Emerald Oil (EOGSF) 8-K Entry into a Material Definitive Agreement

Exhibit 99.2

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

	)
In re:	)	Chapter 11
	)
EMERALD OIL, INC., et al.,1	)	Case No. 16-10704
	)
Debtors.	)	(Jointly Administered)
	)
EMERALD OIL, INC.,ET AL.,MONTHLY OPERATING REPORT FOR THE PERIOD ENDING APRIL 30, 2016
DEBTOR’S ADDRESS:	200 Columbine Street, Suite 500
	Denver, CO 80206
DEBTORS’ ATTORNEYS:	Laura Davis Jones
	Colin R. Robinson
	Joseph M. Mulvihill
	Pachulski Stang Ziehl & Jones LLP
	919 North Market Street, 17th Floor
	P.O. Box 8705
	Wilmington, DE 19899-8705 (Courier 19801)
	Tel: (302) 652-4100
	Fax: (302) 652-4400
	̵  and  ̵
	James H.M. Sprayregen, P.C.
	Ryan Blaine Bennett (admittedpro hac vice)
	Travis M. Bayer (admittedpro hac vice)
	Kirkland & Ellis LLP Kirkland & Ellis International LLP
	300 North LaSalle
	Chicago, IL 60654
	Tel: (312) 862-2000
	Fax: (312) 862-2200

¹The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, include: Emerald Oil, Inc. (9000); Emerald DB, LLC (2933); Emerald NWB, LLC (7528); Emerald WB LLC (8929); and EOX Marketing, LLC (4887). The location of the Debtors’ service address is: 200 Columbine Street, Suite 500, Denver, Colorado 80206.

REPORT PREPARER: Emerald Oil, Inc.,et al.

GENERAL NOTES:

The Monthly Operating Report includes activity for the following Debtors:

Debtor	Case Number
Emerald Oil, Inc.	16-10704
Emerald DB, LLC	16-10705
Emerald NWB, LLC	16-10706
Emerald WB LLC	16-10707
EOX Marketing, LLC	16-10708

This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States. In addition, the financial statements and supplemental information contained herein represent condensed combined information.

The unaudited consolidated financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and upon application of such procedures the financial information could be subject to material change.

The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment.

The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.

[Remainder of Page Intentionally Left Blank]

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies, under penalty of perjury, that the information contained herein is complete, accurate and truthful to the best of my knowledge.

DATE: May 30, 2016	/s/ Ryan Smith
	Ryan Smith
	Chief Financial Officer

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
	Reporting Period: April 2016

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.

		Document	Explanation	Affidavit/Supplement
REQUIRED DOCUMENTS	Form No.	Attached	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliations)	MOR-1a	X
Schedule of Disbursements by Debtor Entity	MOR-1b	X
Schedule of Professional Fees and Expenses Paid	MOR-1c	X
Copies of bank statements	MOR-1d	X
Cash disbursements journals	MOR-1e	X
Statement of Operations	MOR-2	X
Balance Sheet as of Petition Date	MOR-3a	X
Balance Sheet as of Month End	MOR-3b	X
Status of Postpetition Taxes	MOR-4a	X
Copies of IRS Form 6123 or payment receipt			X
Copies of tax returns filed during reporting period			X
Summary of Unpaid Postpetition Debts	MOR-4b	X
Listing of aged accounts payable	MOR-4b	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/ Ryan Smith	5/30/2016
Signature of Authorized Individual*	Date
Ryan Smith	Chief Financial Officer
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
(04/07)

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR – 1

Schedule of Cash Receipts and Disbursements(1)

For the Period April 1, 2016 through April 30, 2016

(Unaudited)

	Total Debtors
Beginning Cash	$	4,354,925
Receipts:
Gross Receipts (2)		7,396,892
Total Receipts		7,396,892
Disbursements (3):
Operating Expenses		1,346,200
Royalties		1,310,647
Payroll, Payroll Taxes and Benefits		563,203
Severance & Other Taxes		372,195
Professional Fees		684,527
Interest and Bank Fees		985,119
Total Disbursements		5,261,891
Net Cash Flow		2,135,001
Ending Cash Balance	$	6,489,926

Notes:

(1) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc. Due to the consolidated cash management reporting system, certain cash payments may be paid out of a legal entity that is different than the legal entity where the expenses were incurred. Total disbursements by entity are provided in Schedule 1b.

(2) Gross Receipts include receipts of revenue from the production of oil, natural gas and NGLs, including revenue receipts on properties in which the Debtors have joint ownership. The operating receipts are presented on a gross basis, which includes third party revenue that is subsequently disbursed by the Company to the working interest owners for their portion of the revenue.

(3) Disbursements are presented on a gross basis and include outstanding post-petition checks from operating accounts as of the reporting date.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR-1a

Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash Disbursements Journal

For the Period April 1, 2016 through April 30, 2016

(Unaudited)

Bank Account Reconciliations and Cash Disbursements

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

Bank Statements

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors. The Debtors affirm that no bank accounts were closed during the current reporting period.

	16-10704		16-10708		16-10704		16-10704		16-10704
Debtor	Emerald Oil, Inc.		EOX Marketing, LLC		Emerald Oil, Inc.		Emerald Oil, Inc.		Emerald Oil, Inc.
Type	Operating		Operating		Utility		Employee Medical Claims		Professional Fees (1)
Account Number (last 4 digits only)	#	0166	#	0112	#	4612	#	6810	#	7214
Balance Per Books	$	3,638,925	$	2,801,169	$	4,893	$	44,940	$	-
Bank Balance	$	5,117,233	$	2,801,169	$	4,893	$	44,940.00	$	-
(+) Deposits in transit (attach list)		-		-		-		-		-
(-) Outstanding checks (attach list)		1,478,309		-		-		-		-
Other (attach explanation)		-		-		-		-		-
Adjusted Bank Balance*	$	3,638,925	$	2,801,169	$	4,893	$	44,940.00	$	-

* Adjusted bank balance must equal balance per books

Checks Outstanding	Ck. #		Amount
		900353		19.37
		1456		38.62
		211067		246.13
		211569		851.72
		211608		104.98
		211809		104.71
		112474		35.00
		212124		3,140.58
		212180		148.98
		212233		12,292.37
		212535		120.83
		212594		491.66
		212663		2,426.81
		112733		30.00
		212985		167.89
		213002		205.93
		213088		516.20
		213153		1,723.08
		213191		177.95
		213195		147.34
		213206		194.56
		213321		172.04
		213374		233.04
		213380		110.04
		213386		1,938.81
		213398		45,285.20
		213402		3,180.07
		213450		126.86
		213462		126.86

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213481		105.22
		213491		227.58
		213493		110.03
		213499		320.26
		213514		7,366.24
		213518		375.83
		213522		864.04
		213530		3,629.97
		213546		394.82
		213570		156.46
		213576		600.62
		213589		151.41
		213596		783.68
		213604		1,035.51
		213634		147.67
		213683		2,203.99
		213688		133.13
		213702		2,679.85
		213715		238.73
		213733		115.99
		112820		19,128.00
		112844		6,500.00
		112845		3,000.00
		112852		60.72
		112856		175.00
		112865		19,736.00
		112869		348.00
		112872		3,420.00
		112881		5,103.00
		112882		15,366.86
		112883		720.00
		112884		6,775.00
		112885		16,230.00
		112886		3,000.00
		112887		52,963.31
		112888		235.01
		112889		108.66
		112890		271.20
		112891		1,668.72
		112892		54.46
		112893		148.79
		112894		118.92
		112895		3.96
		112896		10,286.95
		112897		16,945.50
		112901		14,235.78
		112902		3,323.25
		112903		14,785.00
		213758		10,945.57
		213759		22,445.94
		213760		7,709.22
		213761		601.73
		213762		413.30
		213763		364.67
		213764		3,566.27
		213765		6,849.44
		213766		396.27
		213767		132.29
		213768		301,713.58
		213769		263.44
		213770		483.19

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213771		4,149.07
		213772		1,399.98
		213773		133.06
		213774		11,629.67
		213775		4,075.26
		213776		363.68
		213777		1,092.28
		213778		7,331.11
		213779		4,946.61
		213780		720.02
		213781		13,082.05
		213782		5,886.67
		213783		308.58
		213784		985.84
		213785		985.84
		213786		1,965.79
		213787		566.40
		213790		642.25
		213791		57,266.89
		213792		4,970.16
		213793		5,964.25
		213794		9,861.77
		213795		3,859.37
		213796		16,243.24
		213798		20,877.13
		213799		1,586.21
		213800		536.54
		213801		521.83
		213802		2,059.91
		213803		170.90
		213804		138.43
		213805		120.11
		213806		14,245.59
		213808		1,330.59
		213809		11,193.33
		213810		3,382.27
		213811		5,840.23
		213812		5,491.17
		213813		9,345.65
		213814		1,823.20
		213815		106.20
		213816		2,391.92
		213817		1,089.20
		213818		660.53
		213819		8,993.36
		213820		196.67
		213821		106.19
		213822		330.41
		213823		118.33
		213824		121.70
		213825		3,644.34
		213826		176.53
		213827		160.74
		213828		176.53
		213829		4,938.75
		213830		106.21
		213831		584.29
		213832		181.54
		213833		2,046.06
		213834		101.48
		213835		101.78

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213836		1,570.29
		213837		106.24
		213838		129.87
		213839		465.26
		213840		7,639.84
		213841		1,055.23
		213842		1,752.78
		213843		1,374.42
		213844		181.53
		213845		921.11
		213846		115.78
		213847		134.37
		213848		112.22
		213849		12,893.48
		213850		100.35
		213851		100.34
		213852		114.42
		213853		201.56
		213854		790.31
		213855		12,893.42
		213856		101.78
		213857		191.20
		213858		8,650.37
		213859		150.54
		213860		8,936.39
		213861		7,226.56
		213862		849.84
		213863		115.78
		213864		106.24
		213865		330.42
		213866		316.31
		213867		129.87
		213868		3,068.70
		213869		150.53
		213870		106.21
		213871		316.31
		213872		106.21
		213873		139.46
		213874		185.13
		213875		254.29
		213876		5,227.51
		213877		143.48
		213878		2,664.64
		213879		106.19
		213880		104.15
		213881		176.53
		213882		1,193.51
		213883		115.13
		213884		127.72
		213885		330.41
		213886		282.72
		213887		271.25
		213888		100.34
		213889		1,134.51
		213890		106.19
		213891		2,988.00
		213892		190.58
		213893		159.73
		213894		159.73
		213895		222.88
		213896		473.85

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213897		7,122.86
		213898		1,765.28
		213899		1,765.28
		213900		127.86
		213901		150.53
		213902		523.09
		213903		441.63
		213904		795.95
		213905		559.84
		213906		1,356.73
		213907		559.84
		213908		1,066.57
		213910		1,806.83
		213911		198.64
		213912		1,617.05
		213913		4,223.40
		213914		3,349.87
		213915		3,148.11
		213916		1,823.20
		213917		1,314.43
		213918		1,313.61
		213919		9,957.88
		213920		4,456.67
		213921		4,456.67
		213922		4,456.67
		213923		530.90
		213924		3,293.59
		213925		1,511.85
		213926		1,215.75
		213927		1,215.75
		213928		816.01
		213929		781.58
		213930		781.58
		213931		790.91
		213932		781.58
		213933		790.91
		213934		781.58
		213935		5,107.83
		213936		1,702.62
		213937		1,702.62
		213938		1,756.57
		213939		2,429.01
		213940		168.02
		213941		1,690.30
		213942		954.30
		213943		1,154.79
		213944		473.28
		213945		279.84
		213946		171.66
		213947		332.76
		213948		320.18
		213949		399.35
		213950		332.76
		213951		399.35
		213952		473.28
		213953		559.69
		213954		221.86
		213955		187.26
		213956		332.76
		213957		2,839.77
		213958		221.86

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213959		473.29
		213960		129.77
		213961		221.86
		213962		162.74
		213963		162.72
		213964		133.74
		213965		221.86
		213966		726.05
		213967		473.28
		213968		279.84
		213969		1,419.87
		213970		473.29
		213971		133.76
		213972		106.29
		213973		726.06
		213974		473.28
		213975		203.42
		213976		181.52
		213977		135.24
		213978		221.86
		213979		332.78
		213980		4,219.31
		213981		187.26
		213982		221.86
		213983		4,219.31
		213984		749.04
		213985		168.02
		213986		473.29
		213987		221.86
		213988		720.04
		213989		174.00
		213990		221.86
		213991		203.44
		213992		473.28
		213993		2,812.94
		213994		145.98
		213995		123.35
		213996		228.88
		213997		3,549.69
		213998		228.88
		213999		221.86
		214000		135.24
		214001		332.76
		214002		221.86
		214003		473.29
		214004		181.52
		214005		221.86
		214006		210.03
		214007		2,812.93
		214008		138.43
		214009		138.42
		214010		109.78
		214011		109.78
		214012		109.78
		214013		132.13
		214014		137.54
		214015		481.48
		214016		511.38
		214017		191.77
		214018		1,055.19
		214019		1,022.68

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214020		191.77
		214021		331.17
		214022		191.77
		214023		962.88
		214024		701.92
		214025		10,900.36
		214026		1,690.30
		214027		12,319.32
		214028		481.48
		214029		511.38
		214030		962.88
		214031		962.88
		214032		331.17
		214033		191.77
		214034		255.69
		214035		511.37
		214036		320.98
		214037		511.37
		214038		472.02
		214039		125.12
		214040		1,711.49
		214041		437.40
		214042		698.43
		214043		597.22
		214044		121.57
		214045		597.23
		214046		121.57
		214047		447.93
		214048		597.23
		214049		125.11
		214050		1,791.59
		214051		1,791.59
		214052		447.93
		214053		447.93
		214054		125.12
		214055		1,791.59
		214056		1,504.25
		214057		447.93
		214059		11,363.80
		214060		102.61
		214061		139.67
		214062		160.87
		214063		139.67
		214064		186.21
		214065		139.67
		214066		144.28
		214067		112.07
		214068		112.07
		214069		112.07
		214070		108.71
		214071		108.71
		214072		144.28
		214073		108.71
		214074		112.07
		214075		108.93
		214076		108.93
		214077		962.88
		214078		1,022.68
		214079		2,617.69
		214080		152.17
		214081		197.47

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214082		294.97
		214083		2,164.07
		214084		2,164.05
		214085		1,442.71
		214086		1,442.71
		214087		1,442.71
		214088		4,328.10
		214089		147.54
		214090		2,852.96
		214091		396.27
		214092		39,948.17
		214093		135.24
		214094		266.31
		214095		258.14
		214096		266.31
		214097		184.45
		214098		665.59
		214099		162.74
		214100		11,880.65
		214101		240.75
		214102		240.75
		214103		240.75
		214104		240.75
		214105		1,460.86
		214106		1,490.69
		214107		363.06
		214108		363.05
		214109		2,504.07
		214110		2,430.19
		214111		4,789.34
		214112		3,162.52
		214113		5,580.13
		214114		5,580.13
		214115		3,380.36
		214116		40,844.96
		214117		1,138.85
		214118		137.57
		214119		137.57
		214120		137.57
		214121		133.45
		214122		103.19
		214123		133.45
		214124		100.11
		214125		137.57
		214126		490.25
		214127		10,165.62
		214128		937.39
		214129		276.01
		214130		8,936.39
		214131		1,531.61
		214132		414.81
		214133		226.29
		214134		155.42
		214135		413.30
		214136		226.92
		214137		3,540.41
		214138		849.84
		214139		111.38
		214140		376.36
		214141		108.93
		214142		107.18

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214143		2,812.94
		214144		108.93
		214145		43,658.43
		214146		197.58
		214147		197.58
		214148		4,868.34
		214149		828.31
		214150		828.31
		214151		828.31
		214152		828.31
		214153		9,551.44
		214154		1,123.65
		214155		276.64
		214156		1,570.29
		214157		222.34
		214158		481.47
		214159		481.48
		214160		396.27
		214161		99.51
		214162		133.76
		214163		777.16
		214164		135.04
		214165		402.24
		214166		2,284.60
		214167		100.55
		214168		100.55
		214169		100.55
		214170		100.55
		214171		2,504.07
		214172		5,074.66
		214173		106.01
		214174		626.42
		214175		202.37
		214176		202.37
		214177		202.37
		214178		175.91
		214179		1,331.68
		214180		324.00
		214181		323.30
		214182		1,473.25
		5067		256.40
		5068		198.46
		5069		300.00
				1,478,308.90

Notes:

(1) The Professional Fees account was created on April 13, 2016 specifically for the purpose of payment management of professional fees related to the bankruptcy process. There is no activity for the reporting period.

FORM MOR-1a
(04/07)

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 1 – 30, 2016

May 30, 2016

Office of the United States Trustee

Subject:Declaration Regarding Bank Account Reconciliations – MOR1a (April)

The debtors, Emerald Oil, Inc. et al., submit this a declaration regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations.

The debtors have, on a timely basis, performed all bank account reconciliation in the ordinary course of its business. Copies of bank account statements and reconciliations are available for inspection upon request by the United States Trustee’s Office.

Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

/s/ Ryan Smith

Name:  Ryan Smith

Position:  Chief Financial Officer

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 1b

Schedule of Disbursements by Debtor Entity

For the Period April 1, 2016 through April 30, 2016

Unaudited

				Allocation
	Total Disbursements			Emerald Oil, Inc.		Emerald DB, LLC		Emerald NWB, LLC		Emerald WB, LLC		EOX Marketing, LLC		On Behalf of 3rd Parties
				16-10704		16-10705		16-10706		16-10707		16-10708
Trade	$	1,182,781	(1)	$	217,372	$	-	$	437,762	$	239,114	$	968	$	287,566
Severance Taxes		372,195	(1)		-		-		167,745		91,625		-		112,825
Royalties and other WI		1,310,647			-		-		-		-		-		1,310,647
Payroll, Payroll Taxes and Benefits		563,203	(2)		563,203		-		-		-		-		-
Rent & Utilities		52,963	(3)		52,963		-		-		-		-		-
Other		110,455	(4)		110,455		-		-		-		-		-
Professional fees		684,527	(5)		684,527		-		-		-		-		-
Interest and Bank Fees		985,119	(6)		985,119		-		-		-		-		-
Total:	$	5,261,891		$	2,613,639	$	-	$	605,507	$	330,739	$	968	$	1,711,038

Notes:

(1) Allocated to the Debtors based on the estimate ownership of the underlying working interest in the properties.

(2) All individuals employed under Emerald Oil, Inc.

(3) Corporate office lease engaged under Emerald Oil, Inc.

(4) "Other' represents Insurance, which includes general commercial liability, workers’ compensation and employee benefits, allocated to Emerald Oil, Inc. as the covered items are directly related to the debtor entity.

(5)Debtor Professionals employed under Emerald Oil, Inc.

(6)RevolvingCredit Agreement and related fees/interest were entered into under Emerald Oil, Inc.

FORM MOR-1b
(04/07)

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 1c

Schedule of Professional Fees and Expenses Paid(1)

For the Period April 1, 2016 through April 30, 2016

(Unaudited)

					Check		Amount Paid
Payee	Period Covered	Amount Approved		Payor	Number	Date	Fees		Expenses
Debtor Bankruptcy Professionals
Kirkland & Ellis LLP			-					-		-
Donlin Rencano & Company (Notice)			-					-		-
Donlin Rencano & Company (Admin)			-					-		-
Intrepid Financial Partners, LLC			-					-		-
Opportune LLP			-					-		-
Pachulski Stang Ziehl &Jones LLP			-					-		-
BDO LLP			-					-		-
Debtor Ordinary Course Professionals			-					-		-
EKS&H LLP			-					-		-
Fredrickson & Byron, P.A.			-					-		-
Vogel Law Firm			-					-		-
Husch Blackwell LLP			-					-		-
Taylor Anderson LLP			-					-		-
Mayer Brown LLP			-					-		-
Lender Professionals
Luskin, Stern & Eisler LLP			-					-		-
Vinson & Elkins LLP			-					-		-
Womble Carlyle Sandridge & Rice, LLP			-					-		-
FTI Consulting, Inc.	1/1/16 to 3/20/16		684,527	Emerald Oil, Inc.	Wire	4/1/2016		677,523		7,004
UCC Professionals
Akin Gump Strauss Hauer & Feld LLP			-					-		-
Whiteford, Taylor & Preston LLC			-					-		-
Houlihan Lokey, Inc.			-					-		-
	Total		684,527					677,523		7,004

Notes:

(1) Professional payments listed herein include payments made by the Debtors to retained professionals.

FORM MOR-1b
(04/07)

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR – 2

Debtor Statement of Operations(1) (2)

For the Period April 1, 2016 through April 30, 2016

(Unaudited)

	Case #	16-10704			16-10707			16-10706		16-10705		16-10708
	Debtors (3):	Emerald Oil, Inc.			Emerald WB, LLC			Emerald NWB, LLC		Emerald DB, LLC		EOX Marketing, LLC		Eliminations (5)			Total Debtors
					(4)			(4)
REVENUES, NET OF TRANSPORTATION EXPENSES
Oil Sales		$	-		$	2,051,010		$	-	$	-	$	4,119,329	$	(4,119,329	)	$	2,051,010
Natural Gas Sales			-			(53,276	)		-		-		-		-			(53,276	)
			-			1,997,734			-		-		4,119,329		(4,119,329	)		1,997,734
OPERATING EXPENSES
Cost of Sales			-			-			-		-		4,020,763		(4,020,763	)		-
Production Expenses			-			1,490,830			-		-		-		-			1,490,830
Production Taxes			-			248,387			-		-		-		-			248,387
General and Administrative Expenses			847,381			-			-		-		-		-			847,381
Depletion of Oil and Natural Gas Properties			-			1,198,534			-		-		-		-			1,198,534
Depreciation and Amortization			-			-			-		-		-		-			-
Accretion of Discount on Asset Retirement Obligations			-			-			-		-		-		-			-
Total Expenses			847,381			2,937,751			-		-		4,020,763		(4,020,763	)		3,785,132
INCOME (LOSS) FROM OPERATIONS			(847,381	)		(940,017	)						98,566		(98,566	)		(1,688,832	)
OTHER INCOME (EXPENSE)
Interest Expense			(714,546	)		-			-		-		-		-			(714,546	)
Reorganization Items			(3,203,878	)		-			-		-		-		-			(3,203,878	)
Total Other Expense, Net			(3,918,424	)		-			-		-		-		-			(3,918,424	)
INCOME BEFORE INCOME TAXES			(4,765,805	)		(940,017	)		-		-		98,566		(98,566	)		(5,607,256	)
INCOME TAX BENEFIT			-			-			-		-		-		-			-
NET LOSS		$	(4,765,805	)	$	(940,017	)	$	-	$	-	$	98,566	$	(98,566	)	$	(5,607,256	)

Notes:

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, and is unaudited and subject to future adjustment. Certain totals may not sum due to rounding.

(2) The Statement of Operations is 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.

(3) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

(4) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

(5) The crude oil purchases by EOX Marketing, LLC, from Emerald Oil, Inc., are eliminated for consolidation purposes.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 3a

Debtor Balance Sheets(1)

As of the Petition Date (2)

(Unaudited)

	Case #	16-10704			16-10707			16-10706		16-10705		16-10708
	Debtors (3):	Emerald Oil, Inc.			Emerald WB, LLC (4)			Emerald NWB, LLC (4)		Emerald DB, LLC		EOX Marketing, LLC			Eliminations (8)			Total Debtors
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents		$	435,528		$	-		$	-	$	-	$	3,100,307		$	-		$	3,535,835
Accounts Receivable — Oil and Natural Gas Sales			1,957,354			-			-		-		-			-			1,957,354
Accounts Receivable — Joint Interest Partners			5,852,643			-			-		-		-			-			5,852,643
Other Receivables			700,705			-			-		-		31,871			-			732,576
Intercompany Receivable			3,018,861			-			-		-		-			(3,018,861	)		-
Prepaid Expenses and Other Current Assets			1,734,745			-			-		-		-			-			1,734,745
Total Current Assets			13,699,836			-			-		-		3,132,178			(3,018,861	)		13,813,153
PROPERTY AND EQUIPMENT
Oil and Natural Gas Properties, Full Cost Method
Proved Oil and Natural Gas Properties			-			733,069,244			-		-		-			-			733,069,244
Unproved Oil and Natural Gas Properties			-			79,272,070			-		-		-			-			79,272,070
Equipment and Facilities			987,311			14,552,936			-		-		-			-			15,540,247
Other Property and Equipment			3,483,025			-			-		-		-			-			3,483,025
Total Property and Equipment			4,470,336			826,894,250			-		-		-						831,364,586
Less - Accumulated Depreciation, Depletion and Amortization			(1,406,996	)		(588,210,892	)		-		-		-			-			(589,617,888	)
Total Property and Equipment, Net			3,063,340			238,683,358			-		-		-						241,746,698
Debt Issuance Costs, Net of Amortization			2,697,568			-			-		-		-			-			2,697,568
Deferred Tax Asset, net			1,813,561			-			-		-		-			-			1,813,561
Other Non-Current Assets			290,084			-			-		-		-			-			290,084
Total Assets		$	21,564,389		$	238,683,358		$	-	$	-	$	3,132,178		$	(3,018,861	)	$	260,361,064
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)
Intercompany Payables		$	-		$	-		$	-	$	-	$	3,018,861		$	(3,018,861	)	$	-
Account Payable			42,542,980			-			-		-		29,673			-			42,572,653
Accrued Expenses			5,473,146			-			-		-		264,138			-			5,737,284
Priority Debt (5)			-			-			-		-		-			-			-
Revolving Credit Facility			111,678,151			-			-		-		-			-			111,678,151
Convertible Senior Notes			148,500,000			-			-		-		-			-			148,500,000
Advances from Joint Interest Partners			726,710			-			-		-		-			-			726,710
Asset Retirement Obligations			4,582,522			-			-		-		-			-			4,582,522
Warrant Liability			94,000			-			-		-		-			-			94,000
Deferred Tax Liability, net			1,813,561			-			-		-		-			-			1,813,561
Other Liabilities			-			-			-		-		-			-			-
Total Liabilities Subject to Compromise			315,411,070			-			-		-		3,312,672			(3,018,861	)		315,704,881
Commitments and Contingencies
Series B Voting Preferred Stock (6)			256			-			-		-		-			-			256
STOCKHOLDERS' EQUITY
Common Stock (7)			9,583			-			-		-		-			-			9,583
Additional Paid-In Capital			273,945,998			238,683,358			-		-		-			-			512,629,356
Accumulated Deficit			(567,802,519	)		-			-		-		(180,493	)		-			(567,983,012	)
Total Stockholders' Equity			(293,846,938	)		238,683,358			-		-		(180,493	)		-			(55,344,073	)
Total Liabilities and Stockholders' Equity		$	21,564,389		$	238,683,358		$	-	$	-	$	3,132,178		$	(3,018,861	)	$	260,361,064

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 3a

Debtor Balance Sheets(1)

As of the Petition Date (2)

(Unaudited)

Notes:

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, and is unaudited and subject to future adjustment. Certain totals may not sum due to rounding.

(2) The petition date was March 22, 2016.

(3) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

(4) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

(5) While the amount of priority debt as of the petition date is zero, this does not reflect potential liabilities. The amount of these potential liabilities are unknown at this time.

(6) 255,732 issued and outstanding with a liquidation preference value of $256 as of the petition date.

(7) Par Value $.001, 500,000,000 shares authorized, 9,582,970 shares issued and outstanding.

(8) Intercompany balances between EOX Marketing, LLC and Emerald Oil, Inc., are eliminated for consolidation purposes.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 3b

Debtor Balance Sheets(1)

As of April 30, 2016

(Unaudited)

	Case #	16-10704			16-10707			16-10706			16-10705		16-10708
	Debtors (2):	Emerald Oil, Inc.			Emerald WB, LLC (3)			Emerald NWB, LLC (3)			Emerald DB, LLC		EOX Marketing, LLC			Eliminations (7)			Total Debtors
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents		$	3,688,757		$	-		$	-		$	-	$	2,801,169		$	-		$	6,489,926
Accounts Receivable — Oil and Natural Gas Sales			2,646,556			-			-			-		-			-			2,646,556
Accounts Receivable — Joint Interest Partners			5,447,743			-			-			-		-			-			5,447,743
Other Receivables			921,725			-			-			-		33,852			-			955,577
Intercompany Receivables			2,702,603			-			-			-		-			(2,702,603	)		-
Prepaid Expenses and Other Current Assets			1,654,019			-			-			-		-			-			1,654,019
Total Current Assets			17,061,403			-			-			-		2,835,021			(2,702,603	)		17,193,821
PROPERTY AND EQUIPMENT
Oil and Natural Gas Properties, Full Cost Method
Proved Oil and Natural Gas Properties			-			780,271,003			-			-		-			-			780,271,003
Unproved Oil and Natural Gas Properties			-			32,093,731			-			-		-			-			32,093,731
Equipment and Facilities			987,311			14,550,080			-			-		-			-			15,537,391
Other Property and Equipment			3,483,025			-			-			-		-			-			3,483,025
Total Property and Equipment			4,470,336			826,914,814			-			-		-						831,385,150
Less - Accumulated Depreciation, Depletion and Amortization			(1,495,993	)		(664,572,975	)		-			-		-			-			(666,068,968	)
Total Property and Equipment, Net			2,974,343			162,341,839			-			-		-						165,316,182
Debt Issuance Costs, Net of Amortization			3,556,300			-			-			-		-			-			3,556,300
Deferred Tax Asset, net			1,813,561			-			-			-		-			-			1,813,561
Other Non-Current Assets			512,236			-			-			-		-			-			512,236
Total Assets		$	25,917,843		$	162,341,839		$	-		$	-	$	2,835,021		$	(2,702,603	)	$	188,392,100
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable		$	2,032,948		$	-		$	-		$	-	$	-		$	-		$	2,032,948
Debtor-in-possession financing			7,000,000			-			-			-		-			-			7,000,000
Accrued Expenses			-			-			-			-		354,922			-			354,922
Professional Fees			3,264,965			-			-			-		-			-			3,264,965
Total Current Liabilities			12,297,913			-			-			-		354,922			-			12,652,835
LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)
Intercompany Payable			-			-			-			-		2,702,603			(2,702,603	)		-
Account Payable			41,286,927			-			-			-		29,673			-			41,316,600
Accrued Expenses			4,717,926			-			-			-		-			-			4,717,926
Priority Debt (4)			-			-			-			-		-			-			-
Revolving Credit Facility			111,678,151			-			-			-		-			-			111,678,151
Convertible Senior Notes			148,500,000			-			-			-		-			-			148,500,000
Advances from Joint Interest Partners			725,706			-			-			-		-			-			725,706
Asset Retirement Obligations			4,589,489			-			-			-		-			-			4,589,489
Warrant Liability			4,000			-			-			-		-			-			4,000
Deferred Tax Liability, net			1,813,561			-			-			-		-			-			1,813,561
Other Liabilities			-			-			-			-		-			-			-
Total Liabilities Subject to Compromise			313,315,760			-			-	`		-		2,732,275			(2,702,603	)		313,345,433
Total Liabilities			325,613,673			-			-			-		3,087,197			(2,702,603	)		325,998,268
Commitments and Contingencies
Series B Voting Preferred Stock (6)			256			-			-			-		-			-			256
STOCKHOLDERS' EQUITY
Common Stock (6)			9,583			-			-			-		-			-			9,583
Additional Paid-In Capital			350,335,150			162,341,839			-			-		-			-			512,676,989
Accumulated Deficit			(650,040,818	)		-			-			-		(252,177	)		-			(650,292,995	)
Total Stockholders' Equity			(299,696,085	)		162,341,839			-			-		(252,177	)		-			(137,606,423	)
Total Liabilities and Stockholders' Equity		$	25,917,843		$	162,341,839		$	-		$	-	$	2,835,021		$	(2,702,603	)	$	188,392,100

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 3b

Debtor Balance Sheets(1)

As of April 30, 2016

(Unaudited)

Notes:

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, and is unaudited and subject to future adjustment. Certain totals may not sum due to rounding.

2) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

(3) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

(4) This does not reflect potential liabilities. The amount of potential liabilities are unknown at this time.

(5) 255,732 issued and outstanding with a liquidation preference value of $256 as of the petition date.

(6) Par Value $.001, 500,000,000 shares authorized, 9,582,970 shares issued and outstanding.

(7) Oil Sales of EOX Marketing, LLC on behalf of Emerald Oil, Inc. and associated intercompany balances are eliminated for consolidation purposes.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 4a

Status of Post-Petition Taxes(1)

As of April 30, 2016

Unaudited

	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid			Date Paid	Check No. or EFT	Ending Tax Liability
Federal
Withholding	$	-	$	103,756	$	(103,756	)	Various	Various	$	-
FICA-Employee		-		30,313		(30,313	)	Various	Various		-
FICA-Employer		-		29,513		(29,513	)	Various	Various		-
Unemployment		-		-		-					-
Income		-		-		-					-
Other		-		-		-					-
Total Federal Taxes	$	-	$	163,582	$	(163,582	)			$	-
State and Local
Withholding		-		18,647		(18,647	)	Various	Various		-
Sales		-		-		-					-
Excise		-		-		-					-
Unemployment		-		68		(68	)	Various	Various		-
Real Property		-		-		-					-
Personal Property		-		-		-					-
Other (2)		372,195		354,922		(372,195	)	4/21/2016	02836		354,922
Total State and Local	$	372,195	$	373,637	$	(390,910	)			$	354,922
Total Taxes	$	372,195	$	537,219	$	(554,492	)			$	354,922

Notes:

(1) No tax returns including IRS Form 6123 were filed during the reporting period.

(2) Severance and extraction taxes are paid on a monthly basis to the respective state in which the Debtors' producing oil and gas properties are located. The amount represents the estimated portion of gross state taxes (including those remitted on behalf of third parties) the Debtors have accrued since the petition date.

FORM MOR-4
(04/07)

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 1 - 30, 2016

May 30, 2016

Office of the United States Trustee

Subject:Declaration Regarding Postpetition Taxes – MOR4a (April)

The debtors, Emerald Oil, Inc.et al., hereby submit this declaration regarding postpetition taxes.

All postpetition taxes for the debtors, which are not subject to dispute or reconciliation, are current. There are no material tax disputes or reconciliations.

Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

/s/ Ryan Smith

Name:  Ryan Smith

Position:  Chief Financial Officer

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 4b

Summary of Unpaid Post-Petition Debts(1)

As of April 30, 2016

Unaudited

	Days Aged
	Current			0-30			31-60			61-90			Over 90			Total
Accounts Payable	$	2,022,006		$	-		$	-		$	-		$	-		$	2,022,006
Wages Payable		-			-			-			-			-			-
Taxes Payable (2)		354,922			-			-			-			-			354,922
Rent/Leases-Building		5,239			-			-			-			-			5,239
Rent/Leases-Equipment		641			-			-			-			-			641
Secured Debt/Adequate Protection Payments		-			-			-			-			-			-
Professional Fees		3,264,965			-			-			-			-			3,264,965
Amounts Due to Insiders (3)		5,062			-			-			-			-			5,062
Other		-			-			-			-			-			-
Total Postpetition Debts	$	5,652,835		$	-		$	-		$	-		$	-		$	5,652,835
Percentage of Total		100	%		0	%		0	%		0	%		0	%

Notes:

(1)The post petition accounts payable reported represents open and outstanding trade vendor invoices that have been entered into the Debtor's accounts payable system. This summary includes accruals for invoices not yet received and for invoices not yet entered into the Debtor's accounts payable system.

(2) Severance and extraction taxes are paid on a monthly basis to the respective state in which the Debtors' producing oil and gas properties are located. The amount represents the estimated portion of gross state taxes (including those remitted on behalf of third parties) the Debtors have accrued since the petition date.

(3)"Insider" is defined in 11 U.S.C. Section 101(31).

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: April 2016

MOR - 5

Debtors Account Receivable Reconciliation and Aging(1)

As of April 30, 2016

Unaudited

	Days Aged
Debtors	Current			0-30			31-60			61-90			Over 90			Total
Emerald Oil, Inc.	$	3,107,290		$	1,306		$	596,719		$	295,170		$	5,015,540		$	9,016,025
Emerald WB, LLC		-			-			-			-			-			-
Emerald NWB, LLC		-			-			-			-			-			-
Emerald DB, LLC		-			-			-			-			-			-
EOX Marketing, LLC		-			33,851			-			-			-			33,851
Total	$	3,107,290		$	35,157		$	596,719		$	295,170		$	5,015,540		$	9,049,876
Percentage of Total		34	%		0	%		7	%		3	%		55	%

Notes:

(1) Aging is primarily for the Debtors' joint interest billing and oil and gas sales receivables and does not include intercompany receivables. All amounts are included on a gross basis before any adjustment for estimated bad debts and other uncollectible amounts.

FORM MOR-5
(04/07)

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 (1)

Notes

(1) The Professional Fees account was created on April 13, 2016 specifically for the purpose of payment management of professional fees related to the bankruptcy process.