UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re; Carneros FnggJnc. Debtor

Case No. 09-10791 Reporting Period:April 21)11)

MONTHLY OPERATING REPORT

RF:U1RED DOCUME IS
Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtors bank reconciliations) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status of Posipetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Postpetition Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

J.

Form No.
MOR-I MOR-la MOR- lb

DocumentExplanation Affida%itJSuppIexuvIIi Att;ichcd Attached cIied N/A N/A

V N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A MOR-2 MOR-3 MOR-4

-____ . . . / /

;..:

-.

. -.

MOR-4 MOR-4 MOR-5

N/A N/A V
/

MOR-5

I declare under penalty of petjwy (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

nature of Authorized Individual

May 25, 2010 Date

Jennifer Kuritz Printed Name of Authorized Individual

Treasurer Title of Authorized Individual

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

if debtor

MOR (04/07)

In re Carneros , F:, rjLuLv , Inc. Debtor

Case No 09-10791 ocoortine Period A p ril 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

Cameros Energy, Inc. does not have any active cash operating accounts. TOTAL RECEIPTS

THE FOLLOWLNG SECTION MUST BE COMPLETED

IMSRTIRRFMFNT FOR C LIP IJLA rING U S. TRUSTEE OIJARTERLY FEES (FROM CUIRRENT MONTH ACTUAL COLUMN1
I

TOTAL DISBURSEMENTS LESS TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS PLUS ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow scuornus)

$000 $0.00 $0.00 $0.00

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

17"P.5 MORI
04)07)

In re Cameros Enerc Inc Debtor BANK RECONCILIATIONS

Continuation Sheet for IOR-1

Case No. 09-1079 Reporting Period April 2010

Operating

Payroll

Tax

Other

BANK BALANCE

(--) DEPOSITS IN TRANSIT (ATTACH LIST)

1-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE Adjusted bank balance must equal balance per books

Cameros Energy, Inc. does not have any active cash operating accounts

FORM MOO-Ic (04/117)

In re: Cameros Energy, Inc. Debtor

Case No. 09-10791 Revorting Period: April 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

No profesional fees were paid post-petition.

-1

FORM MOR- lb (04!07)

In re: Cameros Energyj. p . Debtor

Case No. 09-1 079 1_ Reponing Period: April 2010 STATEMENT OF OPERATIONS
(Income Statement)

uJafive:
Oil and gas production revenue Royalty payments Net Revenue Repairs and maintenance alaries/cominissions/fces Transportation expense Utilities Insurance Employee benefit programs Taxes - production Inventory change Rent and lease expense Travel and entertainment upplies General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses Accretion of discounts and amortization of deferred financing costs nterest expense- non-cash - paid in kind Stock compensation expense Interest and dividends Realized gain/(loss) on derivatives Interest expense- cash Other revenue General exploration expense Net Profit (Loss) Before Reorganization items Professional Fees Reorganization Interest Net Profit (Loss)

304,188 33,411

$ $

3
-

(362,616) (810,576)
-

(810.576)

FORM MOR-2
(04/07)

In re: Cameron Energy. Inc. Debtor BALANCE SHEET

eNo 09-10791 Regortintr Penod: Ai6 2010

ASS ETS.

--

cIRREN S

BOOK VALULAI J\ j)()? UO.KT8NG MONTH

riix
Uttresmcred Cash and Equivalents Restricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainers Other Current Assets (See Attached Schedule) TOTAL CURRENT ASSETS Proved Properties Including Lease and Well Equipment Asset Retirement Costs In Process Development Unproved Properties Office Equipment and Software Vehicles Oilier Equipment and Leasehold lusprovemenls Pipeline Equipment Less Accumulated Depreciation TOTAL PROPERTY & EQUIPMENT
--

13.936.545 13,936,545

--

LJ,BiLrr1Fs ANtI OWNF.R EQI.Ifl

I

11001.: VAIA..E T E>.I1 01 CIIcRENT R PORlIN; .%l0\

ru
-

a iii i

It I

re in 55111 II.(I

TA ft IMII?(tM I C I. P.,..I...

Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable - Debtor-as-possession financing Rent I Leases - Buildiiig/Eqtuipmetn Secured Debt / Adequate Protection Payments Professional Fees I ntercompany Payabtes Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES Secured Debt Ptionity Debt nsecured Debt I ntercompany Paynbles TOTAL PRE-PETITION LIABILITIES

S
$ - -

1,840,096 1,840,096

Fossi sins-s
(n4,57)

In re: Carnoros Enerv. Inc. Debtor

Case No. 09-10791 xjrttno Period: April 2010

BALANCE SHEET continuation sheet

ITotal Other Current Assets

13,936,545

FORM MOO-I CONTO (01/07)

In re: Carneros Enerizv. Inc. Debtor

Case No. 09-10791

Reporting Period: April 2010

STATUS OF POSTPITITION TAXES

Withholding FICA-Employee FICA-Employer Unemployment Income Total Federal Taxes Withholding Sales Excise Unemployment Real Property Personal Property Total _State _and _Local Total Taxes

I
Not Applicable

I I

I I
Not Applicable

SUMMARY OF UNPAID POSTPETITION DEBTS

-

.:. Currnt Accounts Payable Wages Payable Taxes Payable Rent/Leases-Building Rent/Leases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Total Postpetition Debts

---:Over9O-Ttal

I
Not Applicable

FORM MOR-4 (04/07)

In re: Carneros Energy. Inc. Debtor

Case No. 09-1079 Reportiniz Period: April 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Recei%able Reconciliation

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

ATUOUIU

I
Not Applicable

0-3o days old 31-60 days old 61 - 90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

I
Not Applicable

DEBTOR QUESTIONNAIRE Must be completed each month

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. 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. 3. Have all postpctaion tax returns been timely filed? If no, provide an explanation below. 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide all explanation below. 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.

Yes/No
No No Yes Yes No

FORM MOR-5 (54/07)