Nimin Energy (NEYYF) 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 12, 2013
Document and Entity Information	'	'
Entity Registrant Name	'NiMin Energy Corp.	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Entity Central Index Key	'0001404636	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	69,834,396
Entity Filer Category	'Non-accelerated Filer	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Statements_of_Net

Consolidated Statements of Net Assets as of September 30, 2013 and December 31, 2012 (Liquidation Basis) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets:	'	'
Cash and cash equivalents.	$7,622,549	$9,657,306
Other accounts receivable	17,523	60,129
Income tax receivable	0	329,185
Total assets	7,640,072	10,046,620
Current liabilities:	'	'
Accounts payable	142,418	71,654
Accrued professional fees related to liquidation	1,313,490	1,481,470
Other costs related to liquidation	418,641	452,717
Asset retirement obligations	0	203,861
Total liabilities	1,874,549	2,209,702
Net assets in liquidation (Note 2)	$5,765,523	$7,836,918
Net assets in liquidation per outstanding share	$0.08	$0.11

Consolidated_Statements_of_Net1

Consolidated Statements of Net Assets as of September 30, 2013 and December 31, 2012 (Liquidation Basis) Parentheticals (USD $)	Sep. 30, 2013	Dec. 31, 2012
Parentheticals	'	'
Common Stock, no par value	$0	$0
Common Stock, shares issued	69,834,396	69,834,396
Common Stock, shares outstanding	69,834,396	69,834,396

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (Going Concern Basis) (USD $)	6 Months Ended
	Jun. 30, 2012
Revenue:	'
Crude oil and natural gas revenues	$10,985,590
Operating costs	4,257,619
General and administrative	6,043,260
Liquidation related expenses	7,537,423
Depreciation, depletion, amortization, and accretion	1,697,361
(Gain) Loss on crude oil derivative contracts	-189,507
Total Operating Expenses	19,346,156
Income (loss) before other items	-8,360,566
Interest income	10,673
Interest expense	-6,443,178
Foreign exchange gain (loss)	-438
Change in fair value of options	296,519
Change in fair value of warrants	235,134
Other	-22,818
Other Reclamation Costs	-659,115
Gain on sale of oil & gas properties and equipment	46,280,232
Total other income	39,697,009
Income before taxes	31,336,443
Income tax expense	2,478,263
Net Income and comprehensive income	$28,858,180
Basic and diluted income per share	$0.41

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Going Concern Basis) (USD $)	6 Months Ended
	Jun. 30, 2012
Cash flows from operating activities:	'
Net Income (loss)	$28,858,180
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'
Depreciation, depletion, amortization, accretion	1,697,361
Change in fair values of options.	-296,519
Changes in fair value of warrants.	-235,134
Gain on sale of oil and gas properties.	-46,377,296
Stock-based compensation	2,289,567
Write down of fixed assets	82,731
Loss on sale of non-oil & gas properties	97,064
Non-cash interest expense	3,497,867
Decrease in assets:	'
Trade accounts receivable	1,061,589
Prepaid expenses	311,922
Crude oil inventory	149,553
Increase liabilities:	'
Accounts payable and accrued liabilities	7,850,251
Asset retirement obligation	659,114
Net cash provided by (used in) operating activities	-353,750
Cash flows from investing activities:	'
Purchase of and expenditures on crude oil and natural gas properties	-1,579,255
Sale of oil & gas properties	119,245,819
Increase in restricted investments	-3,143,741
Net cash provided by (used in) investing activities	114,522,823
Cash flows from financing activities:	'
Repayment of long-term debt	-36,000,000
Repurchase of options	-29,108
Net cash provided by (used in) financing activities	-36,029,108
Change in cash and cash equivalents during the period	78,139,965
Cash and cash equivalents at beginning of the period	3,811,028
Cash and cash equivalents at end of the period	81,950,993
Supplemental disclosure of cash flow information:	'
Cash paid for interest	$2,945,444

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Nets Assets in Liquidation as of September 30, 2013 (Liquidation Basis) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Changes in Nets Assets in Liquidation	'	'
Net Assets in Liquidation	$6,132,020	$7,836,918
Adjustments to assets	0	-28,689
Adjustments to Liquidation accruals;	-377,790	-2,022,794
Foreign exchange adjustment,	11,293	-19,912
Net Assets in Liquidation as of September 30, 2013.	$5,765,523	$5,765,523

Description_of_the_Business

Description of the Business	9 Months Ended
	Sep. 30, 2013
Description of the Business	'
Description of the Business	'
	1         Description of the Business
	NiMin Energy Corp. (the “Company” or “NiMin”) was incorporated under the name NiMin Capital Corp. under the Business Corporations Act (Alberta) on May 31, 2007.  The Company changed its name to NiMin Energy Corp. on September 3, 2009, and consolidated its shares on the basis of one new post-consolidation share (“Common Shares”) for each three existing Common Shares.
	The principal business of the Company was conducted through its wholly owned subsidiary, Legacy Energy, Inc. (“Legacy”), a Delaware company that was engaged in the exploration, development, and production of crude oil and natural gas properties in the states of California and Wyoming until the sale of its assets in June 2012.
	The annual and special meeting (the "Special Meeting") of holders (“Shareholders”) of Common Shares of the Company (“Common Shares”) was held on June 26, 2012.  At the Special Meeting, in addition to annual items of business, Shareholders were asked to consider and vote on, among other things, special resolutions approving the proposed sale of all or substantially all of the Company's assets (the "Sale of Assets") including those assets held by NiMin's wholly-owned subsidiary, Legacy, pursuant to purchase and sale agreements with respect to its Wyoming based assets and California based assets.
	At the Special Meeting, the Shareholders were also asked to consider and vote on the voluntary winding up and dissolution of the Company pursuant to the laws of the Business Corporations Act (Alberta) (the "Winding Up") and the distribution to Shareholders of the net proceeds of the Sale of Assets (less the settlement of obligations of Legacy) and cash on hand, as part of such liquidation and dissolution after satisfaction of all liabilities of the Company.
	Both the Sale of Assets and the Winding Up were approved by the Shareholders at the Special Meeting.  In order for the Company to complete the Winding Up, the appropriate corporate steps were required to be taken for the dissolution and liquidation of Legacy. Pursuant to the approval of the Sale of Assets, Legacy proceeded with the sale of the Wyoming oil and gas assets and the California oil and gas assets all as more particularly described below.
	On June 28, 2012, Legacy completed its previously announced sale of its assets in Wyoming's Big Horn Basin (the "Wyoming Assets") to BreitBurn Operating L.P., a wholly-owned subsidiary of BreitBurn Energy Partners L.P. (NASDAQ: BBEP “BreitBurn”), for total cash consideration of approximately $93 million, being the original purchase price of approximately $98 million less approximately $5 million adjusted to account for preliminary purchase price adjustments.  On August 30, 2012, Legacy completed its final settlement with BreitBurn and received approximately $2.3 million based on the final purchase price adjustments.
	On June 29, 2012, Legacy completed its previously announced sale of its assets in California's San Joaquin Basin (the "California Assets") to Southern San Joaquin Production, LLC for total cash consideration of approximately $26 million, being the original purchase price of approximately $27 million, less approximately $1 million adjusted to account for preliminary purchase price adjustments. Pursuant to the terms of the purchase and sale agreement, $3 million of the $26 million purchase price paid on closing had been deposited with an escrow agent until December 28, 2012, in connection with various indemnities contained therein.  On August 30, 2012, Legacy completed its final settlement with Southern San Joaquin Production LLC and received $347,938 based on the final purchase price adjustments. On December 28, 2012, the $3 million was released to NiMin from the escrow account. The Winding Up and the dissolution and liquidation of Legacy contemplates the orderly disposition of the assets, the orderly discharge of all outstanding liabilities, including all outstanding debt, and after the establishment of appropriate reserves, the distribution of cash to Shareholders in installments.
	On September 24, 2012, the Board declared an initial distribution to Shareholders of $1.01 per Common Share. The distribution was made as a return of capital to Shareholders of record at the close of business on October 9, 2012. The distribution of $70,532,740 was paid on October 22, 2012.
	Upon completion of the disposition of all remaining assets of Legacy and the settlement of all liabilities of the Company and Legacy, the Company intends to distribute the remaining net proceeds of the liquidation and dissolution of both Legacy and the Company to Shareholders in one final distribution on a future date which has not yet been determined.
	NiMin’s wholly-owned subsidiary, Legacy Energy, Inc., a Delaware company, dissolved in accordance with the laws of Delaware on September 17, 2012.
	NiMin voluntarily delisted its Common Shares from the Toronto Stock Exchange ("TSX") after the close of trading on October 22, 2012, the date on which NiMin's initial distribution was "payable" and its listing was transferred to the NEX, a separate board of the TSX Venture Exchange, effective as of opening of the market on October 23, 2012. From October 23, 2012, and onwards until the time that is on or about the date of dissolution, NiMin's Common Shares trade on the NEX under the symbol "NNN.H".
	The Company announced that the Common Shares of the Company were delisted from the OTCQX effective July 23, 2012.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Basis of Presentation:	'
Basis of Presentation	'
	2         Basis of Presentation
	The unaudited interim financial information of the Company has been prepared in accordance with Article 10 of the Securities and Exchange Commission’s, or the SEC, Regulation S-X. Accordingly, it does not include all of the information required by generally accepted accounting principles in the U.S., or U.S. GAAP, for complete financial statements. The consolidated statement of net assets at December 31, 2012, was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, the accompanying financial information contains all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s unaudited consolidated financial statements of interim periods. These unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, or the 2012 10-K. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year.
	As a result of the Shareholders’ approval of the Winding Up of the Company, the liquidation basis of accounting was adopted effective June 30, 2012. This basis of accounting is considered appropriate when, among other things, liquidation of a company is imminent and the net realizable values of assets are reasonably determinable. Under this basis of accounting, assets are valued at their net realizable values and liabilities are stated at their estimated settlement amounts.  Further, all costs of liquidation are accrued as of September 30, 2013.  Financial information presented as of and subsequent to June 30, 2012, includes a Consolidated Statement of Net Assets and a Consolidated Statement of Changes in Net Assets in Liquidation, as required under the liquidation basis of accounting.  Financial information included for periods ending prior to June 30, 2012, is presented under the going concern basis of accounting.
	These unaudited interim consolidated financial statements of the Company are presented in U.S dollars.
	A statement of operations is not presented for the three and nine months ended September 30, 2013, due to the liquidation basis of accounting. Instead, a statement of changes in net assets has been reported.
	Accrued Cost of Liquidation
	Under the liquidation basis of accounting, the Company has accrued for the estimated costs to be incurred in liquidation, as follows:
	Accrued Liquidation Costs		Balances as of December 31,      2012		Adjustments to accrual		Payments		Balances as of September 30,     2013
	Lease obligation	$	-	$	-	$	-	$	-
	Professional fees		1,481,470		1,446,597		-1,614,577		1,313,490
	Payroll related costs		-		-		-		-
	Other		452,717		236,855		-270,931		418,641
	Total	$	1,934,187	$	1,683,452	$	-1,885,508	$	1,732,131
	The Company will continue to incur operating costs through the liquidation of the Company (the “Liquidation Period”). On a regular basis, we evaluate our assumptions, judgments and estimates that can have a significant impact on our reported net assets in liquidation based on the most recent information available to us, and when necessary make changes accordingly. Actual costs and income may differ from our estimates, which might reduce net assets available in liquidation to be distributed to Shareholders.
	The Winding Up and the dissolution and liquidation of the Company continue to be assessed and the exact amount and timing of further distribution(s) to Shareholders can only be determined upon completion of the orderly disposition of assets and orderly discharge of all liabilities.  Once management of the Company has completed those required steps, current estimates will be revised to reflect actual numbers.  The numbers reflected in the statement of net assets and the estimated $0.08 net assets in liquidation per outstanding share include management estimates made as of September 30, 2013, for the next four months, the estimated remaining period for dissolution.  They do not necessarily reflect the final dollars that may be available to the Company for distribution to Shareholders.  Any distribution amounts can only be calculated upon completion of all the dispositions, discharges and determinations of reserves.

Asset_Retirement_Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligations	'
Asset Retirement Obligations	'
	3         Asset Retirement Obligations
	The Company’s asset retirement obligations are based on net ownership in wells and facilities and management’s estimate of the timing and expected future costs associated with site reclamation, facilities dismantlement and the plugging and abandonment of wells.
	The following table provides a reconciliation of the beginning and ending aggregate carrying amount of the obligation associated with the retirement of property and equipment:
			Period endedSeptember 30,2013		Year endedDecember 31,2012
	Balance, beginning of year	$	203,861	$	1,180,661
	Change in estimate		339,341		163,850
	Reduction to liabilities		(543,202)		(1,180,336)
	Accretion expense		-		39,686
	Balance, end of year	$	-	$	203,861
	There is no remaining balance sheet liability at September 30, 2013, related to the completion of well site restoration in Louisiana.  The Company received confirmation that the former well site has been released for unrestricted use from the state of Louisiana on August 30, 2013.

Senior_Loan

Senior Loan	9 Months Ended
	Sep. 30, 2013
Senior Loan	'
Senior Loan	'
	4         Senior Loan
	On June 30, 2010, the Company entered into a senior secured loan (the “Senior Loan”) in the amount of $36 million from a U.S. based institutional private lender.  The Company borrowed $36 million subject to an original issuer discount of 7.5%, a commitment fee of 1%, a placement fee of 1% and a transaction fee of 3%.  Debt issuance costs of $4.9 million were incurred and were being amortized to net income under the effective interest method. The Senior Loan had a 12.5% fixed interest rate and a term of five years.  Interest was payable quarterly beginning September 30, 2010.
	As part of the Winding Up of the Company, on June 28, 2012, the Company prepaid the entire amount of the Senior Loan and as a result, a prepayment penalty of 2% representing $707,705 was applied in addition to the accrued interest of $1,118,853 and principal of $36,000,000.  The remaining unamortized debt issuance cost of $3.23 million as of June 28, 2012, related to the Senior Loan, was written off and was included in the period ended June 30, 2012, interest expense.

Share_Capital

Share Capital	9 Months Ended
	Sep. 30, 2013
Share Capital	'
Share Capital	'
	5         Share Capital
	a.       Authorized and Outstanding
	Common Shares
	NiMin was authorized to issue an unlimited number of Common Shares.  As of September 30, 2013, and December 31, 2012, 69,834,396 Common Shares were issued and outstanding.
	Preferred Shares
	NiMin was also authorized to issue an unlimited number of Preferred Shares issuable in series.  As of September 30, 2013, and December 31, 2012, no Preferred Shares have been issued.
	b.       Stock Option Plan
	The Company established a stock option plan as approved by the shareholders whereby options to purchase Common Shares may be granted to the Company’s directors, officers, employees and consultants.  The exercise prices of stock options were denominated in Canadian dollars.  The number of Common Shares issuable under the Company’s stock option plan cannot exceed 15% of the issued and outstanding common shares of the Company.  The exercise price of each option equals the market price of the Company’s stock on the date of grant and the option has a maximum life of ten years.  The vesting period is determined by the Board of Directors at the time of grant.  Options issued by the Company generally vest one-third on the first, second, and third anniversary of the date of grant.  Following the approval of the Winding Up of the Company, all outstanding
	unvested options became automatically vested and the Company recognized the remaining grant date fair value of approximately $1.7 million in the period ended June 30, 2012.
	Pursuant to Section 3.5 of the Company’s stock option plan, the Company completed the sale of all or substantially all of the Company’s assets and, as such, terminated all unexercised options under the plan in July 2012.
	The following table sets forth a reconciliation of the stock option activity for the period ended September 30, 2013, and December 31, 2012:
		Number of shares	Weighted Average Exercise Price  (CDN$)
	Stock options outstanding at December 31, 2011 (i)	9,220,001	1.24
	Options exercised	-	-
	Options forfeited (i)	(60,000)	1.61
	Options repurchased (i)	(600,000)	1
	Options cancelled	(8,560,001)	1.29
	Stock options outstanding at December 31, 2012	-	-
	Options exercised	-	-
	Options forfeited	-	-
	Options repurchased	-	-
	Options cancelled	-	-
	Stock options outstanding at September 30, 2013	-	-
	(i)                   The 2.70 million stock options relating to former employees were modified upon transition to a consulting role in 2012 to allow for continued vesting. The resulting
	$104,483 was recognized as incremental stock-based compensation expense during the nine months ended September 30, 2012. As the related options were denominated in Canadian dollars, which is not the functional currency of the Company (which is the U.S. dollar), the vested options were recorded at their fair value at the end of each period and the change in fair value was recognized in earnings.
	Total compensation expense was amortized over the vesting period of the options. Compensation expense of $2.29 million has been recognized during the six months ended June 30, 2012.
	As of June 30, 2012, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s option plan.
		Number of Unvested Options	Weighted- Average Grant- Date Fair Value per Option (CDN$)
	Balance December 31, 2011	4,083,343	0.99
	Vested	(4,023,343)	0.99
	Granted	-	-
	Forfeited	(60,000)	0.94
	Balance September 30, 2012	-	-
	When stock options were exercised, the Company issued Common Shares from the pool of authorized shares.
	c.        Warrants
	Each warrant was exercisable by the holder thereof to acquire one Common Share at any time before the expiration date, after which time the warrants expire and become null and void.
	Each whole warrant issued in connection with the private placement was exercisable for a period of 36 months from September 1, 2011, at an exercise price of $1.60. The warrants were subject to a hold period of four months plus one day from the date of issue.
	As a result of the approval of the Winding Up of the Company in June 2012, an aggregate of 2,188,970 unexercised warrants were terminated in July 2012.
	The following table sets forth a reconciliation of the warrant activity for the periods ended September 30, 2013, and December 31, 2012:
		Number of Warrants	Equity Component Amount	Weighted Average Exercise Price  (CDN$)
	Warrants outstanding at December 31, 2011	2,285,900	844,488	1.79
	Warrants exercised	-	-	-
	Warrants expired	-	-	-
	Warrants cancelled	(2,188,970)	(844,488)	1.79
	Warrants outstanding at December 31, 2012	96,930	-	1.72
	Warrants exercised	-	-	-
	Warrants expired	-	-	-
	Warrants cancelled	-	-	-
	Warrants outstanding at September 30, 2013	96,930	-	1.72
	During third quarter of 2012, pursuant to the Winding Up of the Company, the Company values the warrants based on the expected cash distribution to shareholders as this represents management’s best estimate on the valuation of the underlying equity instruments as of June 30, 2012, and going forward.  As the warrants have an exercise price greater than the expected cash distribution to shareholders, the value of the warrants were determined to approximate zero.
	The following table summarizes NiMin’s warrants exercisable at September 30, 2013:
	Expiration Date	Number of Warrants	Exercise Price per share(CDN$)
	10-Mar-16	96,930	1.72
		96,930	1.72
	a.       Per Share Amounts
	Basic earnings (loss) per share were computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding.  Diluted earnings (loss) per common share were calculated using the treasury stock method to determine the dilutive
	effect of the stock options.  The treasury stock method assumes that the proceeds received from the exercise of “in the money” stock options and warrants were used to repurchase commons shares at the average market price during the period.  The weighted average number of shares assumed to be outstanding was as follows:
			Six months ended June 30,
			2012
	Net income	$	28,858,180
	Basic and diluted shares outstanding (i)		69,834,396
	Income per basic and diluted share	$	0.41
	For the six months ended June 30, 2012, 10.8 million stock options and warrants were excluded from the diluted loss per share calculation because their effect was anti-dilutive as a result of the options and warrants being out of the money

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
Income Taxes	'
	6         Income Tax
	On May 6, 2013, the Company received a refund for U.S. income taxes of $327,174 resulting from an overpayment of income taxes in 2012.  The Company generated additional net operating losses during the nine months ended September 30, 2013, but deferred tax assets have been recorded at their net realizable value of $0 under the liquidation basis of accounting.

Financial_Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2013
Financial Instruments	'
Financial Instruments	'
	7         Financial Instruments
	a.       Fair Value
	The Company’s financial instruments consist of cash and cash equivalents, warrants, accounts payable and accrued liabilities.  For the six months ended June 30, 2012, the fair value of the commodity derivative was obtained from the counterparty and therefore was considered level 2.  Due to the pending liquidation, the Company valued the warrants based on the expected cash distribution to shareholders as this represents management’s best estimate of the valuation of the underlying equity instruments. As the warrants have an exercise price greater than the expected cash distribution to shareholders, the value of the warrants were determined to approximate zero.
	b.       Derivatives
	Commodity price risk was the risk that the future cash flows will fluctuate as a result of changes in commodity prices.  Commodity prices for crude oil and natural gas were impacted by world economic events that dictate the levels of supply and demand.
	In January 2010, the Company entered into a derivative financial contract for 7,500 Bbls of NYMEX West Texas Intermediate (“NYMEX WTI”) crude oil production per month at a fixed rate of $85.10 per barrel until December 2012.
	In December 2010, the Company entered into a derivative financial contract for 125 Bbls of oil per day for 2011 and 250 Bbls of oil per day for 2012 at a fixed rate of $90.40 per barrel.
	In November 2011, the Company entered into a derivative financial contract for 100 Bbls of oil per day for 2012 at a fixed price of $96.75 per barrel.
	We do not designate our derivative financial instruments as hedging instruments for accounting purposes and, as a result, we recognize the current change in a derivative’s fair value in earnings.
	For the six months ended June 30, 2012, the Company’s change in derivative contracts included a realized gain of $189,507.
	During the second quarter of 2012, the Company terminated and settled all derivative contracts as of May 17, 2012, and at September 30, 2013, did not carry derivative contracts on the balance sheet.

Related_Party_Disclosures

Related Party Disclosures	9 Months Ended
	Sep. 30, 2013
Related Party Disclosures	'
Related Party Transactions Disclosure	'
	8         Related Party Transactions
	The Company used the services of Simon, Peragine, Smith and Redfearn LLP to assist in general legal matters related to contracts and lease agreements of its properties.  For the period ended September 30, 2013, the Company recorded legal expenditures of $25 as compared to $138,206 for the period ended September 30, 2012. Mr. Redfearn is currently a member of the Company’s Board of Directors, and is a partner of the law firm.
	Effective February 1, 2013, the Legacy Energy Liquidating Trust, a Delaware statutory trust (the “Liquidating Trust”), was established to provide for the transfer of certain assets of Legacy to the
	Liquidating Trust in order to satisfy any future unknown claims against Legacy following its dissolution and liquidation.  NiMin is the sole owner of beneficial ownership interests in the Liquidating Trust.  The Board of Directors of NiMin will fund the Liquidating Trust with assets, which will include $250,000 in cash. In addition, the Board will fund the liquidating trust with any other assets of Legacy that are not otherwise disposed of in liquidation which the Board deems to be reasonably likely to be sufficient to provide compensation for claims that have not been made known to Legacy or that have not arisen but that, based on facts known to Legacy and NiMin, may arise following dissolution, as required by Delaware law.
	On January 3, 2016, the Liquidating Trust will terminate by its terms and any remaining assets in the Liquidating Trust will be distributed to the owners of the beneficial interests.
	NiMin has determined that the appropriate amount to fund the Liquidating Trust to meet unknown claims and the ongoing obligations of the Liquidating Trust is $250,000, which shall be funded prior to the dissolution of NiMin.  NiMin intends to sell the beneficial ownership interests in the Liquidating Trust along with the patents in the CMD process and rights to an overriding royalty on non-producing properties to Pacific Oil and Gas LLC, a company owned by Clancy Cottman and Bill Gumma, two directors of NiMin, for aggregate proceeds of $1,000 in order to complete the dissolution and liquidation of NiMin.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2013
Basis of Presentation (Tables)	'
Accrued Cost of Liquidation	'
	Under the liquidation basis of accounting, the Company has accrued for the estimated costs to be incurred in liquidation, as follows:
	Accrued Liquidation Costs		Balances as of December 31,      2012		Adjustments to accrual		Payments		Balances as of September 30,     2013
	Lease obligation	$	-	$	-	$	-	$	-
	Professional fees		1,481,470		1,446,597		-1,614,577		1,313,490
	Payroll related costs		-		-		-		-
	Other		452,717		236,855		-270,931		418,641
	Total	$	1,934,187	$	1,683,452	$	-1,885,508	$	1,732,131

Reconcilation_Asset_Retirement

Reconcilation Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2013
Reconcilation Asset Retirement Obligations	'
Reconcilation Asset Retirement Obligations	'
	The following table provides a reconciliation of the beginning and ending aggregate carrying amount of the obligation associated with the retirement of property and equipment:
			Period endedSeptember 30,2013		Year endedDecember 31,2012
	Balance, beginning of year	$	203,861	$	1,180,661
	Change in estimate		339,341		163,850
	Reduction to liabilities		(543,202)		(1,180,336)
	Accretion expense		-		39,686
	Balance, end of year	$	-	$	203,861

Share_Capital_As_Follows_Table

Share Capital As Follows (Tables)	9 Months Ended
	Sep. 30, 2013
Share Capital As Follows	'
Reconciliation of the stock option activity	'
	The following table sets forth a reconciliation of the stock option activity for the period ended September 30, 2013, and December 31, 2012:
		Number of shares	Weighted Average Exercise Price  (CDN$)
	Stock options outstanding at December 31, 2011 (i)	9,220,001	1.24
	Options exercised	-	-
	Options forfeited (i)	(60,000)	1.61
	Options repurchased (i)	(600,000)	1
	Options cancelled	(8,560,001)	1.29
	Stock options outstanding at December 31, 2012	-	-
	Options exercised	-	-
	Options forfeited	-	-
	Options repurchased	-	-
	Options cancelled	-	-
	Stock options outstanding at September 30, 2013	-	-
Share-based Compensation Activity Granted Under Option Plan	'
	As of June 30, 2012, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s option plan.
		Number of Unvested Options	Weighted- Average Grant- Date Fair Value per Option (CDN$)
	Balance December 31, 2011	4,083,343	0.99
	Vested	(4,023,343)	0.99
	Granted	-	-
	Forfeited	(60,000)	0.94
	Balance September 30, 2012	-	-
Reconciliation of the warrant activity for the periods ended	'
	The following table sets forth a reconciliation of the warrant activity for the periods ended September 30, 2013, and December 31, 2012:
		Number of Warrants	Equity Component Amount	Weighted Average Exercise Price  (CDN$)
	Warrants outstanding at December 31, 2011	2,285,900	844,488	1.79
	Warrants exercised	-	-	-
	Warrants expired	-	-	-
	Warrants cancelled	(2,188,970)	(844,488)	1.79
	Warrants outstanding at December 31, 2012	96,930	-	1.72
	Warrants exercised	-	-	-
	Warrants expired	-	-	-
	Warrants cancelled	-	-	-
	Warrants outstanding at September 30, 2013	96,930	-	1.72
NiMin's warrants exercisable	'
	The following table summarizes NiMin’s warrants exercisable at September 30, 2013:
	Expiration Date	Number of Warrants	Exercise Price per share(CDN$)
	10-Mar-16	96,930	1.72
		96,930	1.72
Weighted Average Number Of Shares Assumed	'
	The weighted average number of shares assumed to be outstanding was as follows:
			Six months ended June 30,
			2012
	Net income	$	28,858,180
	Basic and diluted shares outstanding (i)		69,834,396
	Income per basic and diluted share	$	0.41

Description_of_the_Business_Sa

Description of the Business Sale of Assets (Details) (USD $)	Dec. 28, 2012	Oct. 22, 2012	Sep. 24, 2012	Aug. 30, 2012	Jun. 29, 2012	Jun. 28, 2012
Description of the Business Sale of Assets:	'	'	'	'	'	'
Sale of Assets in millions	'	'	'	'	26	93
Original purchase price of Assets in millions	'	'	'	'	27	98
Preliminary purchase price adjustments in millions	'	'	'	'	1	5
Final purchase price adjustments amount with BreitBurn in millions	'	'	'	2.3	'	'
Amount released to NiMin from the escrow account in millions	3	'	'	'	'	'
Final purchase price adjustments amount with Southern San Joaquin Production LLC	'	'	'	$347,938	'	'
Distribution was paid on made as a return of capital to Shareholders of record at the close of business	'	$70,532,740	'	'	'	'
Initial distribution to Shareholders per Common Share	'	'	$1.01	'	'	'

Basis_of_Presentation_Accrued_

Basis of Presentation Accrued Liquidation Costs (Details) (USD $)	Lease obligation	Professional fees	Payroll related costs	Other,	Total
Balances at Dec. 31, 2012	$0	$1,481,470	$0	$452,717	$1,934,187
Adjustments to accrual	0	1,446,597	0	236,855	1,683,452
Payments	0	-1,614,577	0	-270,931	-1,885,508
Balances; at Sep. 30, 2013	$0	$1,313,490	$0	$418,641	$1,732,131

Asset_Retirement_Obligations_A

Asset Retirement Obligations As Follows (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Asset Retirement Obligations As Follows:	'	'
Balance of Obligations, beginning	$203,861	$1,180,661
Change in estimate	339,341	163,850
Reduction to liabilities	-543,202	-1,180,336
Accretion expense	0	39,686
Balance of Obligations, end of year	$0	$203,861

Senior_Secured_Loan_Consists_o

Senior Secured Loan Consists of The Following (Details) (USD $)	Jun. 30, 2010
Senior Secured Loan Consists of The Following:	'
Senior Secured Loan in millions	36
Discount on original issue of loans	7.50%
Commitment fee	1.00%
Placement fee	1.00%
Transaction fee	3.00%
Debt issuance costs in millions	$4.90

Senior_Loan_Prepayment_of_Loan

Senior Loan Prepayment of Loan As Follows (Details) (USD $)	Jun. 28, 2012
Senior Loan Prepayment of Loan:	'
Amount of penalty on Loan for prepayment	$707,705
Accrued Interest on Senior Loan	1,118,853
Principle amount of Senior Loan	$36,000,000

Share_Capital_Transactions_Det

Share Capital Transactions (Details)	Sep. 30, 2013	Dec. 31, 2012
Share Capital Authorized and Outstanding:	'	'
Common stocks shares issued	69,834,396	69,834,396
Common stocks shares outstanding	69,834,396	69,834,396

Sharebased_compensation_arrang

Share-based compensation arrangements granted Under the Option Plan (Details)	Number of Unvested Options	Weighted- Average Grant- Date Fair Value per Option (CDN$)
Balance Options at Dec. 31, 2011	4,083,343	0.99
Vested	-4,023,343	0.99
Granted	0	'
Forfeited	-60,000	0.94
Balance Options, at Sep. 30, 2012	0	'

Share_Capital_Reconciliation_O

Share Capital Reconciliation Of Stock Option Activity (Details)	Number of shares	Weighted Average Exercise Price CDN
Stock options outstanding at Dec. 31, 2011	9,220,001	1.24
Options exercised	0	0
Options forfeited	-60,000	1.61
Options repurchased	-600,000	1
Options cancelled	-8,560,001	1.29
Stock options outstanding, at Dec. 31, 2012	0	0
Stock options outstanding at Dec. 31, 2012	'	'
Options exercised.	0	0
Options forfeited.	0	0
Options repurchased.	0	0
Options cancelled.	0	0
Stock options outstanding; at Sep. 30, 2013	0	0

Reconciliation_Of_The_Warrants

Reconciliation Of The Warrants Activity For The Period (Details)	Number of Warrants	Equity Component Amount	Weighted Average Exercise Prices (CDN$).
Warrants outstanding at Dec. 31, 2011	2,285,900	844,488	1.79
Warrant exercised	0	0	0
Warrants expired	0	0	0
Warrants cancelled	-2,188,970	-844,488	1.79
Warrants outstanding: at Dec. 31, 2012	96,930	0	1.72
Warrants outstanding at Dec. 31, 2012	'	'	'
Warrant exercised,	0	0	0
Warrants expired,	0	0	0
Warrants cancelled,	0	0	0
Warrants outstanding , at Sep. 30, 2013	96,930	0	1.72

NiMins_warrants_exercisable_De

NiMin's warrants exercisable (Details) (USD $)	Sep. 30, 2013
NiMin's warrants exercisable {1}	'
Exercise Price per share in (CDN$)	$1.72
warrants exercisable with Expiration Date March 10, 2016	96,930

Weighted_Average_Shares_Assume

Weighted Average Shares Assumed To Be Outstanding (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Weighted Average Shares Assumed To Be Outstanding:	'
Net income	$28,858,180
Basic and diluted shares outstanding	69,834,396
Income (loss) per basic and diluted share	$0.41

Derivative_Financial_Contract_

Derivative Financial Contract (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Derivative Financial Contract:	'
Derivative Financial Contract for 7,500 bbls	$85.10
Derivative Financial Contract for 125 bbls of oil per day	$90.40
Derivative Financial Contract for 250 bbls of oil per day	$90.40
Derivative Financial Contract for 100 bbls of oil per day	$96.75
Change in derivative contracts included a realized gain	$189,507

Refund_of_income_taxes_Details

Refund of income taxes (Details) (USD $)	6-May-13
Refund of income taxes	'
Refund of income taxes resulting from an overpayment of income taxes in 2012	$327,174
Deferred tax assets have been recorded at their net realizable value	$0

Related_Party_Transaction_Deta

Related Party Transaction (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Related Party Transaction:	'	'
Recorded legal expense	$25	$138,206
Purchase and sale related to the CMD technology purchase price	1,000	'
Fund to meet unknown claims and the ongoing obligations of the Liquidating Trust is	$250,000	'