5. Lazarus Refining & Marketing, LLC (LRM) Acquisition

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

5. Lazarus Refining & Marketing, LLC (LRM) Acquisition

Effective October 1, 2012, we acquired 100% of the issued and outstanding membership interest of LRM, a Delaware limited liability company and a wholly-owned subsidiary of LEH pursuant to an Assignment Agreement. The acquisition was accounted for as a combination of entities under common control. Accordingly, the recognized assets and liabilities of LRM were transferred at their carrying amounts at the date of transfer and the results of operations are included for the twelve months ended December 31, 2012. LRM did not have significant assets, liabilities or results of operations for the twelve months ended December 31, 2011. Assets and liabilities included in the consolidated balance sheets were $100,285 and $499,591, respectively, as of December 31, 2012. LRM markets petroleum storage and terminaling services at the Nixon Facility.