EX-99.1 2 a4684394ex991.txt NEWS RELEASE EXHIBIT 99.1 ------------------------------------------------------------- CASE NAME: Venus Exploration, Inc ------------------------------------------------------------- CASE: 02-13109-BP-11 ACCRUAL BASIS ------------------------------------------------------------- ------------- JUDGE: Bill Parker 7/20/04 ------------------------------------------------------------- UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF TEXAS MONTHLY OPERATING REPORTS MONTH ENDING: June, 2004 Note 1 IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ Eugene L. Ames, Jr ------------------------ CEO ----- ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE Eugene L. Ames, Jr --------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE 7/20/2004 PREPARER: /s/ Terry F. Hardeman ---------------------- Chief Accounting Officer ------------------------ ORIGINAL SIGNATURE OF PREPARER TITLE Terry F. Hardeman ------------------------ PRINTED NAME OF PREPARER DATE 7/20/2004 -------------------------------------------------------------- CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-1 -------------------------------------------------------------- --------------- CASE: 02-13109-BP-11 7/20/04 --------------------------------------------------------------
=========================================================================================================== COMPARATIVE BALANCE SHEET SCHEDULE MONTH MONTH MONTH -------------------------------------------- ASSETS AMOUNT Apr., 2004 May, 2004 June, 2004 ---------------------------------------------------------------------------------------------------------- 1. UNRESTRICTED CASH $169,919.14 $3,256,071.31 $3,267,283.15 ---------------------------------------------------------------------------------------------------------- 2. RESTRICTED CASH ---------------------------------------------------------------------------------------------------------- 3. TOTAL CASH $169,919.14 $3,256,071.31 $3,267,283.15 ---------------------------------------------------------------------------------------------------------- 4. ACCOUNTS RECEIVABLE, NET $275,180.24 $188,668.42 $148,880.69 ========================================================================================================== 5. INVENTORY ---------------------------------------------------------------------------------------------------------- 6. NOTES RECEIVABLE ---------------------------------------------------------------------------------------------------------- 7. PREPAID EXPENSES Schedule 15 $190,932.18 $10,975.75 $7,400.60 ---------------------------------------------------------------------------------------------------------- 8. OTHER (ATTACH LIST) ---------------------------------------------------------------------------------------------------------- 9. TOTAL CURRENT ASSETS $636,031.56 $3,455,715.48 $3,423,564.44 ========================================================================================================== 10.PROPERTY, PLANT, & EQUIPMENT $5,723,628.67 $913.61 $913.61 ---------------------------------------------------------------------------------------------------------- 11.LESS: ACCUMULATED DEPRECIATION/DEPLETION ($4,050,315.21) ($913.61) ($913.61) ---------------------------------------------------------------------------------------------------------- 12.NET PROPERTY, PLANT & EQUIPMENT $1,673,313.46 $0.00 $0.00 ========================================================================================================== 13.DUE FROM INSIDERS $8,806.02 $8,806.02 $8,806.02 ---------------------------------------------------------------------------------------------------------- 14.OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) Schedule 1 $6,545.00 $6,545.00 $6,545.00 ---------------------------------------------------------------------------------------------------------- 15.OTHER (ATTACH LIST) ---------------------------------------------------------------------------------------------------------- 16 TOTAL ASSETS $2,324,696.04 $3,471,066.50 $3,438,915.46 ========================================================================================================== POSTPETITION LIABILITIES ---------------------------------------------------------------------------------------------------------- 17.ACCOUNTS PAYABLE $91,909.63 $13,678.75 $10,844.68 ---------------------------------------------------------------------------------------------------------- 18.TAXES PAYABLE ---------------------------------------------------------------------------------------------------------- 19.NOTES PAYABLE Note 3 $125,000.00 $125,000.00 $125,000.00 ---------------------------------------------------------------------------------------------------------- 20.PROFESSIONAL FEES ---------------------------------------------------------------------------------------------------------- 21.SECURED DEBT $2,907.55 ---------------------------------------------------------------------------------------------------------- 22.OTHER (ATTACH LIST) Accrued Payables $3,028.27 $12,988.22 $9,181.29 ---------------------------------------------------------------------------------------------------------- 23.TOTAL POSTPETITION LIABILITIES $222,845.45 $151,666.97 $145,025.97 ========================================================================================================== PREPETITION LIABILITIES ---------------------------------------------------------------------------------------------------------- 24.SECURED DEBT ---------------------------------------------------------------------------------------------------------- 25.PRIORITY DEBT ---------------------------------------------------------------------------------------------------------- 26.UNSECURED DEBT $6,017,398.52 $6,058,701.07 $6,046,199.40 ---------------------------------------------------------------------------------------------------------- 27.OTHER (ATTACH LIST) Schedule 2 $22,739.61 $21,143.50 $21,143.50 ---------------------------------------------------------------------------------------------------------- 28.TOTAL PREPETITION LIABILITIES $6,040,138.13 $6,079,844.57 $6,067,342.90 ---------------------------------------------------------------------------------------------------------- 29.TOTAL LIABILITIES $6,262,983.58 $6,231,511.54 $6,212,368.87 ---------------------------------------------------------------------------------------------------------- EQUITY ========================================================================================================== 30.PREPETITION OWNERS' EQUITY ($3,752,128.04) ($3,752,128.04) ($3,752,128.04) ---------------------------------------------------------------------------------------------------------- 31.POSTPETITION CUMULATIVE PROFIT OR (LOSS) ($62,158.89) $1,206,031.08 $1,215,849.86 ---------------------------------------------------------------------------------------------------------- 32.DIRECT CHARGES TO EQUITY (ATTACHMENT EXPLANATION) Note 2 ($124,000.61) ($214,348.08) ($237,175.23) ----------------------------------------------------------------------------------------------------------- 33.TOTAL EQUITY ($3,938,287.54) ($2,760,445.04) ($2,773,453.41) =========================================================================================================== 34.TOTAL LIABILITIES & OWNERS' EQUITY $2,324,696.04 $3,471,066.50 $3,438,915.46 ----------------------------------------------------------------------------------------------------------- $0.00 $0.00 $0.00 ===========================================================================================================
------------------------------------------------------------ CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-2 ------------------------------------------------------------ --------------- CASE: 02-13109-BP-11 7/20/04 ------------------------------------------------------------
========================================================================================================= INCOME STATEMENT --------------------------------------------------------------------------------------------------------- MONTH MONTH MONTH QUARTER -------------------------------------------------------- REVENUES Apr., 2004 May, 2004 June, 2004 TOTAL --------------------------------------------------------------------------------------------------------- 1. GROSS REVENUES Note 2 $126,898.34 $26,514.05 $153,412.39 --------------------------------------------------------------------------------------------------------- 2. LESS: RETURNS & DISCOUNTS --------------------------------------------------------------------------------------------------------- 3. NET REVENUE Schedule 13 $126,898.34 $26,514.05 $0.00 $153,412.39 ========================================================================================================= COSTS OF GOODS SOLD --------------------------------------------------------------------------------------------------------- 4. MATERIAL --------------------------------------------------------------------------------------------------------- 5. DIRECT LABOR --------------------------------------------------------------------------------------------------------- 6. DIRECT OVERHEAD --------------------------------------------------------------------------------------------------------- 7. TOTAL COST OF GOODS SOLD $0.00 $0.00 $0.00 $0.00 ========================================================================================================= 8. GROSS PROFIT $126,898.34 $26,514.05 $0.00 $153,412.39 ========================================================================================================= OPERATING EXPENSES --------------------------------------------------------------------------------------------------------- 9. OFFICER / INSIDER COMPENSATION $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 10.SELLING & MARKETING --------------------------------------------------------------------------------------------------------- 11.GENERAL & ADMINISTRATIVE Schedule 3 $40,314.25 $38,922.38 $17,188.54 $96,425.17 --------------------------------------------------------------------------------------------------------- 12.RENT & LEASE $3,749.88 $4,000.00 $7,749.88 --------------------------------------------------------------------------------------------------------- 13.OTHER (ATTACH LIST) Schedule 4 $74,868.82 $185,772.93 $1,376.54 $262,018.29 --------------------------------------------------------------------------------------------------------- 14.TOTAL OPERATING EXPENSES $118,932.95 $228,695.31 $18,565.08 $366,193.34 ========================================================================================================= 15.INCOME BEFORE NON-OPERATING INCOME & EXPENSE $7,965.39 ($202,181.26) ($18,565.08) ($212,780.95) ========================================================================================================= OTHER INCOME & EXPENSE --------------------------------------------------------------------------------------------------------- 16.NON-OPERATING INCOME (ATT. LIST)Schedule 5 $25,204.23 $1,603,163.55 $29,051.67 $1,657,419.45 --------------------------------------------------------------------------------------------------------- 17.NON-OPERATING EXPENSE (ATT. LIST) --------------------------------------------------------------------------------------------------------- 18.INTEREST EXPENSE Schedule 11 $673.81 $696.07 $667.81 $2,037.69 --------------------------------------------------------------------------------------------------------- 19.DEPRECIATION / DEPLETION $0.00 --------------------------------------------------------------------------------------------------------- 20.AMORTIZATION $0.00 --------------------------------------------------------------------------------------------------------- 21.OTHER (ATTACH LIST) Note 3 $125,000.00 $125,000.00 --------------------------------------------------------------------------------------------------------- 22.NET OTHER INCOME & EXPENSES ($24,530.42)($1,477,467.48) ($28,383.86)($1,530,381.76) ========================================================================================================= REORGANIZATION EXPENSES --------------------------------------------------------------------------------------------------------- 23.PROFESSIONAL FEES Schedule 14 $7,096.25 $7,096.25 --------------------------------------------------------------------------------------------------------- 24.U. S. TRUSTEE FEES $3,750.00 $3,750.00 --------------------------------------------------------------------------------------------------------- 25.OTHER (ATTACH LIST) Schedule 6 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 26.TOTAL REORGANIZATION EXPENSES $3,750.00 $7,096.25 $0.00 $10,846.25 ========================================================================================================= 27.INCOME TAX --------------------------------------------------------------------------------------------------------- 28.NET PROFIT (LOSS) $28,745.81 $1,268,189.97 $9,818.78 $1,306,754.56 =========================================================================================================
-------------------------------------------------------------- CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-3 -------------------------------------------------------------- --------------- CASE: 02-13109-BP-11 7/20/04 --------------------------------------------------------------
======================================================================================================== CASH RECEIPTS AND MONTH MONTH MONTH QUARTER -------------------------------------------------------- DISBURSEMENTS Apr., 2004 May, 2004 June, 2004 TOTAL --------------------------------------------------------------------------------------------------------- 1. CASH - BEGINNING OF MONTH $171,189.45 $169,919.14 $3,256,071.31 $171,189.45 ========================================================================================================= RECEIPTS FROM OPERATIONS ========================================================================================================= 2. CASH SALES $86,792.75 $5,918.57 $92,711.32 ========================================================================================================= COLLECTIONS OF ACCOUNTS RECEIVABLE ========================================================================================================= 3. PREPETITON $0.00 --------------------------------------------------------------------------------------------------------- 4. POSTPETITION $3,286.37 $680.56 $3,966.93 --------------------------------------------------------------------------------------------------------- 5. TOTAL OPERATING RECEIPTS $90,079.12 $6,599.13 $0.00 $96,678.25 ========================================================================================================= NON-OPERATING RECEIPTS --------------------------------------------------------------------------------------------------------- 6. LOANS & ADVANCES (ATTACH LIST) --------------------------------------------------------------------------------------------------------- 7. SALE OF ASSETS $3,229,400.00 $3,229,400.00 --------------------------------------------------------------------------------------------------------- 8. OTHER (ATTACH LIST) Schedule 7 $25,454.35 $3,250.58 $34,615.72 $63,320.65 --------------------------------------------------------------------------------------------------------- 9. TOTAL NON-OPERATING RECEIPTS $25,454.35 $3,232,650.58 $34,615.72 $3,292,720.65 --------------------------------------------------------------------------------------------------------- 10.TOTAL RECEIPTS $115,533.47 $3,239,249.71 $34,615.72 $3,389,398.90 --------------------------------------------------------------------------------------------------------- 11.TOTAL CASH AVAILABLE $286,722.92 $3,409,168.85 $3,290,687.03 $3,560,588.35 ========================================================================================================= OPERATING DISBURSEMENTS --------------------------------------------------------------------------------------------------------- 12.NET PAYROLL $2,886.33 $24,222.69 $27,109.02 --------------------------------------------------------------------------------------------------------- 13.PAYROLL TAXES PAID $1,047.74 $14,206.71 $15,254.45 --------------------------------------------------------------------------------------------------------- 14.SALES, USE & OTHER TAXES PAID --------------------------------------------------------------------------------------------------------- 15.SECURED / RENTAL / LEASES --------------------------------------------------------------------------------------------------------- 16 UTILITIES --------------------------------------------------------------------------------------------------------- 17.INSURANCE --------------------------------------------------------------------------------------------------------- 18.INVENTORY PURCHASES --------------------------------------------------------------------------------------------------------- 19.VEHICLE EXPENSES --------------------------------------------------------------------------------------------------------- 20.TRAVEL --------------------------------------------------------------------------------------------------------- 21.ENTERTAINMENT --------------------------------------------------------------------------------------------------------- 22.REPAIRS & MAINTENANCE --------------------------------------------------------------------------------------------------------- 23.SUPPLIES --------------------------------------------------------------------------------------------------------- 24.ADVERTISING --------------------------------------------------------------------------------------------------------- 25.OTHER (ATTACH LIST) Schedule 8 $112,869.71 $114,668.14 $23,403.88 $250,941.73 --------------------------------------------------------------------------------------------------------- 26.TOTAL OPERATING DISBURSEMENTS $116,803.78 $153,097.54 $23,403.88 $293,305.20 ========================================================================================================= REORGANIZATION EXPENSES --------------------------------------------------------------------------------------------------------- 27.PROFESSIONAL FEES --------------------------------------------------------------------------------------------------------- 28.U.S. TRUSTEE FEES --------------------------------------------------------------------------------------------------------- 29.OTHER (ATTACH LIST) --------------------------------------------------------------------------------------------------------- 30.TOTAL REORGANIZATION EXPENSES ========================================================================================================= 31.TOTAL DISBURSEMENTS $116,803.78 $153,097.54 $23,403.88 $293,305.20 ========================================================================================================= 32.NET CASH FLOW ($1,270.31)$3,086,152.17 $11,211.84 $3,096,093.70 ========================================================================================================= 33.CASH - END OF MONTH Schedule 12 $169,919.14 $3,256,071.31 $3,267,283.15 $3,267,283.15 =========================================================================================================
-------------------------------------------------------------- CASE NAME: Venus Exploration, Inc ACCRUAL BASIS - 4 -------------------------------------------------------------- ----------------- CASE: 02-13109-BP-11 7/20/04 --------------------------------------------------------------
--------------------------------------------------------------------------------------------------------- SCHEDULE MONTH MONTH MONTH ------------------------------------------- ACCOUNTS RECEIVABLE AGING AMOUNT Apr., 2004 May, 2004 June, 2004 --------------------------------------------------------------------------------------------------------- 1. 0 - 30 $119,450.06 $25,052.57 $55.84 --------------------------------------------------------------------------------------------------------- 2. 31 - 60 $2,682.40 $8,490.75 ($90.64) --------------------------------------------------------------------------------------------------------- 3. 61 - 90 $7,148.04 $2,473.67 $8,490.75 --------------------------------------------------------------------------------------------------------- 4. 91 + $217,522.45 $224,274.14 $212,047.45 --------------------------------------------------------------------------------------------------------- 5. TOTAL ACCOUNTS RECEIVABLE $346,802.95 $260,291.13 $220,503.40 --------------------------------------------------------------------------------------------------------- 6. AMOUNT CONSIDERED UNCOLLECTABLE $71,622.71 $71,622.71 $71,622.71 --------------------------------------------------------------------------------------------------------- 7. ACCOUNTS RECEIVABLE, NET $275,180.24 $188,668.42 $148,880.69 --------------------------------------------------------------------------------------------------------- MONTH: June, 2004 ----------------------------- AGING OF POSTPETITON TAXES AND PAYABLES --------------------------------------------------------------------------------------------------------- TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 + DAYS TOTAL --------------------------------------------------------------------------------------------------------- 1. FEDERAL $0.00 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 2. STATE $0.00 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 3. LOCAL $0.00 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 4. OTHER (ATTACH LIST) $0.00 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 5. TOTAL TAXES PAYABLE $0.00 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- ----------------------------------- -------------------------------------------------------- 6. ACCOUNTS PAYABLE $0.00 ----------------------------------- -------------------------------------------------------- MONTH: June, 2004 ----------------------------- STATUS OF POSTPETITION TAXES -------------------------------------------------------------------------------------------------------- AMOUNT WITHHELD ENDING TAX FEDERAL BEGINNING TAX AND OR ACCRUED AMOUNT PAID LIABILITY -------------------------------------------------------------------------------------------------------- 1. WITHHOLDING** $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 2. FICA - EMPLOYEE** $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 3. FICA - EMPLOYER** $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 4. UNEMPLOYMENT $0.00 $0.00 ------------------------------------------------- ------------------------------------------- 5. INCOME $0.00 $0.00 $0.00 $0.00 ------------------------------------------------- ------------------------------------------- 6. OTHER (ATTACH LIST) $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 7. TOTAL FEDERAL TAXES $0.00 $0.00 $0.00 $0.00 ========================================================================================================= STATE AND LOCAL ========================================================================================================= 8. WITHHOLDING 0 $0.00 $0.00 $0.00 -------------------------------------------------------------- -------------- 9. SALES 0 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 10.EXCISE 0 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------- 11.UNEMPLOYMENT 0 $0.00 -------------------------------------------------------------- -------------- 12.REAL PROPERTY 0 $0.00 $0.00 $0.00 -------------------------------------------------------------- -------------- 13.PERSONAL PROPERTY 0 $0.00 $0.00 $0.00 -------------------------------------------------------------- -------------- 14.OTHER (ATTACH LIST) 0 $0.00 $0.00 $0.00 ============================================================== -------------- 15.TOTAL STATE & LOCAL $0.00 $0.00 $0.00 $0.00 ============================================================== 16.TOTAL TAXES $0.00 $0.00 $0.00 $0.00 ============================================================== -------------- * The beginning tax liability should represent the liability from the prior month or, if this is the first operating report this amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment deposit. Schedule 9
---------------------------------------------------------- CASE NAME: Venus Exploration, Inc ACCRUAL BASIS - 5 ---------------------------------------------------------- ----------------- CASE: 02-13109-BP-11 7/20/04 ---------------------------------------------------------- The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach addition sheets if necessary.
------------------------------------------------- MONTH: June, 2004 ----------------------------- BANK RECONCILIATIONS Account #1 Account #2 Account #3 ========================================================================================================= A. BANK Frost Frost Frost ========================================================================================================= B ACCOUNT NUMBER 01 0445703 01 0445606 01 0445681 TOTAL ========================================================================================================= C PURPOSE (TYPE): Regular Payroll Rental ========================================================================================================= 1. BALANCE PER BANK STATEMENT 3,273,653.11 653.70 1,138.38 $3,275,445.19 --------------------------------------------------------------------------------------------------------- 2. ADD: TOTAL DEPOSITS NOT CREDITED (1,395.70) ($1,395.70) --------------------------------------------------------------------------------------------------------- 3. SUBTRACT: OUTSTANDING CHECKS (6,067.85) (848.49) ($6,916.34) --------------------------------------------------------------------------------------------------------- 4. OTHER RECONCILING ITEMS $0.00 --------------------------------------------------------------------------------------------------------- 5. MONTH END BALANCE PER ITEMS $3,266,189.56 $653.70 $289.89 $3,267,133.15 --------------------------------------------------------------------------------------------------------- 6. NUMBER OF LAST CHECK WRITTEN 9206 105 1194 --------------------------------------------------------------------------------------------------------- ------------------------------------------------- INVESTMENT ACCOUNTS Account #1 Account #2 Account #3 ========================================================================================================= TYPE OF PURCHASE CURRENT BANK , ACCOUNT NAME & NUMBER DATE OF PURCHASE INSTRUMENT PRICE VALUE ========================================================================================================= 7. ACCOUNT NUMBER --------------------------------------------------------------------------------------------------------- 8. PURPOSE (TYPE): --------------------------------------------------------------------------------------------------------- 9. BALANCE PER BANK STATEMENT --------------------------------------------------------------------------------------------------------- 10.ADD: TOTAL DEPOSITS NOT CREDITED --------------------------------------------------------------------------------------------------------- 11.TOTAL INVESTMENTS --------------------------------------------------------------------------------------------------------- ------------------------------------------------- CASH ========================================================================================================= 12.CURRENCY ON HAND $150.00 --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- 13.TOTAL CASH - END OF MONTH $3,267,283.15 --------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------
------------------------------------------------------------- CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-6 ------------------------------------------------------------- ---------------- CASE NUMBER: 02-13109-BP-11 7/20/04 ------------------------------------------------------------- MONTH: June, 2004 ------------------------- -------------------------------------------------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS -------------------------------------------------------------- OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY. ---------------------------------------------------------------------------- INSIDERS ---------------------------------------------------------------------------- TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE 1. Ames Energy Company Schedule 10 $3,638 ---------------------------------------------------------------------------- 2. John Y Ames Schedule 10 $1,350 $165,700 ---------------------------------------------------------------------------- 3. Terry Hardeman Schedule 10 $5,400 $100,856 ---------------------------------------------------------------------------- 4. E L Ames, Jr Schedule 10 $791 $22,307 ---------------------------------------------------------------------------- 5. ---------------------------------------------------------------------------- 6. TOTAL PAYMENTS TO INSIDERS $7,541 $292,501 ----------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------- PROFESSIONALS --------------------------------------------------------------------------------------------------------- DATE OF COURT ORDER TOTAL AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID* --------------------------------------------------------------------------------------------------------- 1. Ed Birkelo 4/22/2003 $43,850 --------------------------------------------------------------------------------------------------------- 2. Larry Bennett 4/22/2003 $29,700 --------------------------------------------------------------------------------------------------------- 3. Gloria Barrett 4/22/2003 $2,892 $57,590 --------------------------------------------------------------------------------------------------------- 4. Alan Bailey 4/22/2003 $10,615 --------------------------------------------------------------------------------------------------------- 5. Bonnie Weise 4/22/2003 $17,080 --------------------------------------------------------------------------------------------------------- 6. Tom Ewing 4/22/2003 $17,080 --------------------------------------------------------------------------------------------------------- 6. TOTAL PAYMENTS TO PROFESSIONALS $2,892 $175,915 $0 ---------------------------------------------------------------------------------------------------------
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
------------------------------------------------------------------------------------------- POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS ------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------- NAME OF CREDITOR SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID DUE MONTH POSTPETITION ------------------------------------------------------------------------------------------- 1. GMAC $791 $791 $0 ------------------------------------------------------------------------------------------- 2. $0 ------------------------------------------------------------------------------------------- 3. $0 ------------------------------------------------------------------------------------------- 4. $0 ------------------------------------------------------------------------------------------- 5. $0 ------------------------------------------------------------------------------------------- 6. TOTAL $791 $791 $0 -------------------------------------------------------------------------------------------
---------------------------------------------------------- CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-7 ---------------------------------------------------------- ---------------- CASE NUMBER: 02-13109-BP-11 7/20/04 ---------------------------------------------------------- MONTH: June, 2004 -------------- QUESTIONNAIRE
--------------------------------------------------------------------------------------------------------- YES No --------------------------------------------------------------------------------------------------------- 1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X --------------------------------------------------------------------------------------------------------- 2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X --------------------------------------------------------------------------------------------------------- 3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? X --------------------------------------------------------------------------------------------------------- 4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? --------------------------------------------------------------------------------------------------------- 5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? Note 3 X --------------------------------------------------------------------------------------------------------- 6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X --------------------------------------------------------------------------------------------------------- 7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X --------------------------------------------------------------------------------------------------------- 8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X --------------------------------------------------------------------------------------------------------- 9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X --------------------------------------------------------------------------------------------------------- 10.ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X --------------------------------------------------------------------------------------------------------- 11.HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X --------------------------------------------------------------------------------------------------------- 12.ARE ANY WAGE PAYMENTS PAST DUE? X --------------------------------------------------------------------------------------------------------- IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
------------------------------------------------- INSURANCE ================================================================================ YES -------------------------------------------------------------------------------- 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X -------------------------------------------------------------------------------- 2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X -------------------------------------------------------------------------------- 3. PLEASE ITEMIZE POLICIES BELOW. -------------------------------------------------------------------------------- IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
--------------------------------------------------------------------------------------------------------- INSTALLMENT PAYMENTS --------------------------------------------------------------------------------------------------------- TYPE OF PAYMENT AMT POLICY CARRIER PERIOD COVERED & FREQUENCY ------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------- Crime Policy Hartford Causality 7/1/03 - 6/30/06 Paid up ------------------------------------------------------------------------------------------------------ Auto Progressive 1/4/04 - 9/30/04 Paid up ------------------------------------------------------------------------------------------------------ Commercial Fire Central Insurance Co 10/1/03 - 9/30/04 Paid Up ------------------------------------------------------------------------------------------------------ General Liability St Paul Surplus Line Ins Co8/1/03 - 7/31/04 Paid Up ------------------------------------------------------------------------------------------------------
Note 1 ------ An involuntary petition of bankruptcy was filed against Venus Exploration, Inc on October 9, 2002 and Venus' response to such petition was filed October 31, 2002. Venus subsequently filed a "Notice of Consent to Entry of Order of Relief" on February 26, 2003. On February 27, 2003 the Court entered an order for relief under Chapter 11 of the Bankruptcy Code. Note 2 ------ Venus maintains it books and accounting records on the accrual method of accounting, and accordingly recognizes income in the month oil and gas is produced. The income is not reported to Venus and payment is not received for approximately two months after production. We therefore accrue an estimated amount of income based on historical production. Also, all expense amounts for well operations are not available at the time this report is due, and certain estimates are made for these expenses as well. The difference between the year to date accrual for the MOR and the year to date actual is an adjustment to retained earnings. Note 3 ------ In accordance with an Order Granting Venus Exploration Inc.'s Motion to Obtain Unsecured Credit Allowable as an Administration Expense Pursuant to 11 USC 364(b), Venus obtained a loan of $125,000 to purchase Directors' and Officers' insurance for the period May 21, 2003 until May 21, 2004. When the policy expired May 21, 2004 an expense for the cost of the policy was recognized. The Note Payable is shown on Line 19 of the Balance Sheet, and accrued interest payable is included on Line 22. Accrued interest expense is included on Line 18 of the Income Statement. Payment of principal and interest on the note is subject to subordination in accordance with the above referenced Order. Note 4 ------ On February 9, 2004, the Company signed a Purchase and Sale Agreement to sell substantially all of its assets. On February 27, 2004, the Court ordered that the Company is authorized to seek approval of the sale as contemplated by the Purchase and Sale Agreement. The Court also ordered that Venus was authorized to receive alternative bids. On March 24, 2004, an auction was held, and a winning bid was accepted. The closing of the sale was May 7, 2004, and the Company received $3,229,400 in cash and a net profits interest in certain assets that were sold. Schedule 1 - Other Assets ------------------------- Utility Deposit 6,545.00 -------------- 6,545.00 -------------- Schedule 2 - Other Prepetition Liabilities ------------------------------------------ Rent Deposit 20,477.92 Deferred Federal Income Tax 1,475.00 Obligations Under Capital Lease (809.42) -------------- 21,143.50 -------------- Schedule 3 - General and Administrative Expenses ------------------------------------------------ Salaries - Payroll taxes Misc. employee expense 751.00 Auto expense 1,174.19 Supplies 514.34 Bank fees 54.61 Legal & accounting serv. 6,032.16 Consultants 4,116.19 Rent Travel & entertainment 2,553.63 Insurance 554.95 General Taxes Telephone 345.66 Postage 205.56 Professional Seminars Dues, subs & pubs 395.00 Bankruptcy Expense Other G&A 1,217.88 Corporate expenses 1,144.00 Overhead/Fees (1,870.63) -------------- Total 17,188.54 Less Amount reported on line 12 - Rent Less Amount reported on line 24 & 25 Reorganization Expenses -------------- Amount reported on line 11 17,188.54 ============== Schedule 4 - Other Operating Expenses ------------------------------------- Lease Operating Expense 146.85 Pluging Expense 714.69 Geological and Geophysical - Overhead 515.00 -------------- 1,376.54 ============== Schedule 5 - Non-Operating Income --------------------------------- Misc Income-State Tax Refund 27,254.00 Misc Income-Other -33.84 Interest income 1,831.51 -------------- 29,051.67 ============== Schedule 6 - Other Reorganization Expenses ------------------------------------------ 0.00 0.00 -------------- 0.00 ============== Schedule 7 - Other Non-Operating Receipts ----------------------------------------- Overhead collections 2,644.16 State Tax Refund 27,254.00 Interest Income 1,831.51 Revenue Received to be Paid to Others 2,823.05 Misc. Income 63.00 -------------- 34,615.72 ============== Schedule 8 - Other Operating Disbursements ------------------------------------------ As stated in Note 2, Venus maintains its books and records on the accrual method of accounting. As such, each expense is charged to its proper account as it is incurred, and payment is made when such payment is due. The amount shown on Line 25 is the total amount paid during June. Schedule 9 - Note Re: Payroll Tax Payments ------------------------------------------ Payroll taxes are paid by payroll preparation company, ADP. Schedule 10 - Payments to Insiders ---------------------------------- Current Month ------------- Fee Health Ins Auto Total --- ---------- ---- ----- Ames Energy 0.00 John Ames 1,350.00 1,350.00 Terry Hardeman 5,400.00 5,400.00 E L Ames, Jr 791.03 791.03 ----------------------------------------------------- 6,750.00 0.00 791.03 7,541.03 ----------------------------------------------------- Total to Date ------------- Ames Energy 3,637.50 3,637.50 John Ames 135,291.70 16,156.95 14,251.30 165,699.95 Terry Hardeman 100,856.44 100,856.44 E L Ames, Jr 6,992.55 15,314.18 22,306.73 ----------------------------------------------------- 239,785.64 23,149.50 29,565.48 292,500.62 ----------------------------------------------------- Schedule 11 - Interest Expense ------------------------------ D&O Insurance Loan - Note 3 667.81 Other ------------ 667.81 ------------ Schedule 12 - Cash Receipts and Disbursements --------------------------------------------- The cash increased 11,211.84 in June. Schedule 13 - Revenue --------------------- No revenue was received during June. Schedule 14 - Professional Fees ------------------------------- The Court has approved the following professional fees. The expense for these amounts was previously shown on line 23 of the Monthly Operating Report in November, 2003, March, 2004, and May, 2004. Pressler Petroleum Consultants, Inc 13,443.58 Leonard Pipkin 26,536.86 Plunket and Gibson 42,493.96 Cotham, Harwell, and Evans 70,044.21 Hite McNichol & Associates 70,874.60 Jason R. Searcy, P.C. 63,845.30 Frost Bank 97,741.74 -------------- 384,980.25 ============== Schedule 15 - Prepaid Expenses ------------------------------ Prepaid General Insurance 6,302.60 Prepaid Maintenance 1,098.00 -------------- 7,400.60 ==============