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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
12 Months Ended 112 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Revenue and other income        
Oil and gas sales $ 559,551 $ 790,342 $ 661,922 $ 2,011,815
Interest income 32,969 52,607 299,550 5,946,703
Gain on sale of equipment 0 0 0 42,228
Total revenue and other income 592,520 842,949 961,472 8,000,746
Expenses        
Operating 138,341 173,297 98,878 410,516
General and administrative 3,657,547 3,193,328 2,986,967 17,437,459
Consulting fees (note 12) 866,085 652,359 822,652 8,177,787
Professional fees 1,167,945 827,995 1,085,056 5,960,816
Depletion and depreciation 379,562 824,304 352,637 1,875,382
Accretion (note 7) 53,209 41,289 55,619 182,319
Foreign exchange (gain) loss 26,013 23,501 (16,090) 144,181
Impairment of oil and gas properties (note 6) 6,870,000 13,789,000 0 30,757,015
Total expenses 13,158,702 19,525,073 5,385,719 64,945,475
Net loss before tax (12,566,182) (18,682,124) (4,424,247) (56,944,729)
Current income tax benefit (expense) (note 14) (60,188) (45,500) 0 (105,688)
Deferred income tax benefit (expense) (note 14) 18,529 (61,000) 0 (42,471)
Net loss and comprehensive loss for the year (12,607,841) (18,788,624) (4,424,247) (57,092,888)
Warrant modification (note 10) 0 0 (1,754,000) (3,074,000)
Net loss and comprehensive loss attributable to common stockholders $ (12,607,841) $ (18,788,624) $ (6,178,247) $ (60,166,888)
Basic and diluted net loss per share (note 13) (in dollars per share) $ (0.15) $ (0.25) $ (0.09)