from operations
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(245,890 | ) | 2,299,684 | (676,647 | ) | 1,039,773 | ||||||||||
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Other income (expense):
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Interest expense
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(11,798 | ) | (148,936 | ) | (35,393 | ) | (183,378 | ) | ||||||||
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Interest income
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- | 196 | - | 475 | ||||||||||||
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Total other income (expense)
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(11,798 | ) | (148,740 | ) | (35,393 | ) | (182,903 | ) | ||||||||
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Net income (loss)
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$ | (257,688 | ) | $ | 2,150,944 | $ | (712,040 | ) | $ | 856,870 | ||||||
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Basic and diluted income (loss) per share
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$ | (0.05 | ) | $ | 0.28 | $ | (0.14 | ) | $ | 0.13 | ||||||
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Weighted average common shares outstanding
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4,950,000 | 7,715,000 | 4,940,000 | 6,575,000 | ||||||||||||