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0001072588-12-000082.txt : 20120522 0001072588-12-000082.hdr.sgml : 20120522 20120522160232 ACCESSION NUMBER: 0001072588-12-000082 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120522 DATE AS OF CHANGE: 20120522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HINTO ENERGY, INC CENTRAL INDEX KEY: 0001087734 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 841384961 STATE OF INCORPORATION: WY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26317 FILM NUMBER: 12861670 BUSINESS ADDRESS: STREET 1: 10200 W. 44TH AVENUE, SUITE 400 CITY: WHEAT RIDGE STATE: CO ZIP: 80033 BUSINESS PHONE: 303-422-8127 MAIL ADDRESS: STREET 1: 7609 RALSTON ROAD CITY: ARVADA STATE: CO ZIP: 80002 FORMER COMPANY: FORMER CONFORMED NAME: GARNER INVESTMENTS INC DATE OF NAME CHANGE: 19990601 10-Q 1 heni10q.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ----------------- FORM 10Q ----------------- (Mark One) [ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2012 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to ___________ Commission file number: 000-26317 HINTO ENERGY, INC. ------------------ (Exact name of registrant as specified in its charter) Wyoming 84-1384961 ------- ---------- (State of Incorporation) (IRS Employer ID Number) 7609 Ralston Road, Arvada, CO 80002 ----------------------------------- (Address of principal executive offices) 303-647-4850 ------------ (Registrant's Telephone number) (Former Address and phone of principal executive offices) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 for Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X ] No [] Indicate by check mark whether the registrant is a large accelerated file, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Indicate the number of share outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of May 17, 2012, there were 13,925,931 shares of the registrant's common stock issued and outstanding.

PART I ITEM 1. FINANCIAL STATEMENTS

4 HINTO ENERGY, INC. (A Development Stage Company) Notes to the Financial Statements For the Periods Ended March 31, 2012 and December 31, 2011 (Unaudited) NOTE 1 - BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Hinto Energy, Inc. ("the Company") was incorporated in February 13, 1997 in the state of Wyoming. The Company was originally incorporated for the purpose of general investing. Due to an inability to raise adequate financing the Company was forced to cease operations in 2001. On October 12, 2004, the Company filed a Form 15-12G, with the Securities and Exchange Commission ("SEC") to cease its filing obligations under the Securities Act of 1934. On November 14, 2007, the Company filed a Registration Statement on Form S-1 in order to register its outstanding shares of common stock and resume its SEC filing status. The Company's fiscal year end is December 31st. The Company's financial statements are presented on the accrual basis of accounting. Share Exchange Agreement On July 27, 2011, the Company entered into a Share Exchange and Acquisition Agreement with South Uintah Gas Properties, Inc. ("South Uintah") and the South Uintah shareholders. Pursuant to the Share Exchange and Acquisition Agreement ("the Agreement"), the Company has agreed to issue shares of its restricted common stock for 100% of the issued and outstanding common stock of South Uintah. The shares are to be exchanged on a one for one basis. The closing of the transaction is dependent upon the delivery of audited financial statements by South Uintah. Prior to the signing of the Agreement, South Uintah had purchased 3,000,000 shares of the Company's common stock from its then majority shareholder Ms. Sharon Fowler. After such purchase, South Uintah holds approximately 70% of the issued and outstanding common stock of the Company. As part of the Agreement, South Uintah has agreed to return the 3,000,000 shares of common stock to the Company. On December 22, 2011 the Company and South Uintah modified the purchase agreement and reduced the number of shares to be returned by South Uintah by 300,000, to 2,700,000. The Company plans to retire such shares to treasury at that time. On January 23, 2012 the Company completed the Share Exchange and Acquisition Agreement ("the Agreement") and the shareholders of South Uintah became the majority shareholders of Hinto Energy, Inc. Hinto issued 11,446,931 shares of stock in a one for one share exchange, assumed $175,000 in notes payable and issued 6,700,000 of warrants in a one for one exchange with South Uintah warrant holders. South Uintah returned 2,700,000 shares of Hinto stock to the Company, such stock being cancelled. The Company accounted for the Share Exchange and Acquisition as a reverse capitalization, with South Uintah being the accounting acquirer. 5 Basis of Presentation Development Stage Company The Company has not earned significant revenues from planned operations. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Company." Therefore, the Company's financial statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception, in this case, South Uintah Gas Properties, Inc., for the period March 8, 2011 through December 31, 2011 and the combined companies, Hinto and South Uintah from January 1, 2012 forward. Significant Accounting Policies Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents. Oil and Gas Properties, Full Cost Method The Company uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized. Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and gas property costs. Properties not subject to amortization consist of exploration and development costs which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. The Company assesses the realization of unproved properties, taken as a whole, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management's intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized. Costs of oil and gas properties will be amortized using the units of production method. 6 In applying the full cost method, the Company will perform an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the "estimated present value," of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense. Revenue Recognition The Company recognizes revenue when it is earned and expenses are recognized when they occur. Net Loss per Share Basic net loss per common share is calculated by dividing the net loss applicable to common shares by the weighted average number of common and common equivalent shares outstanding during the period. For the periods ended March 31, 2012 and December 31, 2011, there were no potential common equivalent shares used in the calculation of weighted average common shares outstanding as the effect would be anti-dilutive because of the net loss. Stock-Based Compensation The Company adopted the provisions of and accounts for stock-based compensation using an estimate of value in accordance with the fair value method. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which generally is the vesting period. The Company elected the modified-prospective method, under which prior periods are not revised for comparative purposes. The valuation method applies to new grants and to grants that were outstanding as of the effective date and are subsequently modified. Fair Value of Financial Instruments The carrying amount of accounts payable is considered to be representative of respective fair values because of the short-term nature of these financial instruments. Other Comprehensive Income The Company has no material components of other comprehensive income (loss) and accordingly, net loss is equal to comprehensive loss in all periods. Income Taxes Provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets, and for operating loss and tax credit carry forwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustment to the tax provision or benefit in the period of enactment. 7 Recent Accounting Pronouncements There were accounting standards and interpretations issued during the period ended March 31, 2012, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. NOTE 2 - GOING CONCERN AND MANAGEMENTS' PLAN The Company's financial statements for the three months ended March 31, 2012 and the period of March 3, 2011 through December 31, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of $237,659 for the three months ended March 31, 2012, and an accumulated deficit of $960,215 as of March 31, 2012. At March 31, 2012, the Company had a working capital deficit of $131,001. The future success of the Company is likely dependent on its ability to attain additional capital, or to find an acquisition to add value to its present shareholders and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will attain positive cash flow from operations. Management believes that actions presently being taken to revise the Company's operating and financial requirements provide the opportunity for the Company to continue as a going concern. NOTE 3 - OIL AND GAS LEASES The Company purchased a farmout of deep right interests in approximately 5,000 net acres in the Uintah Basin in Utah in July 2011, amended in December 2011. The purchase price of the farmout interest was $478,200, made up of $303,000 in cash, $175,000 in notes payable and $200 in common stock (2,000,000 shares.) The Company has subsequently expended an additional $198,500 in cash for the completion of a gas pipeline connection, surface equipment and initial well rework. NOTE 4 - CURRENT LIABILITIES The Company has $375,000 in other notes payable that it expects to be paid in the next twelve months. Of this amount, $200,000 is to be returned to a former investor. Further information regarding the $200,000 amount payable is found in Note 7. NOTE 5- LONG TERM NOTE PAYABLE The Company placed a $500,000 secured convertible note payable with a single investor. The note has a term of 3 years, an interest rate of 10%, is convertible into the Company's common stock at $1 per share and is secured by oil and gas leases held by South Uintah Gas Properties, Inc. NOTE 6 - STOCKHOLDERS' EQUITY Common Stock The authorized common stock of the Company is 50,000,000 shares of common stock with a $0.001 par value. At March 31, 2012, the Company had 13,925,931 shares of its common stock issued and outstanding. 8 During the three months ended March 31, 2012, the Company issued 410,000 shares of its common stock to investors that purchased $205,000 of the securities at a price of $.50 per common share and 69,000 shares for services to be provided over a six month period beginning in February 2012, valued at $1.50 per share. The Company also issued 11,375,000 of its restricted common shares to acquire South Uintah Gas Properties, Inc. Preferred Stock On August 18, 2011, the Company filed an amendment to the Articles of Incorporation with the Secretary of State of Wyoming to authorize 25,000,000 shares of Preferred Shares to be designated in any series or classes and with those rights, privileges and preferences to be determined at the discretion of the Company's Board of Directors. At this time, the Company has not designated any series of preferred stock or issued any shares of preferred stock. Stock Option Plan On August 17, 2011, the Company's shareholders approved the 2011 Hinto Energy, Inc. Stock Option and Award Incentive Plan ("Plan"). The Plan provides for the grant of stock options to directors, officers, employees, consultants, and advisors of the Company. The Plan is administered by a committee consisting of members of the Board of Directors (the "Stock Option Committee"), or in its absence, the Board of Directors. The Plan provides for a total of 2,000,000 shares of common stock to be reserved for issuance subject to options. As of the date of this Proxy Statement, the Board has not approved the grant of any options to purchase shares of common stock, nor the conditions, performance or vesting requirements. Warrants The Company had the following warrants outstanding at March 31, 2012: Warrants Term in years Vesting in years Exercise Price -------- ------------- ---------------- -------------- 3,000,000 3 to 5 Variable $2.00 1,700,000 3 1 $1 and $3 2,000,000 2 Vested $0.50 Each warrant gives the holder the right to purchase one share of the Company's common stock at the exercise price. The 3,000,000 unvested warrants, issued in connection with consulting services, vest at various dates from May 2012 through June 2014 and expire at various dates from May 2014 through June 2016. The 1,700,000 unvested warrants, issued in connection with consulting services, vest at various dates from June 2012 through November 2012, with 1,100,000 warrants being exercisable at $1 and 600,000 being exercisable at $3. The 2,000,000 warrants currently exercisable were issued in connection with notes payable and expire at dates from May 2013 through July 2013. These 2,000,000 warrants are callable at the option of the Company in the first year from the grant dates of May through July 2011 at the exercise price under various conditions, generally if the Company completes a $4,500,000 private placement of common stock. No expense was recorded by the Company on the issuance of any of the 6,700,000 warrants, as the Company's common stock has no trading market and no material common stock cash sales have been made, and thus none of the warrants were in the money. 9 NOTE 7 - LEGAL MATTERS In March 2012 a note holder of South Uintah Gas Properties, Inc., Bridge Industries, LLC filed a complaint against the Company in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida, alleging in general breach of contract and seeking return of all monies lent to South Uintah Gas Properties, Inc. of $400,000, the value of 1,000,000 shares of the Company's common stock and other equity appreciation, and compensation for services and costs. The Company is evaluating the action and its response, and the outcome of the case is currently unknown. NOTE 8 - SUBSEQUENT EVENTS The Company has evaluated it activities subsequent to the period ended March 31, 2012, through May 17, 2012 and found no reportable subsequent events. 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our unaudited financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on our behalf. We disclaim any obligation to update forward-looking statements. The independent registered public accounting firm's report on the Company's financial statements as of December 31, 2011, and for each of the years in the two-year period then ended, includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern. PLAN OF OPERATIONS ------------------ We had no operations prior to 2011 and we did not have any revenues during the fiscal years ended December 31, 2011, 2010 and 2009. We did not recognize any income in the years ended December 31, 2011 and 2010. We have minimal capital, moderate cash and only our intangible assets which consist of our business plan, relationships and contacts. We are illiquid and need cash infusions from investors or shareholders to provide capital, or loans from any sources, none of which have been arranged nor assured. Share Acquisition and Exchange Agreement On July 27, 2011, we entered into a Share Exchange and Acquisition Agreement with South Uintah and the South Uintah shareholders. On January 23, 2012, we entered into an Amended Share Exchange and Acquisition Agreement ("the Amended Share Exchange Agreement"). Pursuant to the Amended Share Exchange Agreement, we agreed to issue shares of the Company's restricted common stock for 100% of the issued and outstanding common stock of South Uintah. The shares are to be exchanged on a one for one basis. As a result, South Uintah became a wholly-owned subsidiary of the Company. In addition to the exchange of common stock, we have agreed to exchange on a one for one basis the following outstanding debt and equity instruments with those of our own. The table below sets forth the equity that is being exchanged.

(1) The warrants have exercise prices ranging from $0.50 to $3.00 per share and terms ranging from 2 to 3 years. (2) The debt instrument has a term of two years. 11 South Uintah Gas Properties, Inc. was incorporated in the state of Colorado on March 8, 2011. South Uintah was organized to operate as an independent oil and gas company which would engage in the acquisition, exploration, development, production and sale of natural gas and crude oil. Selected managed risk exploration ventures would also be considered from time to time. The core area of operation is the Rocky Mountain region, which contains all of our areas of interest. With the acquisition of South Uintah, the Company intends to strive to be a low cost and effective producer of hydrocarbons and intends to develop the business model and corporate strategy as discussed herein. During the quarter ended March 31, 2012, we made progress on our business plan by completing the hookup of our 22-1 gas well in the Uintah Basin of Utah to a pipeline. During the remaining part of 2012 our plan of operations includes: 2nd Quarter 2012 Development of South Uintah properties; Commencement of Recompletion Operations; Identification of possible oil and gas prospect candidates; and Seeking Additional Capital for Company. 3rd Quarter 2012 Continuation of Recompletion Operations; Dependant upon receipt of additional capital, the acquisition of additional oil and gas prospects. 4th Quarter 2012 Continuation of Recompletion Operations and development of any new oil Expected 2012 Budget - 12 months (January 2012 through December 2012) ---------------------------------------------------------------------

The Company may change any or all of the budget categories in the execution of its business model. None of the line items are to be considered fixed or unchangeable. The Company may need substantial additional capital to support its budget. The Company has no revenues to date in the oil and gas exploration, development and production business. 12 We have conducted a Private Offering of shares of our restricted Common Stock for capital. We intend to raise up to $5,000,000 in the next twelve months with a structure not yet determined in debt or equity. As of May 15, 2012, the Company had sold approximately 880,000 shares, raising a total of $440,000. We cannot give any assurances that we will be able to raise the full $5,000,000 to fund the budget. Further, we will need to raise additional funds to support not only our expected budget, but our continued operations. We cannot make any assurances that we will be able to raise such funds or whether we would be able to raise such funds with terms that are favorable to us. We will need substantial additional capital to support our proposed future energy operations. We have no revenues. We have no committed source for any funds as of date here. No representation is made that any funds will be available when needed. In the event funds cannot be raised when needed, we may not be able to carry out our business plan, may never achieve sales or royalty income, and could fail in business as a result of these uncertainties. Decisions regarding future participation in exploration wells or geophysical studies or other activities will be made on a case-by-case basis. We may, in any particular case, decide to participate or decline participation. If participating, we may pay our proportionate share of costs to maintain our proportionate interest through cash flow or debt or equity financing. If participation is declined, we may elect to farmout, non-consent, sell or otherwise negotiate a method of cost sharing in order to maintain some continuing interest in the prospect. Since Hinto is a public company, which had nominal activity, the acquisition has been treated as a recapitalization of South Uintah. Though Hinto was the legal acquirer in the merger, South Uintah was the accounting acquirer since its shareholders gained control of Hinto. Therefore at the date of the merger the historical financial statements of South Uintah became those of Hinto. As a result, for the financial statements as of March 31, 2012, the merger date will reflect historical financial statements of South Uintah and supersede any prior financial statements of Hinto. RESULTS OF OPERATIONS --------------------- For the Three Months Ended March 31, 2012 Compared to the Period of March 8, 2011 (Inception) through March 31, 2011 During the period of March 8, 2011 (Inception) through March 31, 2011, the Company did not recognize any revenue, expenses, and losses, as it was newly incorporated. During the three months ended March 31, 2012, the Company did not recognize and revenues from its operational activities. Since the 22-1 gas well has been attached to a pipeline, and the Company believes that it should begin to recognize at least minimal revenues during the year ended December 31, 2012. During the three months ended March 31, 2012, we incurred total operational expenses of $219,800. Operational expenses during the three months ended March 31, 2012 included $156,570 in general and administrative expenses and consulting fees of $63,230. We expect operational expenses to increase as we continue to pursue our operational plan. During the three months ended March 31, 2012, we recognized a net loss of $237,659. LIQUIDITY --------- At March 31, 2012, the Company had total current assets of $397,895, consisting of cash of $286,645 and deposits of $111,250. At March 31, 2012, the Company had total current liabilities of $528,896, consisting of accounts payable of $106,403, accrued liabilities of $47,493 and notes payables of $375,000. At March 31, 2012, we have a working capital deficit of $131,001. 13 During the three months ended March 31, 2012, we used cash of $167,356 in operations. During the three months ended March 31, 2012, we recognized a net loss of $237,659, which was adjusted for the non-cash item of accrued interest of $18,083 paid in stock and $17,250 in compensatory stock issuances. During the three months ended March 31, 2012, we used $198,500 in our investing activities, solely in the development of our 22-1 well. During the three months ended March 31, 2012, we received $165,000 from our financing activities from the sale of shares of our common stock. The Company placed a $500,000 secured convertible note payable with a single investor. The note has a term of 3 years, an interest rate of 10%, is convertible into the Company's common stock at $1 per share and is secured by oil and gas leases held by South Uintah Gas Properties, Inc. In March 2012 a note holder of South Uintah Gas Properties, Inc., Bridge Industries, LLC filed a complaint against the Company in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida, alleging in general breach of contract and seeking return of all monies lent to South Uintah Gas Properties, Inc. of $400,000, the value of 1,000,000 shares of the Company's common stock and other equity appreciation, and compensation for services and costs. The Company is evaluating the action and its response, and the outcome of the case is currently unknown. During the three months ended March 31, 2012, the Company issued 410,000 shares of its common stock to investors that purchased $205,000 of the securities at a price of $.50 per common share and 69,000 shares for services to be provided over a six month period beginning in February 2012, valued at $1.50 per share. The Company also issued 11,375,000 of its restricted common shares to acquire South Uintah Gas Properties, Inc. Short Term. On a short-term basis, we do not generate any revenue or revenues sufficient to cover operations. Based on prior history, we will continue to have insufficient revenue to satisfy current and recurring liabilities as it seeks explore. For short term needs we will be dependent on receipt, if any, of offering proceeds. Capital Resources We have only common stock as our capital resource. We have no material commitments for capital expenditures within the next year, however if operations are commenced, substantial capital will be needed to pay for participation, investigation, exploration, acquisition and working capital. Need for Additional Financing We do not have capital sufficient to meet our cash needs. We will have to seek loans or equity placements to cover such cash needs. Once exploration commences, our needs for additional financing is likely to increase substantially. No commitments to provide additional funds have been made by our management or other stockholders. Accordingly, there can be no assurance that any additional funds will be available to us to allow it to cover our expenses as they may be incurred. 14 Critical Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents. Oil and Gas Properties, Full Cost Method The Company uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized. Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and gas property costs. Properties not subject to amortization consist of exploration and development costs which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. The Company assesses the realization of unproved properties, taken as a whole, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management's intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized. Costs of oil and gas properties will be amortized using the units of production method. In applying the full cost method, the Company will perform an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the "estimated present value," of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense. Revenue Recognition The Company recognizes revenue when it is earned and expenses are recognized when they occur. ITEM 3. QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not Applicable 15 ITEM 4. CONTROLS AND PROCEDURES Disclosures Controls and Procedures We have adopted and maintain disclosure controls and procedures (as such term is defined in Rules 13a 15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) and that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is gathered and communicated to our management, including our Chief Financial Officer (Principal Executive Officer and Principal Financial Officer), as appropriate, to allow for timely decisions regarding required disclosure. As required by SEC Rule 15d-15(b), our Chief Financial Officer carried out an evaluation under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 15d-14 as of the end of the period covered by this report. Based on the foregoing evaluation and the evaluation conducted at December 31, 2011, our Chief Financial Officer has concluded that our disclosure controls and procedures are not effective in timely alerting them to material information required to be included in our periodic SEC filings and to ensure that information required to be disclosed in our periodic SEC filings is accumulated and communicated to our management, including our Chief Financial Officer, to allow timely decisions regarding required disclosure. MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Hinto's management is responsible for establishing and maintaining adequate internal control over financial reporting for the company in accordance with as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company's assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Company's receipts and expenditures are being made only in accordance with authorizations of Hinto's management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on Hinto's financial statements. 16 We have identified certain material weaknesses in internal control over financial reporting relating to a shortage of accounting and reporting personnel due to limited financial resources and the size of our Company, as detailed below: (1) The Company currently does not have, but is in the process of developing formally documented accounting policies and procedures, which includes establishing a well-defined process for financial reporting. (2) Due to the limited size of our accounting department, we currently lack the resources to handle complex accounting transaction. We believe this deficiency could lead to errors in the presentation and disclosure of financial information in our annual, quarterly, and other filings. (3) As is the case with many companies of similar size, we currently a lack of segregation of duties in the accounting department. Until our operations expand and additional cash flow is generated from operations, a complete segregation of duties within our accounting function will not be possible. Considering the nature and extent of our current operations and any risks or errors in financial reporting under current operations and the fact that we have been a small business with limited employees, such items caused a weakness in internal controls involving the areas disclosed above. We have concluded that our internal controls over financial reporting were ineffective as of March 31, 2012, due to the existence of the material weaknesses noted above that we have yet to fully remediate. There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended March 31, 2012, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In March 2012 a note holder of South Uintah Gas Properties, Inc., Bridge Industries, LLC filed a complaint against the Company in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida, alleging in general breach of contract and seeking return of all monies lent to South Uintah Gas Properties, Inc. of $400,000, the value of 1,000,000 shares of the Company's common stock and other equity appreciation, and compensation for services and costs. The Company is evaluating the action and its response, and the outcome of the case is currently unknown. ITEM 1A. RISK FACTORS Not Applicable to Smaller Reporting Companies. 17 ITEM 2. CHANGES IN SECURITIES During the period of January 1, 2012 through March 31, 2012, the Company has made the following unregistered issuances of its securities.

Exemption From Registration Claimed All of the above sales by the Company of its unregistered securities were made by the Company in reliance upon Rule 506 of Regulation D of the Securities Act of 1933, as amended (the "1933 Act"). All of the individuals and/or entities that purchased the unregistered securities were primarily existing shareholders, known to the Company and its management, through pre-existing business relationships, as long standing business associates and employees. All purchasers were provided access to all material information, which they requested, and all information necessary to verify such information and were afforded access to management of the Company in connection with their purchases. All purchasers of the unregistered securities acquired such securities for investment and not with a view toward distribution, acknowledging such intent to the Company. All certificates or agreements representing such securities that were issued contained restrictive legends, prohibiting further transfer of the certificates or agreements representing such securities, without such securities either being first registered or otherwise exempt from registration in any further resale or disposition. ITEM 3. DEFAULTS UPON SENIOR SECURITIES NONE. ITEM 4. MINE SAFETY DISCLOSURE. Not Applicable. 18 ITEM 5. OTHER INFORMATION NONE. ITEM 6. EXHIBITS Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K. Exhibit 31.1 Certification of Chief Financial Officer and Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act Exhibit 32.1 Certification of Principal Executive and Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act SIGNATURES Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. HINTO ENERGY, INC. (Registrant) Dated: May __, 2012 By:/s/George Harris ---------------- George Harris (Principal Executive Officer, Chief Financial Officer and Principal Accounting Officer) EX-31 2 ex31.txt EXHIBIT 31.1 SECTION 302 CERTIFICATION EXHIBIT 31.1 CERTIFICATION OF PERIODIC REPORT I, George Harris, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Hinto Energy, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. As the registrant's sole certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have: a. 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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. As the registrant's certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May __, 2011 /s/ George Harris ----------------- (Principal Executive Officer and Chief Financial Officer, Principal Accounting Officer) EX-32 3 ex32.txt EXHIBIT 32.1 SECTION 906 CERTIFICATION Exhibit 32.1 CERTIFICATION OF DISCLOSURE PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Hinto Energy, Inc. (the "Company") on Form 10-Q for the period ending March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report") I, George Harris, Principal Executive Officer, Chief Financial Officer and Principal Accounting Officer of the Company, certify, pursuant to 18 USC section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: May __, 2012 /s/George Harris ------------------------------------------------------- George Harris, (Principal Executive Officer, Chief Financial Officer and Principal Accounting Officer) This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. 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NOTE 1 BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES   Business   Hinto Energy, Inc. (the Company) was incorporated in February 13, 1997 in the state of Wyoming. The Company was originally incorporated for the purpose of general investing. Due to an inability to raise adequate financing the Company was forced to cease operations in 2001. On October 12, 2004, the Company filed a Form 15-12G, with the Securities and Exchange Commission (SEC) to cease its filing obligations under the Securities Act of 1934. On November 14, 2007, the Company filed a Registration Statement on Form S-1 in order to register its outstanding shares of common stock and resume its SEC filing status.   The Companys fiscal year end is December 31st. The Companys financial statements are presented on the accrual basis of accounting.   Share Exchange Agreement   On July 27, 2011, the Company entered into a Share Exchange and Acquisition Agreement with South Uintah Gas Properties, Inc. (South Uintah) and the South Uintah shareholders. Pursuant to the Share Exchange and Acquisition Agreement (the Agreement), the Company has agreed to issue shares of its restricted common stock for 100% of the issued and outstanding common stock of South Uintah. The shares are to be exchanged on a one for one basis. The closing of the transaction is dependent upon the delivery of audited financial statements by South Uintah. Prior to the signing of the Agreement, South Uintah had purchased 3,000,000 shares of the Companys common stock from its then majority shareholder Ms. Sharon Fowler. After such purchase, South Uintah holds approximately 70% of the issued and outstanding common stock of the Company. As part of the Agreement, South Uintah has agreed to return the 3,000,000 shares of common stock to the Company. On December 22, 2011 the Company and South Uintah modified the purchase agreement and reduced the number of shares to be returned by South Uintah by 300,000, to 2,700,000. The Company plans to retire such shares to treasury at that time.   On January 23, 2012 the Company completed the Share Exchange and Acquisition Agreement (the Agreement) and the shareholders of South Uintah became the majority shareholders of Hinto Energy, Inc. Hinto issued 11,446,931 shares of stock in a one for one share exchange, assumed $175,000 in notes payable and issued 6,700,000 of warrants in a one for one exchange with South Uintah warrant holders. South Uintah returned 2,700,000 shares of Hinto stock to the Company, such stock being cancelled. The Company accounted for the Share Exchange and Acquisition as a reverse capitalization, with South Uintah being the accounting acquirer.    Basis of Presentation   Development Stage Company   The Company has not earned significant revenues from planned operations. Accordingly, the Companys activities have been accounted for as those of a Development Stage Company. Therefore, the Companys financial statements of operations, stockholders equity and cash flows disclose activity since the date of the Companys inception, in this case, South Uintah Gas Properties, Inc., for the period March 8, 2011 through December 31, 2011 and the combined companies, Hinto and South Uintah from January 1, 2012 forward.   Significant Accounting Policies   Use of Estimates   The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.   Cash and Cash Equivalents   The Company considers all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents.   Oil and Gas Properties, Full Cost Method   The Company uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized.   Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and gas property costs. Properties not subject to amortization consist of exploration and development costs which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. The Company assesses the realization of unproved properties, taken as a whole, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on managements intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.   Costs of oil and gas properties will be amortized using the units of production method.   In applying the full cost method, the Company will perform an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the estimated present value, of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense.   Revenue Recognition   The Company recognizes revenue when it is earned and expenses are recognized when they occur.   Net Loss per Share   Basic net loss per common share is calculated by dividing the net loss applicable to common shares by the weighted average number of common and common equivalent shares outstanding during the period. For the periods ended March 31, 2012 and December 31, 2011, there were no potential common equivalent shares used in the calculation of weighted average common shares outstanding as the effect would be anti-dilutive because of the net loss.   Stock-Based Compensation   The Company adopted the provisions of and accounts for stock-based compensation using an estimate of value in accordance with the fair value method. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which generally is the vesting period. The Company elected the modified-prospective method, under which prior periods are not revised for comparative purposes. The valuation method applies to new grants and to grants that were outstanding as of the effective date and are subsequently modified.   Fair Value of Financial Instruments   The carrying amount of accounts payable is considered to be representative of respective fair values because of the short-term nature of these financial instruments.   Other Comprehensive Income   The Company has no material components of other comprehensive income (loss) and accordingly, net loss is equal to comprehensive loss in all periods.   Income Taxes   Provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets, and for operating loss and tax credit carry forwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustment to the tax provision or benefit in the period of enactment. Recent Accounting Pronouncements   There were accounting standards and interpretations issued during the period ended March 31, 2012, none of which are expected to have a material impact on the Companys financial position, operations or cash flows.

NOTE 2 GOING CONCERN AND MANAGEMENTS PLAN   The Companys financial statements for the three months ended March 31, 2012 and the period of March 3, 2011 through December 31, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of $237,659 for the three months ended March 31, 2012, and an accumulated deficit of $960,215 as of March 31, 2012. At March 31, 2012, the Company had a working capital deficit of $131,001.   The future success of the Company is likely dependent on its ability to attain additional capital, or to find an acquisition to add value to its present shareholders and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will attain positive cash flow from operations. Management believes that actions presently being taken to revise the Companys operating and financial requirements provide the opportunity for the Company to continue as a going concern.

NOTE 3 OIL AND GAS LEASES   The Company purchased a farmout of deep right interests in approximately 5,000 net acres in the Uintah Basin in Utah in July 2011, amended in December 2011. The purchase price of the farmout interest was $478,200, made up of $303,000 in cash, $175,000 in notes payable and $200 in common stock (2,000,000 shares.) The Company has subsequently expended an additional $198,500 in cash for the completion of a gas pipeline connection, surface equipment and initial well rework.

NOTE 4 CURRENT LIABILITIES   The Company has $375,000 in other notes payable that it expects to be paid in the next twelve months. Of this amount, $200,000 is to be returned to a former investor. Further information regarding the $200,000 amount payable is found in Note 7.

NOTE 5 LONG TERM NOTE PAYABLE   The Company placed a $500,000 secured convertible note payable with a single investor. The note has a term of 3 years, an interest rate of 10%, is convertible into the Companys common stock at $1 per share and is secured by oil and gas leases held by South Uintah Gas Properties, Inc.

NOTE 6 STOCKHOLDERS EQUITY   Common Stock   The authorized common stock of the Company is 50,000,000 shares of common stock with a $0.001 par value. At March 31, 2012, the Company had 13,925,931 shares of its common stock issued and outstanding.   During the three months ended March 31, 2012, the Company issued 410,000 shares of its common stock to investors that purchased $205,000 of the securities at a price of $.50 per common share and 69,000 shares for services to be provided over a six month period beginning in February 2012, valued at $1.50 per share.   The Company also issued 11,375,000 of its restricted common shares to acquire South Uintah Gas Properties, Inc.   Preferred Stock   On August 18, 2011, the Company filed an amendment to the Articles of Incorporation with the Secretary of State of Wyoming to authorize 25,000,000 shares of Preferred Shares to be designated in any series or classes and with those rights, privileges and preferences to be determined at the discretion of the Companys Board of Directors. At this time, the Company has not designated any series of preferred stock or issued any shares of preferred stock.     Stock Option Plan   On August 17, 2011, the Companys shareholders approved the 2011 Hinto Energy, Inc. Stock Option and Award Incentive Plan (Plan). The Plan provides for the grant of stock options to directors, officers, employees, consultants, and advisors of the Company. The Plan is administered by a committee consisting of members of the Board of Directors (the "Stock Option Committee"), or in its absence, the Board of Directors. The Plan provides for a total of 2,000,000 shares of common stock to be reserved for issuance subject to options. As of the date of this Proxy Statement, the Board has not approved the grant of any options to purchase shares of common stock, nor the conditions, performance or vesting requirements.   Warrants   The Company had the following warrants outstanding at March 31, 2012:   <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">Warrants</td> <td style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">Term in years</td> <td style="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">Vesting in years</td> <td style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3,000,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 to 5</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Variable</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$2.00</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,700,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1 and $3</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,000,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Vested</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$0.50</td></tr> </table>   Each warrant gives the holder the right to purchase one share of the Companys common stock at the exercise price. The 3,000,000 unvested warrants, issued in connection with consulting services, vest at various dates from May 2012 through June 2014 and expire at various dates from May 2014 through June 2016. The 1,700,000 unvested warrants, issued in connection with consulting services, vest at various dates from June 2012 through November 2012, with 1,100,000 warrants being exercisable at $1 and 600,000 being exercisable at $3. The 2,000,000 warrants currently exercisable were issued in connection with notes payable and expire at dates from May 2013 through July 2013. These 2,000,000 warrants are callable at the option of the Company in the first year from the grant dates of May through July 2011 at the exercise price under various conditions, generally if the Company completes a $4,500,000 private placement of common stock. No expense was recorded by the Company on the issuance of any of the 6,700,000 warrants, as the Companys common stock has no trading market and no material common stock cash sales have been made, and thus none of the warrants were in the money.

NOTE 7 LEGAL MATTERS   In March 2012 a note holder of South Uintah Gas Properties, Inc., Bridge Industries, LLC filed a complaint against the Company in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida, alleging in general breach of contract and seeking return of all monies lent to South Uintah Gas Properties, Inc. of $400,000, the value of 1,000,000 shares of the Companys common stock and other equity appreciation, and compensation for services and costs. The Company is evaluating the action and its response, and the outcome of the case is currently unknown.

NOTE 8 - SUBSEQUENT EVENTS   The Company has evaluated it activities subsequent to the period ended March 31, 2012, through May 17, 2012 and found no reportable subsequent events.

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Cash Deposits Total Current Assets Other assets: Farmout Agreement Oil and Gas Leases Total Other Assets Total Assets Liabilities and Stockholders' (Deficit) Equity Accounts payable Accrued liabilities Convertible notes payable Subscription received Notes payable, other Total Current Liabilities Long term note payable Total liabilities Stockholders' (Deficit) Equity Preferred stock, $0.001 par value; 25,000,000 shares authorized, no shares issued and outstanding Common stock, $0.001 par value; 50,000,000 shares authorized, 13,926,931 and 9,375,000 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively Additional paid-in capital Deficit accumulated during the development stage Total Stockholders' (Deficit) Equity Non-controlling interest Total liabilities and stockholders' (deficit) equity Stockholders Equity Preferred stock, par value Preferred Stock shares authorized Common stock, par value Common Stock shares authorized Common stock shares issued Common Stock shares outstanding Income Statement [Abstract] Revenue: Operational expenses: Office expenses Goodwill write off Consulting fees Impairment of farmout Impairment of intercompany receivable Professional fees Total operational expenses Interest expense Net loss Per share information Net loss per common share - Basic Net loss per common share - Fully diluted Weighted average number of common stock outstanding Statement [Table] Statement [Line Items] Opening Balance, shares Opening Balance, amount Issuance of stock for cash, shares Issuance of stock for cash, amount Issuance of Founder Shares for services, Shares Issuance of Founder Shares for services, Amount Issuance of Common Stock for oil and gas leases, Shares Issuance of Common Stock for oil and gas leases, Amount Shares cancelled in exchange for Hinto shares held by South Unitah, Shares Shares cancelled in exchange for Hinto shares held by South Unitah, Amount Issuance of shares for consulting, Shares Issuance of shares for consulting, Amount Shareholder capital contribution Minority interest at purchase of majority interest in subsidiary Issuance of shares for services, Shares Issuance of shares for services, Amount Net Loss Recapitalization, due to reverse merger, Shares Recapitalization, due to reverse merger, Amount Conversion of notes to common stock, Shares Conversion of notes to common stock, Amount Ending Balance, shares Ending Balance, amount Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Adjustments to net loss for non-cash items: Intercompany borrowings Accrued interest converted to stock Write down of goodwill in subsidiary Compensatory stock issuances Adjustments to reconcile net loss to net cash used in operating activities: Increase in deposits Increase in advances to parent company Increase in accounts payable Increase in accrued liabilities Increase in accrued interest Increase in stock subscription receivable Net Cash Used by Operating Activities Cash Flows from Investing Activities Investment to acquire 70% interest in subsidiary Investment in well Purchase of Oil and Gas leases Net Cash Used in Investing Activities Cash Flows from Financing Activities: Proceeds from convertible promissory notes Proceeds from other notes payable Payments on other notes payable Proceeds from shareholder contribution Proceeds from stock sales Net Cash Provided by Financing Activities Net Increase (decrease) in Cash Cash and Cash Equivalents - Beginning of Period Cash and Cash Equivalents - End of Period SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest expense Cash paid for income taxes SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES: Issuance of common stock for oil lease Notes to Financial Statements BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES GOING CONCERN AND MANAGEMENTS’ PLAN OIL AND GAS LEASES CURRENT LIABILITIES LONG TERM NOTE PAYABLE STOCKHOLDERS’ EQUITY LEGAL MATTERS SUBSEQUENT EVENTS Assets, Current Other Assets, Noncurrent Assets [Default Label] Liabilities, Current Liabilities Development Stage Enterprise, Deficit Accumulated During Development Stage Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Interest Expense Shares, Issued Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Net Cash Provided by (Used in) Operating Activities Payments to Acquire Interest in Subsidiaries and Affiliates Payments to Acquire Property, Plant, and Equipment Payments to Acquire Oil and Gas Property Net Cash Provided by (Used in) Investing Activities Repayments of Other Debt Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, at Carrying Value EX-101.PRE 8 heni-20120331_pre.xml EX-101.DEF 9 heni-20120331_def.xml XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 R9.htm IDEA: XBRL DOCUMENT

OIL AND GAS LEASES	3 Months Ended
Mar. 31, 2012
Notes to Financial Statements
OIL AND GAS LEASES	NOTE 3 – OIL AND GAS LEASES The Company purchased a farmout of deep right interests in approximately 5,000 net acres in the Uintah Basin in Utah in July 2011, amended in December 2011. The purchase price of the farmout interest was $478,200, made up of $303,000 in cash, $175,000 in notes payable and $200 in common stock (2,000,000 shares.) The Company has subsequently expended an additional $198,500 in cash for the completion of a gas pipeline connection, surface equipment and initial well rework.

OIL AND GAS LEASES

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

OIL AND GAS LEASES

NOTE 3 – OIL AND GAS LEASES

The Company purchased a farmout of deep right interests in approximately 5,000 net acres in the Uintah Basin in Utah in July 2011, amended in December 2011. The purchase price of the farmout interest was $478,200, made up of $303,000 in cash, $175,000 in notes payable and $200 in common stock (2,000,000 shares.) The Company has subsequently expended an additional $198,500 in cash for the completion of a gas pipeline connection, surface equipment and initial well rework.

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GOING CONCERN AND MANAGEMENTS’ PLAN	3 Months Ended
Mar. 31, 2012
Notes to Financial Statements
GOING CONCERN AND MANAGEMENTS’ PLAN	NOTE 2 – GOING CONCERN AND MANAGEMENTS’ PLAN The Company’s financial statements for the three months ended March 31, 2012 and the period of March 3, 2011 through December 31, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of $237,659 for the three months ended March 31, 2012, and an accumulated deficit of $960,215 as of March 31, 2012. At March 31, 2012, the Company had a working capital deficit of $131,001. The future success of the Company is likely dependent on its ability to attain additional capital, or to find an acquisition to add value to its present shareholders and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will attain positive cash flow from operations. Management believes that actions presently being taken to revise the Company’s operating and financial requirements provide the opportunity for the Company to continue as a going concern.

GOING CONCERN AND MANAGEMENTS’ PLAN

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

GOING CONCERN AND MANAGEMENTS’ PLAN

NOTE 2 – GOING CONCERN AND MANAGEMENTS’ PLAN

The Company’s financial statements for the three months ended March 31, 2012 and the period of March 3, 2011 through December 31, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of $237,659 for the three months ended March 31, 2012, and an accumulated deficit of $960,215 as of March 31, 2012. At March 31, 2012, the Company had a working capital deficit of $131,001.

The future success of the Company is likely dependent on its ability to attain additional capital, or to find an acquisition to add value to its present shareholders and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will attain positive cash flow from operations. Management believes that actions presently being taken to revise the Company’s operating and financial requirements provide the opportunity for the Company to continue as a going concern.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details

XML 14 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Assets
Cash	$ 286,645	$ 487,501
Deposits	111,250	25,000
Total Current Assets	397,895	512,501
Other assets:
Oil and Gas Leases	676,700	478,200
Total Other Assets	676,700	478,200
Total Assets	1,074,595	990,701
Liabilities and Stockholders' (Deficit) Equity
Accounts payable	106,403	71,315
Accrued liabilities	47,493	47,510
Convertible notes payable	0	500,000
Subscription received	0	40,000
Notes payable, other	375,000	375,000
Total Current Liabilities	528,896	1,033,825
Long term note payable	500,000	500,000
Total liabilities	1,028,896	1,533,825
Stockholders' (Deficit) Equity
Preferred stock, $0.001 par value; 25,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value; 50,000,000 shares authorized, 13,926,931 and 9,375,000 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	13,926	938
Additional paid-in capital	991,988	210,030
Deficit accumulated during the development stage	(960,215)	(795,873)
Total Stockholders' (Deficit) Equity	45,699	(584,905)
Non-controlling interest	0	41,781
Total liabilities and stockholders' (deficit) equity	$ 1,074,595	$ 990,701

XML 15 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		13 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Cash Flows from Operating Activities:
Net Loss	$ (237,659)	$ 0	$ (1,064,954)
Adjustments to net loss for non-cash items:
Accrued interest converted to stock	17,982	0	17,982
Write down of goodwill in subsidiary	0	0	339,195
Compensatory stock issuances	17,250	0	17,800
Adjustments to reconcile net loss to net cash used in operating activities:
Increase in deposits	0	0	(25,000)
Increase in accounts payable	35,088	0	50,529
Increase in accrued liabilities	(17)	0	47,493
Increase in stock subscription receivable	0	0	40,000
Net Cash Used by Operating Activities	(167,356)	0	(576,955)
Cash Flows from Investing Activities
Investment to acquire 70% interest in subsidiary	0	0	(300,000)
Investment in well	(198,500)	0	(198,500)
Purchase of Oil and Gas leases	0	0	(303,000)
Net Cash Used in Investing Activities	(198,500)	0	(801,500)
Cash Flows from Financing Activities:
Proceeds from convertible promissory notes	0	0	1,000,000
Proceeds from other notes payable	0	0	400,000
Payments on other notes payable	0	0	(200,000)
Proceeds from shareholder contribution	0	0	90,000
Proceeds from stock sales	165,000	0	375,100
Net Cash Provided by Financing Activities	165,000	0	1,665,100
Net Increase (decrease) in Cash	(200,856)	0	286,645
Cash and Cash Equivalents - Beginning of Period	487,501	0
Cash and Cash Equivalents - End of Period	286,645	0	286,645
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest expense	0	0	0
Cash paid for income taxes	$ 0	$ 0	$ 0

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BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES

NOTE 1 – BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Business

Hinto Energy, Inc. (“the Company”) was incorporated in February 13, 1997 in the state of Wyoming. The Company was originally incorporated for the purpose of general investing. Due to an inability to raise adequate financing the Company was forced to cease operations in 2001. On October 12, 2004, the Company filed a Form 15-12G, with the Securities and Exchange Commission (“SEC”) to cease its filing obligations under the Securities Act of 1934. On November 14, 2007, the Company filed a Registration Statement on Form S-1 in order to register its outstanding shares of common stock and resume its SEC filing status.

The Company’s fiscal year end is December 31^st. The Company’s financial statements are presented on the accrual basis of accounting.

Share Exchange Agreement

On July 27, 2011, the Company entered into a Share Exchange and Acquisition Agreement with South Uintah Gas Properties, Inc. (“South Uintah”) and the South Uintah shareholders. Pursuant to the Share Exchange and Acquisition Agreement (“the Agreement”), the Company has agreed to issue shares of its restricted common stock for 100% of the issued and outstanding common stock of South Uintah. The shares are to be exchanged on a one for one basis.

The closing of the transaction is dependent upon the delivery of audited financial statements by South Uintah.

Prior to the signing of the Agreement, South Uintah had purchased 3,000,000 shares of the Company’s common stock from its then majority shareholder Ms. Sharon Fowler. After such purchase, South Uintah holds approximately 70% of the issued and outstanding common stock of the Company. As part of the Agreement, South Uintah has agreed to return the 3,000,000 shares of common stock to the Company. On December 22, 2011 the Company and South Uintah modified the purchase agreement and reduced the number of shares to be returned by South Uintah by 300,000, to 2,700,000. The Company plans to retire such shares to treasury at that time.

On January 23, 2012 the Company completed the Share Exchange and Acquisition Agreement (“the Agreement”) and the shareholders of South Uintah became the majority shareholders of Hinto Energy, Inc. Hinto issued 11,446,931 shares of stock in a one for one share exchange, assumed $175,000 in notes payable and issued 6,700,000 of warrants in a one for one exchange with South Uintah warrant holders. South Uintah returned 2,700,000 shares of Hinto stock to the Company, such stock being cancelled. The Company accounted for the Share Exchange and Acquisition as a reverse capitalization, with South Uintah being the accounting acquirer.

Basis of Presentation

Development Stage Company

The Company has not earned significant revenues from planned operations. Accordingly, the Company’s activities have been accounted for as those of a “Development Stage Company.” Therefore, the Company’s financial statements of operations, stockholders’ equity and cash flows disclose activity since the date of the Company’s inception, in this case, South Uintah Gas Properties, Inc., for the period March 8, 2011 through December 31, 2011 and the combined companies, Hinto and South Uintah from January 1, 2012 forward.

Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents.

Oil and Gas Properties, Full Cost Method

The Company uses the full cost method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized.

Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and gas property costs. Properties not subject to amortization consist of exploration and development costs which are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. The Company assesses the realization of unproved properties, taken as a whole, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management’s intention with regard to future exploration and development of individually significant properties and the ability of the Company to obtain funds to finance such exploration and development. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized.

Costs of oil and gas properties will be amortized using the units of production method.

In applying the full cost method, the Company will perform an impairment test (ceiling test) at each reporting date, whereby the carrying value of property and equipment is compared to the “estimated present value,” of its proved reserves discounted at a 10-percent interest rate of future net revenues, based on current economic and operating conditions, plus the cost of properties not being amortized, plus the lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related to book and tax basis differences of the properties. If capitalized costs exceed this limit, the excess is charged as an impairment expense.

Revenue Recognition

The Company recognizes revenue when it is earned and expenses are recognized when they occur.

Net Loss per Share

Basic net loss per common share is calculated by dividing the net loss applicable to common shares by the weighted average number of common and common equivalent shares outstanding during the period. For the periods ended March 31, 2012 and December 31, 2011, there were no potential common equivalent shares used in the calculation of weighted average common shares outstanding as the effect would be anti-dilutive because of the net loss.

Stock-Based Compensation

The Company adopted the provisions of and accounts for stock-based compensation using an estimate of value in accordance with the fair value method. Under the fair value recognition provisions of this statement, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which generally is the vesting period. The Company elected the modified-prospective method, under which prior periods are not revised for comparative purposes. The valuation method applies to new grants and to grants that were outstanding as of the effective date and are subsequently modified.

Fair Value of Financial Instruments

The carrying amount of accounts payable is considered to be representative of respective fair values because of the short-term nature of these financial instruments.

Other Comprehensive Income

The Company has no material components of other comprehensive income (loss) and accordingly, net loss is equal to comprehensive loss in all periods.

Income Taxes

Provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets, and for operating loss and tax credit carry forwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustment to the tax provision or benefit in the period of enactment.

Recent Accounting Pronouncements

There were accounting standards and interpretations issued during the period ended March 31, 2012, none of which are expected to have a material impact on the Company’s financial position, operations or cash flows.

XML 18 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Stockholders Equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred Stock shares authorized	25,000,000	25,000,000
Common stock, par value	$ 0.001	$ 0.001
Common Stock shares authorized	50,000,000	50,000,000
Common stock shares issued	13,925,931	9,375,000
Common Stock shares outstanding	13,925,931	9,375,000

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

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Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Mar. 31, 2012	Jun. 30, 2012	May 17, 2012
Document And Entity Information
Entity Registrant Name	Hinto Energy, Inc.
Entity Central Index Key	0001087734
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 4,725,000
Entity Common Stock, Shares Outstanding			13,856,931
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

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Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		13 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Income Statement [Abstract]
Revenue:	$ 0	$ 0	$ 0
Operational expenses:
Office expenses	156,570	0	401,892
Goodwill write off	0	0	339,195
Consulting fees	63,230	0	272,433
Total operational expenses	219,800	0	1,013,520
Interest expense	(17,859)	0	(51,434)
Net loss	$ (237,659)	$ 0	$ (1,064,954)
Net loss per common share - Basic	$ (0.02)	$ 0
Weighted average number of common stock outstanding	11,773,206	0

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STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

STOCKHOLDERS’ EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

Common Stock

The authorized common stock of the Company is 50,000,000 shares of common stock with a $0.001 par value. At March 31, 2012, the Company had 13,925,931 shares of its common stock issued and outstanding.

During the three months ended March 31, 2012, the Company issued 410,000 shares of its common stock to investors that purchased $205,000 of the securities at a price of $.50 per common share and 69,000 shares for services to be provided over a six month period beginning in February 2012, valued at $1.50 per share.

The Company also issued 11,375,000 of its restricted common shares to acquire South Uintah Gas Properties, Inc.

Preferred Stock

On August 18, 2011, the Company filed an amendment to the Articles of Incorporation with the Secretary of State of Wyoming to authorize 25,000,000 shares of Preferred Shares to be designated in any series or classes and with those rights, privileges and preferences to be determined at the discretion of the Company’s Board of Directors. At this time, the Company has not designated any series of preferred stock or issued any shares of preferred stock.

Stock Option Plan

On August 17, 2011, the Company’s shareholders approved the 2011 Hinto Energy, Inc. Stock Option and Award Incentive Plan (“Plan”). The Plan provides for the grant of stock options to directors, officers, employees, consultants, and advisors of the Company. The Plan is administered by a committee consisting of members of the Board of Directors (the "Stock Option Committee"), or in its absence, the Board of Directors.

The Plan provides for a total of 2,000,000 shares of common stock to be reserved for issuance subject to options. As of the date of this Proxy Statement, the Board has not approved the grant of any options to purchase shares of common stock, nor the conditions, performance or vesting requirements.

Warrants

The Company had the following warrants outstanding at March 31, 2012:

Warrants	Term in years	Vesting in years	Exercise Price
3,000,000	3 to 5	Variable	$2.00
1,700,000	3	1	$1 and $3
2,000,000	2	Vested	$0.50

Each warrant gives the holder the right to purchase one share of the Company’s common stock at the exercise price. The 3,000,000 unvested warrants, issued in connection with consulting services, vest at various dates from May 2012 through June 2014 and expire at various dates from May 2014 through June 2016. The 1,700,000 unvested warrants, issued in connection with consulting services, vest at various dates from June 2012 through November 2012, with 1,100,000 warrants being exercisable at $1 and 600,000 being exercisable at $3. The 2,000,000 warrants currently exercisable were issued in connection with notes payable and expire at dates from May 2013 through July 2013. These 2,000,000 warrants are callable at the option of the Company in the first year from the grant dates of May through July 2011 at the exercise price under various conditions, generally if the Company completes a $4,500,000 private placement of common stock. No expense was recorded by the Company on the issuance of any of the 6,700,000 warrants, as the Company’s common stock has no trading market and no material common stock cash sales have been made, and thus none of the warrants were in the money.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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LONG TERM NOTE PAYABLE

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

LONG TERM NOTE PAYABLE

NOTE 5– LONG TERM NOTE PAYABLE

The Company placed a $500,000 secured convertible note payable with a single investor. The note has a term of 3 years, an interest rate of 10%, is convertible into the Company’s common stock at $1 per share and is secured by oil and gas leases held by South Uintah Gas Properties, Inc.

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LEGAL MATTERS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

LEGAL MATTERS

NOTE 7 – LEGAL MATTERS

In March 2012 a note holder of South Uintah Gas Properties, Inc., Bridge Industries, LLC filed a complaint against the Company in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida, alleging in general breach of contract and seeking return of all monies lent to South Uintah Gas Properties, Inc. of $400,000, the value of 1,000,000 shares of the Company’s common stock and other equity appreciation, and compensation for services and costs. The Company is evaluating the action and its response, and the outcome of the case is currently unknown.

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

The Company has evaluated it activities subsequent to the period ended March 31, 2012, through May 17, 2012 and found no reportable subsequent events.

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Statement of Shareholder's (Deficit) Equity (Unaudited) (USD $)

Common Stock

Additional Paid-In Capital

Deficit accumulated During Development Stage

Stockholders' Equity South Uintah Gas Properties, Inc.

Noncontrolling Interest

Total

Opening Balance, amount at Dec. 31, 2010 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

Opening Balance, shares at Dec. 31, 2010 0

Issuance of stock for cash, shares 2,000,000

Issuance of stock for cash, amount 2,000 145,200 147,200 63,000 210,200

Issuance of Founder Shares for services, Shares 5,500,000

Issuance of Founder Shares for services, Amount 5,500 (4,950) 550 550

Issuance of Common Stock for oil and gas leases, Shares 2,000,000

Issuance of Common Stock for oil and gas leases, Amount 2,000 (1,800) 200 200

Shares cancelled in exchange for Hinto shares held by South Unitah, Shares (300,000)

Shares cancelled in exchange for Hinto shares held by South Unitah, Amount (300) 300 0 0

Issuance of shares for consulting, Shares 175,000

Issuance of shares for consulting, Amount 175 (157) 18 18

Shareholder capital contribution 63,000 63,000 27,000 90,000

Minority interest at purchase of majority interest in subsidiary (16,797) (16,797)

Net Loss (795,873) (795,873) (31,422) (827,295)

Recapitalization, due to reverse merger, Shares 2,000,000

Recapitalization, due to reverse merger, Amount 2,000 71,203 (31,422) 41,781 (41,781) 0

Ending Balance, amount at Dec. 31, 2011 11,375 272,796 (827,295) (543,124) 0 (543,124)

Ending Balance, shares at Dec. 31, 2011 11,375,000

Issuance of stock for cash, shares 410,000

Issuance of stock for cash, amount 410 204,590 205,000 205,000

Shareholder capital contribution 0 0 0 0

Issuance of shares for services, Shares 69,000

Issuance of shares for services, Amount 69 103,431 103,500 103,500

Net Loss (237,659) (237,659) (237,659)

Conversion of notes to common stock, Shares 2,071,931

Conversion of notes to common stock, Amount 2,072 515,910 517,982 517,982

Ending Balance, amount at Mar. 31, 2012 $ 13,926 $ 1,096,727 $ (1,064,954) $ 45,699 $ 0 $ 45,699

Ending Balance, shares at Mar. 31, 2012 13,925,931

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CURRENT LIABILITIES
3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

CURRENT LIABILITIES

NOTE 4 – CURRENT LIABILITIES

The Company has $375,000 in other notes payable that it expects to be paid in the next twelve months. Of this amount, $200,000 is to be returned to a former investor. Further information regarding the $200,000 amount payable is found in Note 7.

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Statement of Shareholder's (Deficit) Equity (Unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Deficit accumulated During Development Stage	Stockholders' Equity South Uintah Gas Properties, Inc.	Noncontrolling Interest	Total
Opening Balance, amount at Dec. 31, 2010	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Opening Balance, shares at Dec. 31, 2010	0
Issuance of stock for cash, shares	2,000,000
Issuance of stock for cash, amount	2,000	145,200		147,200	63,000	210,200
Issuance of Founder Shares for services, Shares	5,500,000
Issuance of Founder Shares for services, Amount	5,500	(4,950)		550		550
Issuance of Common Stock for oil and gas leases, Shares	2,000,000
Issuance of Common Stock for oil and gas leases, Amount	2,000	(1,800)		200		200
Shares cancelled in exchange for Hinto shares held by South Unitah, Shares	(300,000)
Shares cancelled in exchange for Hinto shares held by South Unitah, Amount	(300)	300		0		0
Issuance of shares for consulting, Shares	175,000
Issuance of shares for consulting, Amount	175	(157)		18		18
Shareholder capital contribution		63,000		63,000	27,000	90,000
Minority interest at purchase of majority interest in subsidiary					(16,797)	(16,797)
Net Loss			(795,873)	(795,873)	(31,422)	(827,295)
Recapitalization, due to reverse merger, Shares	2,000,000
Recapitalization, due to reverse merger, Amount	2,000	71,203	(31,422)	41,781	(41,781)	0
Ending Balance, amount at Dec. 31, 2011	11,375	272,796	(827,295)	(543,124)	0	(543,124)
Ending Balance, shares at Dec. 31, 2011	11,375,000
Issuance of stock for cash, shares	410,000
Issuance of stock for cash, amount	410	204,590		205,000		205,000
Shareholder capital contribution		0		0	0	0
Issuance of shares for services, Shares	69,000
Issuance of shares for services, Amount	69	103,431		103,500		103,500
Net Loss			(237,659)	(237,659)		(237,659)
Conversion of notes to common stock, Shares	2,071,931
Conversion of notes to common stock, Amount	2,072	515,910		517,982		517,982
Ending Balance, amount at Mar. 31, 2012	$ 13,926	$ 1,096,727	$ (1,064,954)	$ 45,699	$ 0	$ 45,699
Ending Balance, shares at Mar. 31, 2012	13,925,931