XML 81 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
REVENUE FROM OPERATIONS    
Refined product sales $ 351,665,234   
Pipeline operations 406,812   
Oil and gas sales 22,668   
Total revenue from operations 352,094,714   
COST OF OPERATIONS    
Cost of refined products sold 342,035,755   
Refinery operating expenses 8,603,155   
Pipeline operating expenses 391,169   
Lease operating expenses 57,122   
General and administrative expenses 2,076,946 645,444
Depletion, depreciation and amortization 1,622,864 17,684
Abandonment expense 1,184,549   
Impairment expense 9,435,745   
Bad debt expense 9,508   
Accretion expense 105,032   
Loss on disposal of property and equipment 5,665   
Total cost of operations 365,527,510 663,128
Loss from operations (13,432,796) (663,128)
OTHER INCOME (EXPENSE)    
Net tank rental revenue 534,047 874,421
Interest and other income 21,940 23,901
Interest expense (954,579) (51,340)
Total other income (expense) (398,592) 846,982
Income (loss) from continuing operations before income taxes (13,831,388) 183,854
Tax expense    
Current (9,678)   
Deferred      
Income tax expense (9,678)   
Income (loss) from continuing operations, net of tax (13,841,066) 183,854
Loss from discontinued operations, net of tax 4,443,566   
Net income (loss) $ (18,284,632) $ 183,854
Basic earnings (loss) per common share    
Continuing operations $ (1.35) $ 0.02
Discontinued operations $ (0.43)   
Basic earnings (loss) per common share $ (1.78) $ 0.02
Diluted earnings (loss) per common share    
Continuing operations $ (1.35) $ 0.02
Discontinued operations $ (0.43)   
Diluted earnings (loss) per common share $ (1.78) $ 0.02
Weighted average number of common shares outstanding:    
Basic 10,284,152 8,426,456
Diluted 10,284,152 8,426,456