exhibit99-1.htm

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month.

Submit copy of report to any official committee appointed in the case.

REQUIRED DOCUMENTS	Form No.	Document Attached		Explanation Attached	Affidavit/ Supplement Attached
Schedule of Cash Receipts and Disbursements	MOR-1		X
Bank Reconciliation (or copies of debtor's bank reconciliations)	MOR-1a		X
Schedule of Professional Fees Paid	MOR-1b		X
Copies of bank statements
Cash disbursements journals
Statement of Operations	MOR-2		X
Balance Sheet	MOR-3		X
Status of Postpetition Taxes	MOR-4		X
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts	MOR-4		X
Listing of aged accounts payable	MOR-4		X
Accounts Receivable Reconciliation and Aging	MOR-5		X
Debtor Questionnaire	MOR-5		X

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.


Signature of Debtor		Date



Signature of Joint Debtor		Date


/s/ A. Bradley Gabbard		1/27/2010
Signature of Authorized Individual*		Date


A. Bradley Gabbard		VP – Special Projects
Printed Name of Authorized Individual		Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

MOR-1

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH – ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]

	BANK ACCOUNTS				CURRENT MONTH		CUMULATIVE FILING TO DATE
	OPER.	PAYROLL	TAX	OTHER	ACTUAL	PROJECTED	ACTUAL	PROJECTED
CASH BEGINNING OF MONTH

RECEIPTS
CASH SALES
ACCOUNTS RECEIVABLE
LOANS AND ADVANCES
SALE OF ASSETS
OTHER (ATTACH LIST)
TRANSFERS (FROM DIP ACCTS)

TOTAL RECEIPTS

DISBURSEMENTS
NET PAYROLL
PAYROLL TAXES
SALES, USE, & OTHER TAXES
INVENTORY PURCHASES					(SEE ATTACHMENT)
SECURED/ RENTAL/ LEASES
INSURANCE
ADMINISTRATIVE
SELLING
OTHER (ATTACH LIST)

OWNER DRAW *
TRANSFERS (TO DIP ACCTS)

PROFESSIONAL FEES
U.S. TRUSTEE QUARTERLY FEES
COURT COSTS
TOTAL DISBURSEMENTS

NET CASH FLOW
(RECEIPTS LESS DISBURSEMENTS)

CASH - END OF MONTH

* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE

THE FOLLOWING SECTION MUST BE COMPLETED (SEE ATTACHMENT)

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS		$
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS		$
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)		$
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES		$

MOR-1: Schedule A-1

PNG Ventures, Inc. (Consolidated)

Projected Cash Flow--Chapter 11 Operations

January 27, 2010

	September '09			October '09			Nov '09			Dec '09			Inception to			September '09			October '09			Nov '09			Dec '09			Inception to
Cash Flow Projection:	Projected			Projected			Projected			Projected			Date Budget			Actual			Actual			Actual			Actual			Date Actual

Revenues:
Revenue Receivable Collections		1,319,865			1,249,865			1,438,530			1,586,800			5,595,060			1,253,577			1,300,867			1,516,957			1,550,620			5,622,021
Other		-			-			-			-			-			-			-			-			-			-
Net Proceeds--Greenfield Facility		(59,500	)		160,366			126,029			72,307			299,202			69,017			(270,385	)		(119,216	)		459,566			138,982
Total Cash Collections		1,260,365			1,410,231			1,564,559			1,659,107			5,894,262			1,322,594			1,030,482			1,397,741			2,010,186			5,761,003

Cost of Sales:
Natural Gas Purchases		528,030			718,876			753,835			855,486			2,856,227			645,000			697,408			688,044			1,088,988			3,119,440
Freight/Transportation		228,500			228,500			239,700			260,500			957,200			160,514			313,448			265,788			304,374			1,044,124
Other		17,000			17,000			17,000			17,000			68,000			-			-			-			-			-
Total Cost of Sales		773,530			964,376			1,010,535			1,132,986			3,881,427			805,514			1,010,856			953,832			1,393,362			4,163,564
Gross Margin Collected		486,835			445,855			554,024			526,121			2,012,835			517,080			19,626			443,909			616,824			1,597,439

Operating Expenses:
Payroll and other Compensation		185,000			175,000			175,000			175,000			710,000			165,008			181,496			177,693			277,368			801,565
All Other Operating Expenses		226,317			226,317			241,317			226,317			920,268			274,758			230,318			202,554			277,401			985,031
		411,317			401,317			416,317			401,317			1,630,268			439,766			411,814			380,247			554,769			1,786,596

Cash Flow From Operations		75,518			44,538			137,707			124,804			382,567			77,314			(392,188	)		63,662			62,055			(189,157	)

Debt Service Expense:
Greenfield Interest Factor		(16,641	)		(17,818	)		(21,160	)		(23,473	)		(79,092	)		(22,940	)		(17,843	)		(13,930	)		(20,457	)		(75,170	)
Other Greenfield Administration		(3,335	)		(3,333	)		(3,333	)		-			(10,001	)		-			-			-			(12,000	)		(12,000	)
Total Debt Service Expense		(19,976	)		(21,151	)		(24,493	)		(23,473	)		(89,093	)		(22,940	)		(17,843	)		(13,930	)		(32,457	)		(87,170	)

Chapter 11 Expenses:
El Paso (Critical Vendor Payment)		(25,000	)		(25,000	)		(25,000	)		(25,000	)		(100,000	)		-			(50,000	)		(25,000	)		(25,000	)		(100,000	)
Debtors' Counsel (Fox Rothschild) Fees/Costs		-			(75,000	)		(75,000	)		(75,000	)		(225,000	)		-			-			-			-			-
Debtors' Financial Advisor (NHB) Fees/Costs		-			(20,000	)		(30,000	)		-			(50,000	)		-			-			-			(21,109	)		(21,109	)
US Trustee Fees		-			(1,500	)		-			(6,500	)		(8,000	)		-			(6,500	)		-			-			(6,500	)
Creditors Committee Professional Fees/Costs		-			-			(50,000	)		(50,000	)		(100,000	)		-			-			-			-			-
Noticing Claims/agent's fees/notices		-			(19,500	)		(7,500	)		(7,500	)		(34,500	)		-			(11,625	)		-			(7,218	)		(18,843	)
DIP Financing Legal Fees		-			(30,000	)		(10,000	)		-			(40,000	)		-			(12,440	)		(19,995	)		(14,462	)		(46,897	)
Other Expenses		-			-			-			-			-			-			-			-			-			-
Total Chapter 11 Expenses		(25,000	)		(171,000	)		(197,500	)		(164,000	)		(557,500	)		-			(80,565	)		(44,995	)		(67,789	)		(193,349	)

Other Cash Flow Items:
Capital Expenses/Changes in WC, Other		204,197			-			-			(50,000	)		154,197			51,679			122,915			49,259			4,575			228,428
Total Other		204,197			-			-			(50,000	)		154,197			51,679			122,915			49,259			4,575			228,428

Net Cash Flow		234,739			(147,613	)		(84,286	)		(112,669	)		(109,829	)		106,053			(367,681	)		53,996			(33,616	)		(241,248	)

Cash Balance at End of Period		499,182			351,569			267,283			154,614			154,614			581,391			213,710			267,706			234,090			234,090

MOR-1: Schedule A-2

Page 2

Projected Cash Flow--Chapter 11 Operations

January 27, 2009

	September '09			October '09			Nov '09			Dec '09
	Actual			Actual			Actual			Actual
Accounts Receivables Analysis:
Balance at Beginning of Period		998,877			1,118,738			1,355,652			1,182,671
Collections		(1,148,599	)		(1,154,789	)		(1,423,141	)		(1,285,182	)
Billings		1,268,460			1,391,703			1,250,160			1,611,807
Balance at End of Period		1,118,738			1,355,652			1,182,671			1,509,296
Greenfield debt as % of Receivables		60.00	%		29.57	%		23.81	%		49.11	%

Greenfield Debt Schedule
Balance at Beginning of Period		579,280			671,237			400,851			281,635
Advances		1,168,853			854,121			1,270,000			1,697,829
Interest and Account Fees		22,940			17,843			13,930			32,457
Legal Fees (admin expense)		-			12,440			19,995			14,462
Repayments		(1,099,836	)		(1,154,789	)		(1,423,141	)		(1,285,182	)
Balance at End of Period		671,237			400,852			281,635			741,201

	4th Qtr			October '09			Nov '09			Dec '09			4th Qtr
Analysis of Total Expenditures by Debtor:	Fees			Actual			Actual			Actual			Actual
PNG Ventures, Inc.		325			-			-			-			-
Applied LNG		10,400			1,502,443			1,384,390			2,026,063			4,912,896
Fleet star, Inc.		650			13,348			4,840			5,441			23,629
Arizona LNG		650			5,287			3,774			16,873			25,934
Earth Leasing		325			-			-			-			-
New Earth LNG		325			-			-			-			-
Total Expenditures		12,675			1,521,078			1,393,004			2,048,377			4,962,459

Total Expenditures Check Total					1,521,078			1,393,004			2,048,377			4,962,459

MOR-1a

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.

Operating

Payroll

Tax

Other

BALANCE PER BOOKS

BANK BALANCE

(+) DEPOSITS IN TRANSIT (ATTACH LIST)

(-) OUTSTANDING CHECKS (ATTACH LIST)

OTHER (ATTACH EXPLANATION)

(See Attachments)

ADJUSTED BANK BALANCE *

* Adjusted bank balance must equal balance per books

DEPOSITS IN TRANSIT

Date

Amount

Date

Amount

Date

Amount

Date

Amount

CHECKS OUTSTANDING

Ck. #

Amount

Ch. #

Amount

Ck. #

Amount

Ck. #

Amount

OTHER

MOR-1b

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.

Check

Amount Paid

Year-To-Date

Payee

Period Covered

Amount Approved

Payor

Number

Date

Fees

Expenses

Fees

Expenses

Logan & Company

9-Dec

7218.3

Applied LNG

2105

7218.3

18843

Nachman Hayes Brownstein

9-Dec

21109.13

Applied LNG

2186

21109.13

21109

Greenfield Commercial Credit

9-Dec

14462.4

Applied LNG

(paid via loan acct)

14462.4

46898

MOR-2

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

STATEMENT OF OPERATIONS

(Income Statement)

The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

REVENUES	Month	Cumulative Filing to Date
Gross Revenues	$	$
Less: Returns and Allowances
Net Revenue	$	$
COST OF GOODS SOLD
Beginning Inventory
Add: Purchases
Add: Cost of Labor
Add: Other Costs (attach schedule)
Less: Ending Inventory
Cost of Goods Sold
Gross Profit
OPERATING EXPENSES
Advertising
Auto and Truck Expense
Bad Debts
Contributions	(SEE ATTACHMENTS)
Employee Benefits Programs
Insider Compensation*
Insurance
Management Fees/Bonuses
Office Expense
Pension & Profit-Sharing Plans
Repairs and Maintenance
Rent and Lease Expense
Salaries/Commissions/Fees
Supplies
Taxes - Payroll
Taxes - Real Estate
Taxes - Other
Travel and Entertainment
Utilities
Other (attach schedule)
Total Operating Expenses Before Depreciation
Depreciation/Depletion/Amortization
Net Profit (Loss) Before Other Income & Expenses

OTHER INCOME AND EXPENSES
Other Income (attach schedule)
Interest Expense
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items
REORGANIZATION ITEMS
Professional Fees
U. S. Trustee Quarterly Fees
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
Gain (Loss) from Sale of Equipment
Other Reorganization Expenses (attach schedule)
Total Reorganization Expenses
Income Taxes
Net Profit (Loss)	$	$

* “Insider” is defined in 11 U.S.C. Section 101(31).

MOR-2: Schedule A

PNG Ventures Inc
Income Statement
Confidential - Unaudited
DECEMBER 31, 2009
	APPLIED LNG TECHNOLOGIES DEC09			New Earth LNG DEC09			Earth LEASING		FLEET STAR DEC09			ARIZONA LNG DEC09			ELIMINATION			CONSOLIDATION
Revenue
601010 - Rev - Fuel Sales - B100(Nonblend)	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601020 - Rev - Fuel Sales - Diesel	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601030 - Rev - Fuel Sales - Ethanol	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601040 - Rev - Fuel Sales - Other	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601070 - Rev - Misc. Income	$	400.00		$	-		$	-	$	-		$	-		$	-		$	400.00
601080 - Rev - Freight Income	$	248,050.77		$	-		$	-	$	-		$	-		$	-		$	248,050.77
601160 - Rev - LNG Fuel	$	1,447,876.52		$	-		$	-	$	39,942.71		$	577,872.41		$	(577,872.41	)	$	1,487,819.23
601180 - Equity Earnings	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601190 - Rev -Leased Equipment	$	18,650.00		$	-		$	-	$	-		$	-		$	-		$	18,650.00
601210 - Rev - Maintenance & Service Revenue	$	14,000.00		$	-		$	-	$	-		$	10,000.00		$	(10,000.00	)	$	14,000.00
601220 - Alt Fuel Eq Lease - Storage	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601230 - Alt Fuel Eq Lease - Fuel Disp	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601240 - Rev - MORT	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601250 - Rev - FET Credit	$	-		$	-		$	-	$	53,651.09		$	-		$	-		$	53,651.09
601260 - Rev - Trip/Hourly Charge	$	-		$	-		$	-	$	-		$	-		$	-		$	-
601270 - Rev - CNG Sales	$	-		$	-		$	-	$	91,250.16		$	-		$	-		$	91,250.16
Total Revenue	$	1,728,977.29		$	-		$	-	$	184,843.96		$	587,872.41		$	(587,872.41	)	$	1,913,821.25

Cost of Goods Sold
701010 - COS - Fuel -B100	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701050 - COS - Store Exp	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701060 - COS- Chemicals	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701160 - COS - Misc expense	$	10,000.00		$	-		$	-	$	-		$	-		$	(10,000.00	)	$	-
701170 - COS - Fuel	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701200 - COS - Freight Exp	$	307,125.25		$	-		$	-	$	-		$	-		$	-		$	307,125.25
701240 - COS - LNG	$	587,271.10		$	-		$	-	$	110,702.35		$	-		$	(577,872.41	)	$	120,101.04
701250 - COS - LNG Prod Loss	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701290 - COS - Leased Equip	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701350 - COS - CNG Purchases	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701360 - COS - Gas Hedge	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701370 - COS - Feedstock Gas Imbalance	$	-		$	-		$	-	$	-		$	29,790.39		$	-		$	29,790.39
701380 - COS - Inventory Adjustment	$	-		$	-		$	-	$	-		$	(2,189.94	)	$	-		$	(2,189.94	)
701390 - COS - Feed Gas - Fees	$	-		$	-		$	-	$	-		$	21.10		$	-		$	21.10
701400 - COS - Feed Gas - Commodity	$	-		$	-		$	-	$	-		$	1,001,727.12		$	-		$	1,001,727.12
701410 - COS - Plant OH	$	-		$	-		$	-	$	-		$	-		$	-		$	-
701420 - COS - Feed Gas - Transport	$	-		$	-		$	-	$	-		$	11,085.67		$	-		$	11,085.67
Total Cost of Goods Sold	$	904,396.35		$	-		$	-	$	110,702.35		$	1,040,434.34		$	(587,872.41	)

Gross Profit	$	824,580.94		$	-		$	-	$	74,141.61		$	(452,561.93	)

General and Administrative Expense

Employee Compensation
Payroll
801010 - Pyrll Exp - Salaries - Office	$	62,017.40		$	85,749.91		$	-	$	-		$	50,430.29		$	-		$	198,197.60
801130 - Pyrll Exp - Misc Pyrll	$	677.77		$	312.95		$	-	$	-		$	332.62		$	-		$	1,323.34
801140 - Pyrll Directors Compensation	$	-		$	-		$	-	$	-		$	-		$	-		$	-
									$	-
Total Payroll	$	62,695.17		$	86,062.86		$	-	$	-		$	50,762.91		$	-		$	199,520.94

Payroll Taxes
801080 - Pyrll Exp - Fed Taxes Soc Sec	$	10,441.46		$	9,585.20		$	-	$	-		$	9,099.38		$	-		$	29,126.04
801090 - Pyrll Exp - Fed Taxes - Medcre	$	2,514.78		$	3,555.36		$	-	$	-		$	2,128.12		$	-		$	8,198.26
801100 - Pyrll Exp - Fed Taxes - Unemp	$	243.91		$	-		$	-	$	-		$	82.27		$	-		$	326.18
801110 - Pyrll Exp - St Taxes - Unemp	$	975.37		$	-		$	-	$	-		$	205.70		$	-		$	1,181.07
801120 - Pyrll Exp - St Taxes - wages	$	3,644.89		$	1,095.00		$	-	$	-		$	4,154.05		$	-		$	8,893.94
801160 - Pyrll Exp Taxes - Fed Wages	$	13,672.37		$	29,184.52		$	-	$	-		$	13,184.05		$	-		$	56,040.94
	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Total Payroll Taxes	$	31,492.78		$	43,420.08		$	-	$	-		$	28,853.57		$	-		$	103,766.43

Total Employee Compensation	$	94,187.95		$	129,482.94		$	-	$	-		$	79,616.48		$	-		$	303,287.37

741070 - Lease Exp	$	-		$	-		$	-	$	-		$	8,202.00		$	-		$	8,202.00
751010 - Depr Exp - Op Equipment	$	1,090.36		$	-		$	-	$	195.48		$	207,199.75		$	-		$	208,485.59
761010 - Depletion	$	-		$	-		$	-	$	-		$	-		$	-		$	-
771010 - Amortization	$	-		$	-		$	-	$	-		$	-		$	-		$	-

Office Expense
811010 - Office Exp - Off Rent	$	3,450.80		$	-		$	-	$	-		$	-		$	-		$	3,450.80
811020 - Office Exp - Equip Rent	$	973.75		$	-		$	-	$	-		$	-		$	-		$	973.75
811030 - Office Exp - Tel & Fax	$	2,503.17		$	57.64		$	-	$	-		$	109.46		$	-		$	2,670.27
811040 - Office Exp - Utilities	$	4,034.52		$	-		$	-	$	742.06		$	-		$	-		$	4,776.58
811060 - Office Exp - Cmptr & Soft Sup	$	2,509.34		$	-		$	-	$	-		$	-		$	-		$	2,509.34
811070 - Office Exp - Off Supp	$	1,140.37		$	161.95		$	-	$	-		$	-		$	-		$	1,302.32
811080 - Office Exp - Other Off Exp	$	1,050.59		$	19.45		$	-	$	-		$	28.00		$	-		$	1,098.04
811090 - Office Exp - Postage & Ship	$	318.70		$	-		$	-	$	-		$	-		$	-		$	318.70
811100 - Office Exp - Print & Repro	$	-		$	-		$	-	$	-		$	-		$	-		$	-
811200 - Office Exp - IT Services	$	3,426.67		$	-		$	-	$	-		$	788.62		$	-		$	4,215.29
Total Office Expense	$	19,407.91		$	239.04		$	-	$	2,176.21		$	926.08		$	-		$	22,749.24

Insurance Expense
721010 - Insur Exp - Auto	$	-		$	-		$	-	$	-		$	-		$	-		$	-
721020 - Insur Exp - Medical	$	19,826.54		$	-		$	-	$	-		$	-		$	-		$	19,826.54
721030 - Insur Exp - Dental	$	1,443.10		$	-		$	-	$	-		$	-		$	-		$	1,443.10
721040 - Insur Exp - Wrkrs Comp	$	3,396.42		$	-		$	-	$	-		$	-		$	-		$	3,396.42
721050 - Insur Exp - Other	$	20,833.33		$	-		$	-	$	-		$	-		$	-		$	20,833.33
721080 - Insur Exp - General Liab	$	24,543.42		$	-		$	-	$	2,226.10		$	-		$	-		$	26,769.52
	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Total Insurance Expense	$	70,042.81		$	-		$	-	$	2,226.10		$	-		$	-		$	72,268.91

Professional Fees
731010 - Prof Fees Exp - Legal	$	(3,000.00	)	$	-		$	-	$	-		$	-		$	-		$	(3,000.00	)
731020 - Prof Fees Exp - Acctg	$	(15,000.00	)	$	-		$	-	$	-		$	-		$	-		$	(15,000.00	)
731040 - Prof Fees Exp - Investor Rel	$	-		$	-		$	-	$	-		$	-		$	-		$	-
731060 - Consulting Fee - Other	$	14,010.00		$	-		$	-	$	-		$	-		$	-		$	14,010.00
Total Professional Fees	$	(3,150.00	)	$	-		$	-	$	-		$	-		$	-		$	(3,150.00	)

Repairs and Maintenance
741010 - Rep & Maint - Fuel Tstng Exp	$	-		$	-		$	-	$	-		$	-		$	-		$	-
741020 - Rep & Maint - Bldg	$	-		$	-		$	-	$	-		$	-		$	-		$	-
741030 - Rep & Maint - Equip	$	40,671.27		$	-		$	-	$	-		$	424.81		$	-		$	41,096.08
741040 - Rep & Maint - Autos	$	-		$	-		$	-	$	-		$	-		$	-		$	-
741050 - Rep & Maint - Other	$	-		$	-		$	-	$	-		$	-		$	-		$	-
741060 - Plant Ops Exp	$	-		$	-		$	-	$	-		$	13,300.00		$	-		$	13,300.00
	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Total Repairs and Maintenance	$	40,671.27		$	-		$	-	$	-		$	13,724.81		$	-		$	54,396.08

Plant/Field Operations
741080 - Equipment Rent	$	-		$	-		$	-	$	-		$	795.07		$	-		$	795.07
741090 - Equipment Rent - Transp Equip	$	-		$	-		$	-	$	-		$	-		$	-		$	-
741100 - Operating Supply Exp	$	-		$	-		$	-	$	-		$	184.47		$	-		$	184.47
741110 - Op Supply Exp - Tools, Equip	$	-		$	-		$	-	$	-		$	-		$	-		$	-
741120 - Facility Rent	$	7,500.00		$	-		$	-	$	-		$	-		$	-		$	7,500.00
741130 - Plant Operation Services	$	569.69		$	-		$	-	$	-		$	36,361.69		$	-		$	36,931.38
741140 - Field Operations Exp	$	160.00		$	-		$	-	$	-		$	-		$	-		$	160.00

Total Plant/Field Operations	$	17,970.02		$	-		$	-	$	-		$	44,364.02		$	-		$	62,334.04

Travel & Entertainment
781010 - Trvl and Ent - Air	$	6,517.60		$	-		$	-	$	-		$	-		$	-		$	6,517.60
781020 - Trvl and Ent - Hotel	$	2,790.91		$	-		$	-	$	-		$	-		$	-		$	2,790.91
781030 - Trvl and Ent - Meals & Enter	$	1,896.41		$	-		$	-	$	-		$	69.00		$	-		$	1,965.41
781040 - Trvl and Ent - Transportation	$	11,965.17		$	47.52		$	-	$	-		$	115.60		$	-		$	12,128.29
781060 - Trvl and Ent - Misc.	$	25.45		$	-		$	-	$	-		$	-		$	-		$	25.45
781070 - Trvl and Ent - Relocation	$	-		$	-		$	-	$	-		$	-		$	-		$	-
				$	-
Total Travel & Entertainment	$	23,195.54		$	47.52		$	-	$	-		$	184.60		$	-		$	23,427.66

Taxes
Misc Taxes
791010 - Misc Taxes - Prop Tax	$	-		$	-		$	-	$	-		$	3,500.00		$	-		$	3,500.00
791020 - Misc Taxes - Sales Tax	$	-		$	-		$	-	$	-		$	-		$	-		$	-
791030 - Misc Taxes - Fuel Tax	$	-		$	-		$	-	$	(15,834.08	)	$	-		$	-		$	(15,834.08	)
791040 - Misc Taxes - Other Taxes	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Total Misc Taxes	$	-		$	-		$	-	$	(15,834.08	)	$	3,500.00		$	-		$	(12,334.08	)

Marketing Expense	$	-		$	-				$	-		$	-
821010 - Mkting Exp - Advertising	$	3,500.00		$	-		$	-	$	-		$	-		$	-		$	3,500.00
821020 - Mkting Exp - Promotions	$	-		$	-		$	-	$	-		$	-		$	-		$	-
821030 - Mkting Exp - Trade Exp	$	-		$	-		$	-	$	-		$	-		$	-		$	-
821040 - Mkting Exp - Research	$	-		$	-		$	-	$	-		$	-		$	-		$	-
821050 - Mkting Exp - Commissions	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Total Marketing Expense	$	3,500.00		$	-		$	-	$	-		$	-		$	-		$	3,500.00

Other General Expenses
831010 - Othr Gen & Admn - Bad Debt Exp	$	-		$	-		$	-	$	3,279.38		$	-		$	-		$	3,279.38
831020 - Othr Gen & Admn - Bank Ser Chrg	$	365.00		$	-		$	-	$	-		$	-		$	-		$	365.00
831030 - Othr Gen & Admn - Late Fees	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831040 - Othr Gen & Admn - Confer & Semin	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831050 - Othr Gen & Admn - Dues and Subscr	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831060 - Othr Gen & Admn - Lic, fees, perm	$	940.75		$	-		$	-	$	-		$	-		$	-		$	940.75
831070 - Othr Gen & Admn - Charitable Cntr	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831080 - Othr Gen & Admn - Security	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831090 - Othr Gen & Admn - Director Fees	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831110 - Othr Gen & Admn - Relo Exp	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831120 - Othr Gen & Admn - Miscellaneous	$	1,854.16		$	-		$	-	$	-		$	(6,311.22	)	$	-		$	(4,457.06	)
831130 - Othr Gen & Admn - Payroll Svs	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831140 - Othr Gen & Admn - Recrtng/Excec S	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831160 - Othr Gen & Admn - Trading Expense	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831170 - Othr Gen & Admn - Contract Labor	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831180 - Othr Gen & Admn - Training Expense	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831190 - Othr Gen & Admn - Admin Fees	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831200 - Othr Gen & Admn - Sm Bal Write off	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831210 - Othr Gen & Admn - Othr Gn Alloc Chge Out	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831220 - Othr Gen & Admn - Medical Expense	$	-		$	-		$	-	$	-		$	-		$	-		$	-
831230 - Othr Gen & Admn - Franchise Fees	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Total Other General Expenses	$	3,159.91		$	-		$	-	$	3,279.38		$	(6,311.22	)	$	-		$	128.07

Total General and Adminstrative Expense	$	270,075.77		$	129,769.50		$	-	$	(7,956.91	)	$	351,406.52		$	-		$	743,294.88

Other Income/Expense	$	-		$	-				$	-		$	-
601170 - Rev - Interest Income - Nonaffil	$	-		$	-		$	-	$	-		$	-		$	-		$	-
851040 - Oth Inc./Loss - Gain/Loss-Mkt Sec	$	56,216.07		$	-		$	-	$	-		$	-		$	-		$	56,216.07
841010 - Interest Exp - Nots Payable int	$	(34,918.74	)	$	-		$	-	$	-		$	-		$	-		$	(34,918.74	)
841020 - Interest Exp - Disc Amortiz.	$	-		$	-		$	-	$	-		$	-		$	-		$	-
841030 - Interest Exp - Fees Amort.	$	-		$	-		$	-	$	-		$	-		$	-		$	-
841040 - Interest Expense - Nonaffil	$	-		$	-		$	-	$	-		$	-		$	-		$	-
841050 - Interest Expense	$	-		$	-		$	-	$	-		$	-		$	-		$	-
881010 - Restructuring Cost	$	(254,029.61	)	$	-		$	-	$	-		$	-		$	-		$	(254,029.61	)
	$	-		$	-				$	-		$	-
Total Other Income (Expense)	$	(232,732.28	)	$	-		$	-	$	-		$	-		$	-		$	(232,732.28	)

Shares issued for compensation
Shares issued for services
Interest Expense
Interest and Share based expense

Pre-Tax Income (Loss)	$	321,772.89		$	(129,769.50	)	$	-	$	82,098.52		$	(803,968.45	)	$	-		$	(529,866.54	)

% of Revenue		537	%		0	%		-		225	%		-73	%		-			-361	%

Net Income (Loss)	$	321,772.89		$	(129,769.50	)	$	-	$	82,098.52		$	(803,968.45	)	$	-		$	(529,866.54	)

EBITDA	$	357,781.99		$	(129,769.50	)		-	$	66,459.92		$	(593,268.70	)		-		$	(298,796.29	)

MOR-3

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

BALANCE SHEET

The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.

ASSETS	BOOK VALUE AT END OF CURRENT REPORTING MONTH	BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Equivalents
Restricted Cash and Cash Equivalents (see continuation sheet)
Accounts Receivable (Net)
Notes Receivable
Inventories
Prepaid Expenses
Professional Retainers	(SEE ATTACHMENTS)
Other Current Assets (attach schedule)
TOTAL CURRENT ASSETS	$	$
PROPERTY AND EQUIPMENT
Real Property and Improvements
Machinery and Equipment
Furniture, Fixtures and Office Equipment
Leasehold Improvements
Vehicles
Less Accumulated Depreciation
TOTAL PROPERTY & EQUIPMENT	$	$
OTHER ASSETS
Loans to Insiders*
Other Assets (attach schedule)
TOTAL OTHER ASSETS	$	$
TOTAL ASSETS	$	$

LIABILITIES AND OWNER EQUITY	BOOK VALUE AT END OF CURRENT REPORTING MONTH	BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable
Taxes Payable (refer to FORM MOR-4)
Wages Payable
Notes Payable
Rent / Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees
Amounts Due to Insiders*
Other Postpetition Liabilities (attach schedule)
TOTAL POSTPETITION LIABILITIES	$	$
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt
Priority Debt
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES	$	$

TOTAL LIABILITIES	$	$
OWNER EQUITY
Capital Stock
Additional Paid-In Capital
Partners' Capital Account
Owner's Equity Account
Retained Earnings - Pre-Petition
Retained Earnings - Postpetition
Adjustments to Owner Equity (attach schedule)
Postpetition Contributions (Distributions) (Draws) (attach schedule)
NET OWNER EQUITY	$	$
TOTAL LIABILITIES AND OWNERS' EQUITY	$	$

* “Insider” is defined in 11 U.S.C. Section 101(31).

MOR-3: Schedule A

PNG Ventures Inc
Balance Sheet
Confidential - Unaudited
December 31, 2009

	New Earth LNG			Earth LEASING		Applied LNG Technologies			Arizona LNG			Fleet Star Inc			Elimination			PNG Venture Inc			PNG Venture Consolidation			PNG Temp Consol			Elimination			PNG Venture Consolidation			Topside Adjustments		Reclasses			Final Balance 9/30/09

CURRENT ASSETS																														DEC09
Cash - Checking/Savings
101010 - Cash - Checking	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101011 - Cash - Checking Amarillo St	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101012 - Cash - CHASE Checking	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101013 - Cash - PlainsCapital DIP	$	-				$	-		$	29,540.12		$	-					$	26,682.41		$	56,222.53		$	-					$	56,222.53
101014 - Cash - CHASE Chckng	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101015 - Cash - PlainsCapital Chckng	$	-				$	144,943.32		$	-		$	32,925.01					$	-		$	177,868.33		$	-					$	177,868.33
101030 - Cash - Fuel	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101040 - Cash - DDrive	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101050 - Cash - Payroll	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101060 - Cash - Cert of Deposits	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101080 - Cash - ALT Lockbox	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101090 - Cash - Checking Bank of TX	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
101100 - Cash - Medley Escrow Account	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Cash /Savings	$	-		$	-	$	144,943.32		$	29,540.12		$	32,925.01		$	-		$	26,682.41		$	234,090.86		$	-		$	-		$	234,090.86							$	234,090.86

Marketable Securities
121010 - Invest in Mkt Sec - Cash	$	-				$	181,010.33		$	-		$	-					$	-		$	181,010.33		$	-					$	181,010.33
121020 - Man Financial-Futures Trading	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
121030 - Stock Trading Account - Chase B - CORP	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
121040 - Allow for Unrea Gains/Losses	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
121050 - Stock Held on Site	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
121060 - Future Trading Account - SW Sec	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
121070 - Landmark Bank	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
121080 - Newbridge Securities Corp	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Marketable Securities	$	-		$	-	$	181,010.33		$	-		$	-		$	-		$	-		$	181,010.33		$	-					$	181,010.33							$	181,010.33

Total Cash and Cash Equivalents	$	-		$	-	$	325,953.65		$	29,540.12		$	32,925.01		$	-		$	26,682.41		$	415,101.19		$	-		$	-		$	415,101.19

Accounts Receivables
111010 - A/R - Trade	$	-				$	1,509,296.35		$	-		$	206,451.41					$	-		$	1,715,747.76		$	-					$	1,715,747.76
111030 - A/R - Fuel	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111040 - A/R - Employees	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111050 - A/R - Other	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111060 - A/R - Allow doubtful accts	$	-				$	(29.15	)	$	-		$	(21,503.62	)				$	-		$	(21,532.77	)	$	-					$	(21,532.77	)
111070 - A/R - Interest Acruals	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111080 - A/R - Overage/Shortage	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111090 - A/R - 8849 Fuel Tax Credit	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111100 - A/R - FET Credit Receivable	$	-				$	-		$	-		$	38,582.94					$	-		$	38,582.94		$	-					$	38,582.94
111110 - A/R - Affiliates	$	-				$	3,954,798.89		$	19,831,033.31		$	-		$	(21,872,284.35	)	$	-		$	1,913,547.85		$	(1,913,547.85	)				$	(0.00	)
111120 - Cover Cost Receivable - EPFS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
111130 - Gas Imbalance Receivable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
	$	-				$	-		$	-		$	-					$	-
Total Accounts Receivable	$	-				$	5,464,066.09		$	19,831,033.31		$	223,530.73		$	(21,872,284.35	)	$	-		$	3,646,345.78		$	(1,913,547.85	)	$	-		$	1,732,797.93							$	1,732,797.93

Advance to Related Party
191010 - Adv to Rel Prties - Blue Wless	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
191020 - Adv to Rel Parties - Mac Ptners	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
191030 - Adv to Rel Parties - Meridian, MS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
191040 - Adv to Rel Parties - SMS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
191050 - Adv to Rel Parties - DGMAC	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
191060 - Adv to Rel Parties - Apollo Drllng	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Advance to Related Party	$	-				$	-		$	-		$	-					$	-		$	-		$	-		$	-		$	-
Inventory
131010 - Inventory - B100 Fuel Tanks	$	-				$	-		$	-		$	-					$	-
131020 - Inventory - Misc	$	-				$	29,668.70		$	-		$	-					$	-		$	29,668.70		$	-					$	29,668.70
131030 - Inventory - Receipts Clring Acct	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131040 - Inventory - Transfer Clring Acct	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131050 - Inventory - Cost Variance	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131060 - Inventory - Freight Variance	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131070 - Inventory - Qnty Variance	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131080 - Inventory - G/L Acct for Cap Ovrhd	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131090 - Inventory - Diesel Fuel Tanks	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131100 - Inventory - Diesel Fuel Tanks	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131110 - Inventory - SMS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131111 - Inventory - WIP B100	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131120 - Inventory - Menthanol	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131130 - Inventory - Sodium Methylate	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131140 - Inventory - Soy Bean Oil	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131150 - Inventory - WIP B100	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131160 - Inventory - WIP - General	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131170 - Inventory - LNG Trailers	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131180 - Inventory - LNG Equipment	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131190 - Inventory - Valu Reserv - LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131200 - Inventory - PM Fuels A Tanks	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131210 - Inventory - PM Fuels E Tanks	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131220 - Inventory - Methanol	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
131230 - Inventory - LNG Storage Tanks	$	-				$	-		$	21,120.22		$	-					$	-		$	21,120.22		$	-					$	21,120.22
Total Inventory	$	-		$	-	$	29,668.70		$	21,120.22		$	-		$	-		$	-		$	50,788.92		$	-					$	50,788.92							$	50,788.92

Prepaid Expense
161010 - Prepaids - Professional Fees	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
161020 - Prepaids - Insurance	$	-				$	329,319.46		$	-		$	15,582.82					$	-		$	344,902.28		$	-					$	344,902.28
161030 - Prepaids - Other	$	-				$	1,281,362.67		$	32,319.50		$	-					$	-		$	1,313,682.17		$	-					$	1,313,682.17		$	95,361.94	$	(1,288,890.72	)
161040 - Prepaids - Other	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
161050 - Prepaids - Feedstock	$	-				$	-		$	255,627.11		$	-					$	-		$	255,627.11		$	-					$	255,627.11
161060 - Prepaids - Loan Interest	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Prepaid Expense	$	-				$	1,610,682.13		$	287,946.61		$	15,582.82		$	-		$	-		$	1,914,211.56		$	-					$	1,914,211.56		$	95,361.94	$	(1,288,890.72	)	$	720,682.78

TOTAL CURRENT ASSETS	$	-		$	-	$	7,430,370.57		$	20,169,640.26		$	272,038.56		$	(21,872,284.35	)	$	26,682.41		$	6,026,447.45		$	(1,913,547.85	)				$	4,112,899.60		$	95,361.94	$	(1,288,890.72	)	$	2,919,370.82

OTHER ASSETS
141010 - Other Assets - Derivatives	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
151010 - Current Tax Assets	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-

Investments	$	-				$	-		$	-		$	-
181010 - Investments - Vertex	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181020 - Investments - Trkrs Corn	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181030 - Investments - NC	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181040 - Investments - Skinzwraps	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181050 - Investments - East Shelf	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181060 - Investments - Blue Wless	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181070 - Investments - New Orlean	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181080 - Investments - SMS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181090 - Investments - Moses Lake	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181100 - Investments - Savmore	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181110 - Investments - BioDiesel Ven	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
181120 - Investments in Affiliates	$	-				$	(51,263.69	)	$	-		$	-					$	-		$	(51,263.69	)	$	51,263.69					$	-
181130 - Investment - Mid Coast Gas LP	$	-				$	34,399.00		$	-		$	-					$	-		$	34,399.00		$	(34,399.00	)				$	-
Total Investments	$	-				$	(16,864.69	)	$	-		$	-		$	-		$	-		$	(16,864.69	)	$	16,864.69					$	-

Notes Receivables
201010 - Notes Rec Rel Party - Blue Wless	$	-				$	-		$	-		$	-					$	-
201020 - Notes Rec Rel Party - Trckers Cor	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201030 - Notes Rec Rel Party - MAC Prtnrs	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201040- Notes Rec Rel Party - Apollo	$	-				$	-		$	1,939,095.97		$	-					$	-		$	1,939,095.97		$	(1,939,095.97	)				$	-
201050 - Notes Rec Rel Party - Albermarie	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201060 - Notes Rec Rel Party - Affiliates - Nonc	$	-				$	1,205,638.87		$	-		$	-		$	(1,205,638.87	)	$	-		$	-		$	-					$	-
201070 - Notes Rec Rel Party - ADFI - Noncrrnt	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201080 - Notes Rec Rel Party - Other	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201090 - Notes Rec Rel Party - Other - Noncrrnt	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201100 -N/R - DFI Group-NC	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201110 - Notes Rec Rel Party - Apollo Drilling	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201120 - N/R - Airo Note Receiv	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201130 - N/R - SMS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
201130 - N/R - Robert F. Bickle	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Notes Receivables	$	-				$	1,205,638.87		$	1,939,095.97		$	-		$	(1,205,638.87	)	$	-		$	1,939,095.97		$	(1,939,095.97	)				$	-

Fixed Assets
171010 - Fixed Asset - Leasehold Impr	$	-				$	5,250.00		$	-		$	-					$	-		$	5,250.00		$	-					$	5,250.00
171020 - Fixed Asset - Land	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171030 - Fixed Asset - Bldg	$	-				$	-		$	5,250.00		$	-					$	-		$	5,250.00		$	422,500.00					$	427,750.00
171040 - Fixed Assets - Plant Equip	$	-				$	-		$	1,260,045.98		$	-					$	-		$	1,260,045.98		$	33,577,499.97					$	34,837,545.95
171050 - Fixed Assets - Autos	$	-				$	-		$	27,400.00		$	25,507.62					$	-		$	52,907.62		$	(52,907.62	)				$	-
171060 - Fixed Assets - FF&E	$	5,613.52				$	795,361.12		$	87,412.59		$	-					$	-		$	888,387.23		$	(883,590.39	)				$	4,796.84
171070 - Fixed Assets - Software	$	-				$	-		$	1,909.00		$	-					$	-		$	1,909.00		$	(1,909.00	)				$	-
171080 - Fixed Assets - Fuel Tanker	$	-				$	-		$	2,415,500.00		$	-					$	-		$	2,415,500.00		$	-					$	2,415,500.00
171090 - Fixed Assets - Airplane	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171100 - Fixed Assets - Capital Lease	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171110 - Fixed Assets - Office Equipment	$	-				$	22,753.13		$	5,380.00		$	-					$	-		$	28,133.13		$	-					$	28,133.13
171111 - Fixed Assets - Const. in Progress	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171200 - Depletion - Reserves	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171250 - Fixed Assets - Const. in Progress	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171260 - Fixed Assets - LNG Trailers	$	-				$	11,700.00		$	-		$	139,040.61					$	-		$	150,740.61		$	(139,040.61	)				$	11,700.00
171270 - Fixed Assets - Equip - Stations	$	-				$	7,678,132.08		$	-		$	54,545.45					$	-		$	7,732,677.53		$	(7,732,677.53	)				$	-
171280 - Fixed Assets - Equip - Other	$	-				$	1,768,557.98		$	6,700.00		$	23,457.22					$	-		$	1,798,715.20		$	(1,768,557.95	)				$	30,157.25
171290 - Fixed Assets - Other	$	-				$	13,195.60		$	-		$	-					$	-		$	13,195.60		$	(7,184.97	)				$	6,010.63
171310 - Fixed Asset - Equipment - Needle Mt	$	-				$	14,660.00		$	8,040,479.02		$	-					$	-		$	8,055,139.02		$	(8,055,139.02	)				$	-
171340 - Fixed Asset - Lnd - Dura Ethnl Plt	$	-				$	-		$	13,420.00		$	-					$	-		$	13,420.00								$	13,420.00
171350 - Fixed Asset - Lnd - Greenville, MS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171360 - Fixed Asset - Lnd - Amer Erth Bldg	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Fixed Assets	$	5,613.52				$	10,309,609.91		$	11,863,496.59		$	242,550.90		$	-		$	-		$	22,421,270.92		$	15,358,992.88					$	37,780,263.80							$	37,780,263.80

Accumulated Depreciation
171120 - Accum Depr - Bldg	$	-				$	-		$	(58,347.36	)	$	-					$	-		$	(58,347.36	)		0					$	(58,347.36	)
171130 - Accum Depr - FF&E	$	(1,591.35	)			$	(645,657.32	)	$	(96,306.92	)	$	-					$	-		$	(743,555.59	)	$	743,555.59					$	-
171140 - Accum Depr - Lease Improv	$	-				$	(350.00	)	$	-		$	-					$	-		$	(350.00	)	$	-					$	(350.00	)
171150 - Accum Depr - Fuel Tanker	$	-				$	-		$	(70,933.60	)	$	-					$	-		$	(70,933.60	)	$	-					$	(70,933.60	)
171160 - Accum Depr - Airplane	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171170 - Accum Depr - Cap Leases	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171180 - Accum Depr - Office Equip	$	-				$	(10,076.75	)	$	(896.70	)	$	-					$	-		$	(10,973.45	)	$	-					$	(10,973.45	)
171190 - Accum Amortiz - Cap Leases	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171210 - Accum Depre - Software	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171220 - Accum Depre - Autos	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171230 - Accum Depre - Misc	$	-				$	(325.00	)	$	(279.50	)	$	-					$	-		$	(604.50	)	$	-					$	(604.50	)
171240 - Accum Depre - BIO Plant	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
171300 - Accum Depr - Equip	$	-				$	(7,860,546.87	)	$	(1,530,983.74	)	$	(1,759.32	)				$	-		$	(9,393,289.93	)	$	9,391,530.61					$	(1,759.32	)
171320 - Accum Depr - Stations	$	-				$	-		$	(3,426,662.78	)	$	(54,805.11	)				$	-		$	(3,481,467.89	)	$	54,805.11					$	(3,426,662.78	)
171330 - Accum Depr - Stations-New	$	-				$	-		$	-		$	(164,288.57	)				$	-		$	(164,288.57	)	$	164,288.57					$	-
Total Accumulated Depreciation	$	(1,591.35	)			$	(8,516,955.94	)	$	(5,184,410.60	)	$	(220,853.00	)	$	-		$	-		$	(13,923,810.89	)	$	10,354,179.88					$	(3,569,631.01	)						$	(3,569,631.01	)

Total Net Fixed Assets	$	4,022.17				$	1,792,653.97		$	6,679,085.99		$	21,697.90		$	-		$	-		$	8,497,460.03		$	25,713,172.76					$	34,210,632.79							$	34,210,632.79

221010 - Deferred Expenses - Loan Fees	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
261010 - Loan Costs	$	-				$	1,436,706.33		$	4,348.05		$	-					$	-		$	1,441,054.38		$	(1,441,054.38	)				$	-
																								$	-
Deferred Compensation	$	-				$	-		$	-		$	-					$	-
221020 - Deferred Expenses - Prof. Fee	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
221030 - Deferred Expenses - Comp Cost	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Deferred Compensation	$	-				$	-		$	-		$	-		$	-		$	-		$	-		$	-					$	-

Deposits
101070 - Cash - Petty Cash	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211010 - Deposits - Suppliers	$	-				$	225,000.00		$	-		$	-					$	-		$	225,000.00		$	-					$	225,000.00
211020 - Deposits - Others	$	-				$	15,450.80		$	-		$	-					$	-		$	15,450.80		$	-					$	15,450.80
211030· Capnet Advisors	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211040 - Tatum Partners	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211050 - Wick Phillips	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211060- Petty Cash	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211070 - Travel Advance	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211080 - Deposit D Drive	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211090 - Grenada Truck Stop	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
211100 - Deposit LOC - Earth LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Deposits	$	-				$	240,450.80		$	-		$	-		$	-		$	-		$	240,450.80		$	-					$	240,450.80							$	240,450.80

Goodwill
241010 - Goodwill	$	36,159,508.14				$	-		$	-		$	-					$	-		$	36,159,508.14		$	(35,533,258.14	)	$	(626,250.00	)	$	-
241020 - Amortization of Goodwill	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Goodwill	$	36,159,508.14		$	-	$	-		$	-		$	-		$	-		$	-		$	36,159,508.14		$	(35,533,258.14	)	$	(626,250.00	)	$	-

251010 - Other LT Assets	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-

Intercompany Rececivables
111020 - Intercompany To/From	$	533,643.02			70,000.00	$	76,160,740.64		$	1,344,816.41		$	2,591,864.00		$	(55,412,578.33	)	$	220,000.00		$	25,508,485.74		$	(25,287,485.74	)	$	(221,000.00	)	$	(0.00	)
112010 - A/R - Interco - ALT LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112020 - A/R - Interco - APOLLO DRILLING	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112030 - A/R - Interco - APOLLO NAT GAS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112040 - A/R - Interco - APOLLO RESRCES	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112050 - A/R - Interco - BLUE WRLSS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112060 - A/R - Interco - DGMAC	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112070 - A/R - Interco - EBOF	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112080 - A/R - Interco - ERTH LEASING	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112090 - A/R - Interco - ERTH LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112100 - A/R - Interco - FS LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112110 - A/R - Interco - MAC PARTNERS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
112120 - A/R - Interco - MT STATES	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Intercompany Receivables	$	533,643.02		$	70,000.00	$	76,160,740.64		$	1,344,816.41		$	2,591,864.00		$	(55,412,578.33	)	$	220,000.00		$	25,508,485.74		$	(25,287,485.74	)	$	(221,000.00	)	$	(0.00	)


Total Non-Current Assets	$	36,697,173.33		$	70,000.00	$	80,819,325.92		$	9,967,346.42		$	2,613,561.90		$	(56,618,217.20	)	$	220,000.00		$	73,769,190.37		$	(38,470,856.78	)	$	(847,250.00	)	$	34,451,083.59

TOTAL ASSETS	$	36,697,173.33		$	70,000.00	$	88,249,696.49		$	30,136,986.68		$	2,885,600.46		$	(78,490,501.55	)	$	246,682.41		$	79,795,637.82		$	(40,384,404.63	)	$	(847,250.00	)	$	38,563,983.19		$	95,361.94	$	(1,288,890.72	)	$	37,370,454.41

LIABILITIES
Current Liabilities
Accounts Payable
301010 - A/P - Trade	$	-				$	1,710,872.74		$	246,943.14		$	25,376.71					$	-		$	1,983,192.59		$	-					$	1,983,192.59
301020 - A/P - Employees	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
301040 - A/P - Other	$	-				$	25,000.00		$	-		$	-					$	8,563.00		$	33,563.00		$	-					$	33,563.00
301050 - A/P - Dividends	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
301060 - A/P - Vendor Discnt Taken	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
301070 - A/P - Affiliates	$	-				$	19,826,564.26		$	50,000.00		$	1,970,720.09		$	(21,797,284.35	)	$	-		$	50,000.00		$	(50,000.00	)				$	-
421090 - Notes Payable - Billy Mickel	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Accounts Payable	$	-				$	21,562,437.00		$	296,943.14		$	1,996,096.80		$	(21,797,284.35	)	$	8,563.00		$	2,066,755.59		$	(50,000.00	)				$	2,016,755.59							$	2,016,755.59

Intercompany - Accounts Payable
301030 - A/P - Intercompany	$	4,118,116.35				$	9,448,485.43		$	47,523,851.15		$	768,538.86		$	(55,412,578.33	)	$	328,100.00		$	6,774,513.46		$	(6,553,513.46	)	$	(221,000.00	)	$	0.00
302010 - A/P - Interco - ALT LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302020 - A/P - Interco - APOLLO DRILLING	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302030 - A/P - Interco - APOLLO NAT GAS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302040 - A/P - Interco - APOLLO RESRCES	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302050 - A/P - Interco - BLUE WRLSS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302060 - A/P - Interco - DGMAC	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302070 - A/P - Interco - EBOF	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302080 - A/P - Interco - ERTH LEASING	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302090 - A/P - Interco - ERTH LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302100 - A/P - Interco - FS LNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302110 - A/P - Interco - MAC PARTNERS	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
302120 - A/P - Interco - MT STATES	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Intercompany - Accounts Payable	$	4,118,116.35				$	9,448,485.43		$	47,523,851.15		$	768,538.86		$	(55,412,578.33	)	$	328,100.00		$	6,774,513.46		$	(6,553,513.46	)	$	(221,000.00	)	$	0.00

Accruals
311080 - Accrued Exp - Leases	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
321010 - Accrued Interest - Conv. Debt	$	10,080.00				$	-		$	-		$	-					$	-		$	10,080.00		$	-					$	10,080.00
321020 - Accrued Interest - Disc Amortiz	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
321030 - Accrued Interest	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
321040 - Accrued Interest - Other	$	798.00				$	1,371,016.06		$	57,358.08		$	-					$	3,883.42		$	1,433,055.56		$	-					$	1,433,055.56
Total Accruals	$	10,878.00				$	1,371,016.06		$	57,358.08		$	-		$	-		$	3,883.42		$	1,443,135.56		$	-					$	1,443,135.56				$	(234,638.19	)	$	1,208,497.37

Payroll Liabilities
311010 - Accrued Exp - Payroll	$	-				$	-		$	-		$	-					$	-
311020 - Accrued Exp - Pyrll Fed Payroll Taxes	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311030 - Accrued Exp - Pyrll State Payroll Taxes	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311040 - Accrued Exp - Pyrll Unemp Taxes	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311050 - Accrued Exp - Pyrll Bonuses	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311060 - Accrued Exp - Pyrll Profess Fees	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311090 - Accrued Exp - Pyrll Commissions	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311100 - Accrued Exp - Pyrll Fed Umemp Taxes	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311110 - Accrued Exp - Pyrll Emp Insur	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311120 - Accrued Exp - Pyrll Soc. Sec.	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311130 - Accrued Exp - Pyrll Medicare	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311140 - Accrued Exp - Pyrll Wage Garnish	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
311150 - Accrued Exp - Pyrll Other	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Payroll Liabilities	$	-		$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-					$	-

Taxes Payable
311070 - Accrued Exp - Fuel Taxes	$	-				$	-		$	-		$	-					$	-
481010 - Excise Tax - Diesel	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481020 - Excise Tax - B100	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481030 - Excise Tax - TX State Diesel	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481040 - Excise Tax - Lousianna B100 Tax	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481050 - Sales Tax - Lous. Inspect Fee	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481060 - Sales Tax - Oil Spill Tax	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481080 - Sales Tax - Calif ST, LO & DIST	$	-				$	624,055.25		$	-		$	122,262.36					$	-		$	746,317.61		$	-					$	746,317.61
481100 - CNG FET Tax Liab	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481110 - CNG SET Tax Liab - LCNG	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481120 - FET Tax Liab - FLS LNG Sales	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481130 - SET Tax Liab - FLS LNG Sales	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481140 - SST Tax Liab - FLS LNG Sales	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481150 - Oklahoma Excise Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
481160 - Underground Storage Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361010 - Current Taxes Payable	$	-				$	1,818,068.00		$	-		$	-					$	-		$	1,818,068.00		$	(1,818,068.00	)				$	-
361020 - Prop Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361030 - Sales Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361040 - Tax - Other	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361050 - State Sales Tax/Calif	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361060 - CA Excise Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361070 - Federal Excise Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
361080 - NV Excise Tax Payable	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Fuel Taxes Payable	$	-				$	2,442,123.25		$	-		$	122,262.36		$	-		$	-		$	2,564,385.61		$	(1,818,068.00	)				$	746,317.61							$	746,317.61

311160 - Accrued Expenses	$	-				$	56,810.54		$	42,018.60		$	-					$	-		$	98,829.14								$	98,829.14							$	98,829.14
311170 - Accrued Expenses -SMS	$	-				$	-		$	-		$	-					$	-		$	-								$	-
Advance from Related Party
371010 - Adv from Rel. Prties - Apollo	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
371020 - Adv from Rel Prties - Earth LNG	$	75,000.00				$	-		$	-		$	-			(75,000.00	)	$	-		$	-		$	-					$	-
371030 - Adv from Rel. Prties - DGMAC, LLC	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
371040 - Adv from Rel. Prties - EBI Texas	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
371050 - Adv from Rel. Prties - Other	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
Total Advance from Related Party	$	75,000.00				$	-		$	-		$	-		$	(75,000.00	)	$	-		$	-		$	-					$	-

441010 - Other Dbt/Contingencies	$	-				$	1,227,972.00		$	-		$	-					$	626,250.00		$	1,854,222.00		$	(1,227,972.00	)	$	(626,250.00	)	$	-
441020 - Debt Discount	$	-				$	(8,880.96	)	$	-		$	-					$	2,867.75		$	(6,013.21	)	$	(156,157.00	)				$	(162,170.21	)						$	(162,170.21	)
451010 - Deferred Revenues	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
461010 - Deferred Taxes	$	15,792,344.30				$	-		$	-		$	-					$	-		$	15,792,344.30		$	(15,792,344.30	)				$	-
471010 - Minority Interest	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-

Total Current Liabilities	$	19,996,338.65		$	-	$	36,099,963.32		$	47,920,170.97		$	2,886,898.02		$	(77,284,862.68	)	$	969,664.17		$	30,588,172.45		$	(25,598,054.76	)	$	(847,250.00	)	$	4,142,867.69		$	-	$	(234,638.19	)	$	3,908,229.50
Long-Term Liabilities

Notes Payable
421010 - N/P - Castlerigg	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421020 - N/P - Evolution	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421030 - N/P - Capital Ventures	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421040 - N/P Sandell Convertible	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421050 - N/P - Cornell Cap Ptnrs	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421060 - N/P - Prtside Gr&Op Fund	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421070 - N/P - Coral Energy	$	-				$	-		$	1,696,480.05		$	-					$	-		$	1,696,480.05		$	-					$	1,696,480.05
421080 - N/P - El Paso Nat Gas	$	-				$	-		$	791,544.23		$	-					$	-		$	791,544.23		$	-					$	791,544.23
421100 - N/P - Excalibur Lmted Prntshp	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421110 - N/P - Whlhvn Cptl Fnd LTD	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421120 - N/P - Fin Inst - Curr	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421130 - N/P- Fin Inst - L/T	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421140 - N/P - FCC AR Revolver	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421150 - N/P - FCC Term Note	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421160 - N/P - Affiliates - Curr	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
421170 - N/P - Affiliates - L/T	$	-				$	-		$	1,205,638.87		$	-		$	(1,205,638.87	)	$	-		$	-		$	-					$	-
421180 - N/P - Other	$	-				$	101,500.00		$	-		$	-					$	59,785.72		$	161,285.72		$	845,555.00					$	1,006,840.72							$	3,494,865.00
421190 - LNG Contract Obligation	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
421200 - N/P - Sandell	$	-				$	3,438,235.00		$	-		$	-					$	-		$	3,438,235.00		$	-					$	3,438,235.00							$	3,438,235.00
421210 - N/P - Apollo	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
421220 - N/P - Greenfield AR Revolver	$	-				$	741,201.24		$	-		$	-					$	-		$	741,201.24		$	-					$	741,201.24							$	741,201.24
421230 - N/P - Medley Term Note	$	-				$	36,363,458.33		$	-		$	-					$	-		$	36,363,458.33		$	-					$	36,363,458.33				$	(1,288,890.72	)	$	35,074,567.61
421240 - N/P - Black Forest	$	63,000.00				$	-		$	-		$	-					$	-		$	63,000.00		$	-					$	63,000.00							$	63,000.00
Total Notes Payable	$	63,000.00				$	40,644,394.57		$	3,693,663.15		$	-		$	(1,205,638.87	)	$	59,785.72		$	43,255,204.57		$	845,555.00		$	-		$	44,100,759.57
231010 - Deferred Tax Assets	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
331010 - Curr Portn of LT Dbt	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
341010 - Lines of Credit	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
351010 - Derivative Liability	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-
431010 - Capital Leases	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-

Total Liabilities	$	20,059,338.65		$	-	$	76,744,357.89		$	51,613,834.12		$	2,886,898.02		$	(78,490,501.55	)		############		$	73,843,377.02		$	(24,752,499.76	)	$	(847,250.00	)	$	48,243,627.26		$	-	$	(1,523,528.91	)	$	46,720,098.35

STOCKHOLDERS' EQUITY

Earnings Current Period	$	(1,014,180.13	)		0	$	245,374.24		$	(5,536,287.35	)	$	126,390.89					$	(68,780.37	)	$	(6,247,482.72	)							$	(6,247,482.72	)	$	95,361.94	$	234,638.19		$	(5,917,482.59	)

Capital Stock
501010 - Stck Equit - Pref. Stock (PAR)	$	(4,075,715.00	)			$	-		$	-		$	-					$	-		$	(4,075,715.00	)	$	4,075,715.00					$	-
501020 - Stck Equit - Common Stock (PAR)	$	-				$	-		$	-		$	-					$	(1,313.57	)	$	(1,313.57	)	$	11,398.00					$	10,084.43							$	10,084.43
501030 - Stck Equit - Add'l Paid in Capit.	$	27,766,248.44				$	(5,244,285.83	)	$	23,227,861.54		$	10,000.00					$	(522,722.86	)	$	45,237,101.29		$	(45,241,016.84	)				$	(3,915.55	)						$	(3,915.55	)
501040 - Stck Equit - Warrants	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
501050 - Stck Equit - Restricted Stk	$	-				$	-		$	-		$	-					$	-		$	-								$	-							$	-
501060 - Stck Equit - Othr Compr. Inc/Loss	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
501070 - Stck Equit - Ret. Earnings CURR	$	(6,038,518.63	)		70,000.00	$	16,504,250.19		$	(35,668,421.63	)	$	(137,688.45	)				$	(189,950.68	)	$	(25,460,329.20	)	$	22,021,998.97					$	(3,438,330.23	)						$	(3,438,330.23	)
501080 - Stck Equit - Ret. Earnings PRIOR	$	-				$	-		$	-		$	-					$	-		$	-								$	-							$	-
501090 - Unrealized Gain (Loss)	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
501100 - Partnership Capital - Affil	$	-				$	-		$	(3,500,000.00	)	$	-					$	-		$	(3,500,000.00	)	$	3,500,000.00					$	-							$	-
501110 - Capital Stock	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
501120 - Par Value	$	-				$	-		$	-		$	-					$	-		$	-		$	-					$	-							$	-
Total Capital Stock	$	17,652,014.81		$	70,000.00	$	11,259,964.36		$	(15,940,560.09	)	$	(127,688.45	)	$	-		$	(713,987.11	)	$	12,199,743.52		$	(15,631,904.87	)	$	-		$	(3,432,161.35	)	$	95,361.94				$	(3,336,799.41	)

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	36,697,173.33		$	70,000.00	$	88,249,696.49		$	30,136,986.68		$	2,885,600.46		$	(78,490,501.55	)	$	246,682.41		$	79,795,637.82		$	(40,384,404.63	)	$	(847,250.00	)	$	38,563,983.19		$	95,361.94	$	(1,288,890.72	)	$	37,370,454.41

Balance Check	$	-		$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-		$	-

MOR-4

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

STATUS OF POSTPETITION TAXES

The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero.

Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.

Attach photocopies of any tax returns filed during the reporting period.

	Beginning Tax Liability	Amount Withheld or Accrued	Amount Paid	Date Paid	Check No. or EFT	Ending Tax Liability
Federal
Withholding
FICA-Employee
FICA-Employer
Unemployment		(SEE ATTACHMENT)
Income
Other:_________________
Total Federal Taxes
State and Local
Withholding
Sales
Excise
Unemployment
Real Property
Personal Property
Other:_________________
Total State and Local
Total Taxes

SUMMARY OF UNPAID POSTPETITION DEBTS

Attach aged listing of accounts payable.

Number of Days Past Due

Current

0-30

31-60

61-90

Over 90

Total

Accounts Payable – Applied LNG

Applied LNG Admin. Fees

Accounts Payable – Fleet Star

Accounts Payable – Arizona LNG

Sales Taxes Payable – Applied LNG

Sales & Excise Taxes Payable – Fleet Star

Property Taxes Payable Arizona LNG

Property Taxes Payable Fleet Star

Property Taxes Applied

Rent/Leases-Building

Rent/Leases-Equipment

Secured Debt/Adequate Protection Payments

Other Accruals – Applied LNG

Other Accruals – AZ LNG

Other Accruals – PNG

Other Professional Fees payable – Applied

Total Postpetition Debts

* Over 90 tax amounts are pre-petition taxes to be paid approximately 55 months commencing with confirmation.

Explain how and when the Debtor intends to pay any past-due postpetition debts.

* “Insider” is defined in 11 U.S.C. Section 101(31).

MOR-4: Schedule A

Applied LNG--Tax Payments for December 2009

	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid		Excise Tax Liability		Date Paid **	Check No. **
Federal
Withholding		0		8532.21		8532.21		0
FICA - Employee		0		3707.17		3707.17		0
FICA - Employer		0		3707.17		3707.17		0
Unemployment		0		65.81		65.81		0
Income		0		0		0		0
Other:		0		1806.84		1806.84		0
Total Federal Taxes		0		17819.2		17819.2		0
State and Local
Withholding		0		3066.25		3066.25		0
Sales		0		0		0		0
Excise		0		281.65		281.65		0
Unemployment		0		0		0		0
Real Property		0		0		0		0
Personal Property		0		0		0		0
Other:		0		323.14		323.14		0
Total State and Local		0		3671.04		3671.04		0
Total Taxes		0		21490.24		21490.24		0

New Earth LNG--Tax Payments for December 2009

	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid		Excise Tax Liability		Date Paid **	Check No. **
Federal
Withholding		0		29184.52		29184.52		0
FICA - Employee		0		4792.6		4792.6		0
FICA - Employer		0		4792.6		4792.6		0
Unemployment		0		0		0		0
Income		0		0		0		0
Other:		0		3555.36		3555.36		0
Total Federal Taxes		0		42325.08		42325.08		0
State and Local
Withholding		0		1095		1095		0
Sales		0		0		0		0
Excise		0		0		0		0
Unemployment		0		0		0		0
Real Property		0		0		0		0
Personal Property		0		0		0		0
Other:		0		0		0		0
Total State and Local		0		1095		1095		0
Total Taxes		0		43420.08		43420.08		0

Arizona LNG--Tax Payments for December 2009

	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid		Excise Tax Liability		Date Paid **	Check No. **
Federal
Withholding		0		11945.67		11945.67		0
FICA - Employee		0		4106.04		4106.04		0
FICA - Employer		0		4106.04		4106.04		0
Unemployment		0		25.03		25.03		0
Income		0		0		0		0
Other:		0		1920.6		1920.6		0
Total Federal Taxes		0		22103.38		22103.38		0
State and Local
Withholding		0		3770.51		3770.51		0
Sales		0		0		0		0
Excise		0		0		0		0
Unemployment		0		62.59		62.59		0
Real Property		0		0		0		0
Personal Property		0		0		0		0
Other:		0		0		0		0
Total State and Local		0		3833.1		3833.1		0
Total Taxes		0		25936.48		25936.48		0

** All tax liabilities are paid via payroll service. Amounts were paid by wire transfer on 12/3, 12/17 and 12/29/09.

MOR-5

In re PNG Ventures, Inc.	Case No. 09-13162 (CSS)
Debtor	Reporting Period: December 31, 2009

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconciliation		Amount
Total Accounts Receivable at the beginning of the reporting period
+ Amounts billed during the period
- Amounts collected during the period
Total Accounts Receivable at the end of the reporting period

Accounts Receivable Aging		Amount
0 - 30 days old
31 - 60 days old	(SEE ATTACHMENTS)
61 - 90 days old
91+ days old
Total Accounts Receivable
Amount considered uncollectible (Bad Debt)
Accounts Receivable (Net)

DEBTOR QUESTIONNAIRE

Must be completed each month	Yes		No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.				X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.				X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.		X
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.		X
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.				X