Exhibit 99.1
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DEBTOR(S): | Escalera Resources Co. |
| MONTHLY OPERATING REPORT |
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| CHAPTER 11 |
CASE NUMBER: | 15-22395-TBM |
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Form 2-A
COVER SHEET
For Period End Date: May 31, 2017
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Accounting Method: | ☒ | Accrual Basis | ☐ | Cash Basis |
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THIS REPORT IS DUE 21 DAYS AFTER THE END OF THE MONTH | |||||
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Mark One Box for Each Required Document:
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| Debtor must attach each of the following documents unless the U. S. Trustee has waived the requirement in writing. File the original with the Clerk of Court. Submit a duplicate, with original signature, to the U. S. Trustee. | |
Report/Document Attached |
| Previously Waived |
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| REQUIRED REPORTS/DOCUMENTS |
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☒ |
| ☐ |
| 1. | Cash Receipts and Disbursements Statement (Form 2-B |
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☒ |
| ☐ |
| 2. | Balance Sheet (Form 2-C) |
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☒ |
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| 3. | Profit and Loss Statement (Form 2-D) |
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☒ |
| ☐ |
| 4. | Supporting Schedules (Form 2-E) |
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☒ |
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| 5. | Quarterly Fee Summary (Form 2-F) |
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☒ |
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| 6. | Narrative (Form 2-G) |
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☒ |
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| 7. | Bank Statements for All Bank Accounts |
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| (Redact all but last 4 digits of account number and remove check images) |
☒ |
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| 8. | Bank Statement Reconciliations for all Bank Accounts |
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n/a |
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| 9. | Evidence of insurance for all policies renewed or replaced during month |
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I declare under penalty of perjury that the following Monthly Operating Report, and any
attachments thereto are true, accurate and correct to the best of my knowledge and belief.
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Executed on: | 6/30/2017 | Print Name: | Adam Fenster |
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| Signature: | /s/ Adam Fenster |
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| Title: | Chief Financial Officer |
Rev. 1/15/14
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DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: May 1, 2017 to May 31, 2017
CASH FLOW SUMMARY
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| Current Month |
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Accumulated |
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1. | Beginning Cash Balance | $ | 5,020,870.62 | (1) | $ | 10,037,754.37 | (1) |
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2. | Cash Receipts |
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| Operations |
| 865,462.92 |
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| 15,520,290.85 |
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| Sale of Assets |
| 0 |
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| 0 |
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| Loans/advances |
| 0 |
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| 0 |
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| Other |
| 0 |
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| 0 |
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| Total Cash Receipts | $ | 865,462.92 |
| $ | 15,520,290.85 |
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3. | Cash Disbursements |
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| Operations |
| 713,750.27 |
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| 20,095,077.17 |
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| Debt Service/Secured loan payment |
| 0 |
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| 0 |
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| Professional fees/U.S. Trustee fees |
| 0 |
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| 0 |
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| Professional fees paid from retainer (e.g. COLTAF accts) |
| 0 |
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| 254,321.60 |
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| Other |
| 0 |
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| 36,063.18 |
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| Total Cash Disbursements | $ | 713,750.27 |
| $ | 20,385,461.95 |
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4. | Net Cash Flow (Total Cash Receipts less |
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| Total Cash Disbursements) |
| 151,712.65 |
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| (4,865,171.10) |
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5. | Ending Cash Balance (to Form 2-C) | $ | 5,172,583.27 | (2) | $ | 5,172,583.27 | (2) |
CASH BALANCE SUMMARY
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| Financial Institution |
| Book Balance |
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Petty Cash | None | $ | 0.00 |
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DIP Operating Account | ANB Bank – 2000004201 |
| 4,408,325.43 |
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DIP State Tax Account | None |
| 0.00 |
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DIP Payroll Account | None |
| 0.00 |
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Other Operating Account | ANB Bank - 2000007113 |
| 573,971.59 |
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Retainers held by professionals (i.e. COLTAF) | Per Form 2-E |
| 190,286.25 |
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TOTAL (must agree with Ending Cash Balance above) | $ | 5,172,583.27 | (2) | |
(1) | Accumulated beginning cash balance is the cash available at the commencement of the case and retainers. |
Current month beginning cash balance should equal the previous month's ending balance.
(2) | All cash balances should be the same. |
Rev. 1/15/14
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DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: May 1, 2017 to May 31, 2017
CASH RECEIPTS DETAIL | Account No: | 5792483439 |
(attach additional sheets as necessary)
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Date |
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| Description |
| Amount |
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5/3/2017 |
| Freeport-McMoRan Oil & Gas LLC |
| Joint interest billing reimbursement | $ | 100.93 |
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5/3/2017 |
| Silver Creek Oil & Gas, LLC |
| Joint interest billing reimbursement |
| 23.41 |
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5/3/2017 |
| AETHON ENERGY OPERATING LLC |
| Revenue - non-operated properties |
| 1,048.11 |
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5/3/2017 |
| Anadarko Petroleum Corp. |
| Revenue - non-operated properties |
| 4,887.68 |
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5/3/2017 |
| Continental Resources, Inc. |
| Revenue - non-operated properties |
| 1,873.83 |
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5/3/2017 |
| Eighty-Eight Oil LLC |
| Revenue - non-operated properties |
| 129.54 |
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5/3/2017 |
| Exxon Mobile Corporation |
| Revenue - non-operated properties |
| 110.93 |
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5/3/2017 |
| Hilcorp Energy Company |
| Revenue - non-operated properties |
| 1,125.87 |
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5/3/2017 |
| K.P. Kauffman Company, Inc. |
| Revenue - non-operated properties |
| 167.63 |
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5/3/2017 |
| Peak Powder River Resoures LLC |
| Revenue - non-operated properties |
| 264.25 |
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5/3/2017 |
| SM Energy |
| Revenue - non-operated properties |
| 180.87 |
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5/3/2017 |
| Sheridan Production Co., LLC |
| Revenue - non-operated properties |
| 57.23 |
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5/3/2017 |
| URBAN OIL & GAS GROUP, LLC |
| Revenue - non-operated properties |
| 526.83 |
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5/4/2017 |
| Oasis Petroleum North America |
| Revenue - non-operated properties |
| 5,591.35 |
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5/17/2017 |
| Chinn Family LTD Partnership |
| Joint interest billing reimbursement |
| 9.86 |
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5/17/2017 |
| Jackal Oil Company |
| Joint interest billing reimbursement |
| 1.97 |
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5/17/2017 |
| Keith L. Mohl & Marlene Mohl, |
| Joint interest billing reimbursement |
| 165.52 |
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5/17/2017 |
| Mike Bonds |
| Joint interest billing reimbursement |
| 5.96 |
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5/17/2017 |
| John Lockridge |
| Joint interest billing reimbursement |
| 2,278.68 |
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5/17/2017 |
| Silver Creek Oil & Gas, LLC |
| Joint interest billing reimbursement |
| 24.64 |
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5/17/2017 |
| Thunder Oil and Gas |
| Joint interest billing reimbursement |
| 1.48 |
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5/17/2017 |
| Wind River Resources |
| Joint interest billing reimbursement |
| 165.53 |
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5/17/2017 |
| BreitBurn Operating LP |
| Revenue - non-operated properties |
| 4,454.21 |
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5/17/2017 |
| Carbon Creek Energy, LLC |
| Revenue - non-operated properties |
| 860.02 |
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5/17/2017 |
| Kerr-McGee Oil & Gas |
| Revenue - non-operated properties |
| 1,360.22 |
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5/17/2017 |
| Oasis Petroleum North America |
| Revenue - non-operated properties |
| 1,165.32 |
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5/17/2017 |
| Statoil Oil & Gas LP |
| Revenue - non-operated properties |
| 4,195.98 |
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5/17/2017 |
| Zavanna, LLC |
| Revenue - non-operated properties |
| 39,617.66 |
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5/19/2017 |
| XTO Energy |
| Revenue - non-operated properties |
| 5,564.50 |
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5/23/2017 |
| HHE - AS - 2005 |
| Joint interest billing reimbursement |
| 3.94 |
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5/23/2017 |
| PetroHill Resources, LLC |
| Joint interest billing reimbursement |
| 6.41 |
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5/23/2017 |
| Wind River Resources |
| Joint interest billing reimbursement |
| 0.77 |
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5/23/2017 |
| ANB BANK |
| Misc - ANB Bank interest |
| 8.53 |
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5/23/2017 |
| ANB BANK |
| Misc - ANB Bank interest |
| 1.71 |
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5/23/2017 |
| Black Bear Oil Corp. |
| Revenue - non-operated properties |
| 2.78 |
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5/23/2017 |
| EOG Resources, Inc. |
| Revenue - non-operated properties |
| 57.49 |
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5/23/2017 |
| Eighty-Eight Oil LLC |
| Revenue - non-operated properties |
| 236.90 |
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5/23/2017 |
| Shell Trading |
| Revenue - operated properties |
| 21,412.81 |
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5/23/2017 |
| XTO Energy |
| Revenue - non-operated properties |
| 973.81 |
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5/25/2017 |
| ConocoPhillips Company |
| Revenue - non-operated properties |
| 20,386.87 |
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5/25/2017 |
| XTO Energy |
| Revenue - non-operated properties |
| 691.24 |
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5/26/2017 |
| XTO Energy |
| Revenue - non-operated properties |
| 1,579.37 |
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5/31/2017 |
| ANB BANK |
| Misc - ANB Bank interest |
| 51.26 |
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5/31/2017 |
| ANB BANK |
| Misc - ANB Bank interest |
| 103.77 |
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5/31/2017 |
| Summit Energy LLC |
| Revenue - properties |
| 743,881.48 |
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| Total Cash Receipts | $ | 865,359.15 | (1) |
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(1) Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1 | Rev. 1/15/14 | ||||
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DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: May 1, 2017 to May 31, 2017
CASH RECEIPTS DETAIL | Account No: | 2000007113 |
(attach additional sheets as necessary)
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Date |
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| Amount |
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5/31/2017 |
| ANB Bank |
| May 2017 interest |
| 103.77 |
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| Total Cash Receipts - Operations | $ | 103.77 | (1) |
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| Total Cash Receipts | $ | 103.77 | (1) |
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(1) Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1 | Rev. 1/15/14 |
DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: May 1, 2017 to May 31, 2017
CASH DISBURSEMENTS DETAIL | Account No: | 5792483439 |
(attach additional sheets as necessary)
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Date |
| Check No. |
| Payer |
| Description |
| Amount |
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5/5/2017 |
| 46805 |
| 361 Services Inc |
| General and administrative expenses | $ | 5,651.25 |
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5/5/2017 |
| 46806 |
| Adam Fenster |
| Employee expense reimbursement |
| 346.97 |
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5/5/2017 |
| 46807 |
| All American Records |
| General and administrative expenses |
| 183.73 |
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5/5/2017 |
| 46808 |
| Alsco |
| Field operating expenses |
| 307.12 |
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5/5/2017 |
| 46809 |
| Cantorco, Inc. |
| General and administrative expenses |
| 5,098.00 |
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5/5/2017 |
| 46810 |
| Complete Energy Services, Inc. |
| Field operating expenses |
| 791.55 |
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5/5/2017 |
| 46811 |
| Culligan, Inc. |
| General and administrative expenses |
| 32.33 |
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5/5/2017 |
| 46812 |
| DNOW03 |
| Field operating expenses |
| 6,915.20 |
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5/5/2017 |
| 46813 |
| Davis Construction |
| Field operating expenses |
| 624.88 |
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5/5/2017 |
| 46814 |
| Dubois Telephone Exchange |
| Field operating expenses |
| 249.71 |
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5/5/2017 |
| 46815 |
| EON Office |
| General and administrative expenses |
| 420.89 |
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5/5/2017 |
| 46816 |
| Faegre Baker Daniels LLP |
| Legal fees - Creditor |
| 651.00 |
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5/5/2017 |
| 46817 |
| GTT Communications, Inc |
| General and administrative expenses |
| 762.41 |
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5/5/2017 |
| 46818 |
| Homax Oil Sales Inc. |
| Field operating expenses |
| 2,026.04 |
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5/5/2017 |
| 46819 |
| Kel-Tech, Inc. |
| Field operating expenses |
| 4,640.52 |
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5/5/2017 |
| 46820 |
| Konica Minolta |
| General and administrative expenses |
| 616.31 |
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5/5/2017 |
| 46821 |
| Medallion Ventures Phase I |
| Field operating expenses |
| 23,911.11 |
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5/5/2017 |
| 46822 |
| NOV Tuboscope |
| Field operating expenses |
| 1,567.81 |
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5/5/2017 |
| 46823 |
| PDS Energy Information Inc. |
| General and administrative expenses |
| 175.24 |
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5/5/2017 |
| 46824 |
| PMI, Inc. |
| Field operating expenses |
| 55.50 |
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5/5/2017 |
| 46825 |
| Patrick R. Sheehan |
| Field operating expenses |
| 700.00 |
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5/5/2017 |
| 46826 |
| REDDOG Systems Inc. |
| General and administrative expenses |
| 372.00 |
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5/5/2017 |
| 46827 |
| Rawlins Automotive, Inc. |
| Field operating expenses |
| 576.21 |
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5/5/2017 |
| 46828 |
| Robidoux Oilfield Services |
| Field operating expenses |
| 873.78 |
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5/5/2017 |
| 46829 |
| Rocky Mountain Power |
| Field operating expenses |
| 132,503.03 |
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5/5/2017 |
| 46830 |
| Ron's Contract Pumping Serv. |
| Field operating expenses |
| 603.00 |
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5/5/2017 |
| 46831 |
| Sky Blue Enterprises, Inc. |
| Field operating expenses |
| 1,192.98 |
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5/5/2017 |
| 46832 |
| Union Telephone Company |
| Field operating expenses |
| 1,067.78 |
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5/5/2017 |
| 46833 |
| Winchester Well Service, Inc. |
| Field operating expenses |
| 7,115.58 |
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5/12/2017 |
| 46834 |
| 361 Services Inc |
| General and administrative expenses |
| 6,414.75 |
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5/12/2017 |
| 46835 |
| Alsco |
| Field operating expenses |
| 289.28 |
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5/12/2017 |
| 46836 |
| Cantorco, Inc. |
| General and administrative expenses |
| 2,555.00 |
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5/12/2017 |
| 46837 |
| DNOW03 |
| Field operating expenses |
| 269.81 |
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5/12/2017 |
| 46838 |
| Homax Oil Sales Inc. |
| Field operating expenses |
| 1,676.36 |
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5/12/2017 |
| 46839 |
| James T. Albi |
| Employee expense reimbursement |
| 952.05 |
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5/12/2017 |
| 46840 |
| KLX Energy Services LLC |
| Field operating expenses |
| 2,683.25 |
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5/12/2017 |
| 46841 |
| Kilburn Tire Co., Inc. |
| Field operating expenses |
| 136.05 |
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5/12/2017 |
| 46842 |
| LC Resources LLC |
| General and administrative expenses |
| 1,729.50 |
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5/12/2017 |
| 46843 |
| NOV Process & Flow |
| Field operating expenses |
| 350.00 |
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5/12/2017 |
| 46844 |
| Northern Lights Energy |
| Field operating expenses |
| 3,135.98 |
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5/12/2017 |
| 46845 |
| Office of State Lands & Invest |
| Payment of royalties/overrides |
| 4,790.68 |
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5/12/2017 |
| 46846 |
| Powder River Energy Group |
| Field operating expenses |
| 380.89 |
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5/12/2017 |
| 46847 |
| Seaport Global Securities LLC |
| Professional fees - Debtor |
| 50,000.00 |
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5/12/2017 |
| 46848 |
| True Value of Rawlins |
| Field operating expenses |
| 73.87 |
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5/12/2017 |
| 46849 |
| Winchester Well Service, Inc. |
| Field operating expenses |
| 10,127.66 |
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5/12/2017 |
| 46850 |
| Zedi |
| Field operating expenses |
| 243.00 |
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5/18/2017 |
| 46851 |
| Anadarko E&P Onshore LLC |
| Joint interest billing payment |
| 3,378.09 |
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5/18/2017 |
| 46852 |
| BreitBurn Operating LP |
| Joint interest billing payment |
| 2,865.17 |
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5/18/2017 |
| 46853 |
| Burlington Resources |
| Joint interest billing payment |
| 20,185.58 |
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5/18/2017 |
| 46854 |
| Cassidy Mikesell, D.B.A |
| Field operating expenses |
| 195.00 |
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5/18/2017 |
| 46855 |
| Chaco Energy Co. |
| Joint interest billing payment |
| 7.72 |
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5/18/2017 |
| 46856 |
| GMT Exploration Comp. LLC |
| Joint interest billing payment |
| 8,381.58 |
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5/18/2017 |
| 46857 |
| Homax Oil Sales Inc. |
| Field operating expenses |
| 1,107.64 |
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5/18/2017 |
| 46858 |
| Linn Energy LLC |
| Joint interest billing payment |
| 72.45 |
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5/18/2017 |
| 46859 |
| NOV Process & Flow |
| Field operating expenses |
| 1,664.20 |
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5/18/2017 |
| 46860 |
| Onsager | Fletcher | |
| Legal fees - Debtor |
| 13,891.15 |
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5/18/2017 |
| 46861 |
| RapidScale, Inc. |
| Field operating expenses |
| 250.00 |
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5/18/2017 |
| 46862 |
| Shelco |
| Field operating expenses |
| 197.00 |
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5/18/2017 |
| 46863 |
| Skyline Motors Inc. |
| Field operating expenses |
| 173.20 |
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5/18/2017 |
| 46864 |
| Williams, Porter Day & Neville |
| Legal fees - Debtor |
| 797.85 |
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5/18/2017 |
| 46865 |
| Winchester Well Service, Inc. |
| Field operating expenses |
| 12,005.65 |
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5/18/2017 |
| 46866 |
| Zavanna, LLC |
| Joint interest billing payment |
| 12,952.96 |
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5/25/2017 |
| 46867 |
| 361 Services Inc |
| General and administrative expenses |
| 12,972.25 |
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5/25/2017 |
| 46868 |
| Alsco |
| Field operating expenses |
| 566.76 |
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5/25/2017 |
| 46869 |
| Best Western CottonTree |
| General and administrative expenses |
| 475.16 |
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5/25/2017 |
| 46870 |
| Bob Hunter |
| Employee expense reimbursement |
| 627.49 |
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5/25/2017 |
| 46871 |
| C&G Roustabout Services, LLC |
| Field operating expenses |
| 1,053.12 |
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5/25/2017 |
| 46872 |
| CSI Compressco Inc. |
| Field operating expenses |
| 12,108.78 |
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5/25/2017 |
| 46873 |
| Calibration Tech. & Supply Inc |
| Field operating expenses |
| 1,146.65 |
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5/25/2017 |
| 46874 |
| Cantorco, Inc. |
| General and administrative expenses |
| 2,544.00 |
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5/25/2017 |
| 46875 |
| Cassidy Mikesell, D.B.A |
| Field operating expenses |
| 2,355.00 |
|
5/25/2017 |
| 46876 |
| Complete Energy Services, Inc. |
| Field operating expenses |
| 4,672.50 |
|
5/25/2017 |
| 46877 |
| Computershare Trust Co, Inc. |
| General and administrative expenses |
| 832.51 |
|
5/25/2017 |
| 46878 |
| Continental Industries |
| Field operating expenses |
| 3,572.20 |
|
5/25/2017 |
| 46879 |
| D & S OILFIELD SERVICE, LLC |
| Field operating expenses |
| 225.00 |
|
5/25/2017 |
| 46880 |
| DNOW03 |
| Field operating expenses |
| 19.48 |
|
5/25/2017 |
| 46881 |
| Davis Family Inc. |
| Field operating expenses |
| 518.83 |
|
5/25/2017 |
| 46882 |
| EON Office |
| General and administrative expenses |
| 53.97 |
|
5/25/2017 |
| 46883 |
| H2E Incorporated |
| Field operating expenses |
| 450.00 |
|
5/25/2017 |
| 46884 |
| High Desert Services |
| Field operating expenses |
| 1,177.00 |
|
5/25/2017 |
| 46885 |
| Hilcorp Energy Company |
| Joint interest billing payment |
| 702.34 |
|
5/25/2017 |
| 46886 |
| IBS of Northwestern Colorado |
| Field operating expenses |
| 252.12 |
|
5/25/2017 |
| 46887 |
| IHS Global Inc. |
| General and administrative expenses |
| 2,586.29 |
|
5/25/2017 |
| 46888 |
| KLX Energy Services LLC |
| Field operating expenses |
| 3,881.61 |
|
5/25/2017 |
| 46889 |
| Nathan Habel |
| Field operating expenses |
| 158.85 |
|
5/25/2017 |
| 46890 |
| Oil & Gas Conservation Comm. |
| Taxes |
| 309.04 |
|
5/25/2017 |
| 46891 |
| PayFlex Systems USA, Inc. |
| General and administrative expenses |
| 100.00 |
|
5/25/2017 |
| 46892 |
| Rawlins Automotive, Inc. |
| Field operating expenses |
| 53.89 |
|
5/25/2017 |
| 46893 |
| Rosemont WTC Denver |
| General and administrative expenses |
| 7,500.00 |
|
5/25/2017 |
| 46894 |
| Shelco |
| Field operating expenses |
| 2,525.00 |
|
5/25/2017 |
| 46895 |
| Sky Blue Enterprises, Inc. |
| Field operating expenses |
| 1,407.06 |
|
5/25/2017 |
| 46896 |
| Skyline Motors Inc. |
| Field operating expenses |
| 1,406.55 |
|
5/25/2017 |
| 46897 |
| Support.com, Inc. |
| General and administrative expenses |
| 2,193.00 |
|
5/25/2017 |
| 46898 |
| Tin Boy Garage, LLC |
| Field operating expenses |
| 134.92 |
|
5/25/2017 |
| 46899 |
| True Value of Rawlins |
| Field operating expenses |
| 78.76 |
|
5/25/2017 |
| 46900 |
| United Supply of the Rockies |
| Field operating expenses |
| 620.10 |
|
5/25/2017 |
| 46901 |
| Verizon Wireless |
| Field operating expenses |
| 75.49 |
|
5/25/2017 |
| 46902 |
| Winchester Well Service, Inc. |
| Field operating expenses |
| 17,873.64 |
|
5/25/2017 |
| 46903 |
| ZOCO Unlimited, Inc. |
| Field operating expenses |
| 750.00 |
|
5/5/2017 |
| ACH |
| WY Dept of Revenue |
| Taxes |
| 920.94 |
|
5/2/2017 |
| ACH |
| Co-Advantage |
| Payroll - 5.5.17 |
| 60,714.25 |
|
5/18/2017 |
| ACH |
| Co-Advantage |
| Payroll - 5.19.17 |
| 61,786.68 |
|
5/1/2017 |
| debit card |
| Comcast |
| General and administrative expenses |
| 141.00 |
|
5/1/2017 |
| debit card |
| Start Meeting |
| General and administrative expenses |
| 26.90 |
|
5/2/2017 |
| debit card |
| SP Plus Corporation |
| General and administrative expenses |
| 855.00 |
|
5/2/2017 |
| debit card |
| Towne Park |
| General and administrative expenses |
| 722.99 |
|
5/3/2017 |
| debit card |
| Fed Ex |
| Field operating expenses |
| 35.71 |
|
5/4/2017 |
| debit card |
| Staples Advantage |
| General and administrative expenses |
| 57.82 |
|
5/4/2017 |
| debit card |
| CED Inc. |
| Field operating expenses |
| 163.07 |
|
5/5/2017 |
| debit card |
| AliExpress |
| Field operating expenses |
| 121.51 |
|
5/8/2017 |
| debit card |
| Avis Car Rental |
| General and administrative expenses |
| 216.58 |
|
5/9/2017 |
| debit card |
| CED Inc. |
| Field operating expenses |
| 1,124.37 |
|
5/11/2017 |
| debit card |
| Amazon |
| General and administrative expenses |
| 83.47 |
|
5/31/2017 |
| wire |
| Office of Natural Resources |
| Payment of royalties/overrides |
| 87,651.85 |
|
5/17/2017 |
| ACH |
| Wyoming Depart of Revenue |
| Taxes |
| 37,774.67 |
|
5/12/2017 |
| wire |
| Bureau of Land Management |
| Federal Lease/Land Fees or Licenses |
| 618.10 |
|
5/12/2017 |
| wire |
| Bureau of Land Management |
| Federal Lease/Land Fees or Licenses |
| 3,380.32 |
|
5/16/2017 |
| debit card |
| CED Inc. |
| Field operating expenses |
| 650.44 |
|
5/19/2017 |
| debit card |
| Amazon |
| General and administrative expenses |
| 566.16 |
|
5/23/2017 |
| debit card |
| CED Inc. |
| Field operating expenses |
| 435.37 |
|
5/24/2017 |
| debit card |
| Datarooms.com |
| General and administrative expenses |
| 1,846.30 |
|
5/30/2017 |
| debit card |
| Comcast |
| General and administrative expenses |
| 141.00 |
|
5/16/2017 |
| debit card |
| UPS |
| Field operating expenses |
| 36.71 |
|
5/26/2017 |
| adjustment |
| XTO Energy |
| Joint interest billing payment |
| 1,579.37 |
|
5/31/2017 |
| transfer |
| ANB Bank |
| To move deposits to correct bank account |
| 103.77 |
|
5/31/2017 |
| transfer |
| ANB Bank |
| To move deposits to correct bank account |
| 51.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Cash Disbursements - Operating | $ | 713,750.27 | (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Cash Disbursements | $ | 713,750.27 |
|
|
|
(1) Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1 | Rev. 1/15/14 |
|
|
|
|
|
DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-C
COMPARATIVE BALANCE SHEET
For Period Ended: May 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
| Current Month |
| Petition Date (1) |
Current Assets: |
|
|
|
|
|
Cash (from Form 2-B, line 5) |
| $ | 5,172,583 | $ | 10,037,754 |
Accounts Receivable (from Form 2-E) |
|
| 1,415,774 |
| 1,843,543 |
Receivable from Officers, Employees, Affiliates |
| (598,759) |
| 408,716 | |
Inventory |
|
| 2,227,020 |
| 1,995,798 |
Other Current Assets :(List) | Cash held in escrow |
| 283,547 |
| 303,393 |
| Prepaid expenses and deposits |
| 281,678 |
| 709,197 |
| Hedge-related current assets |
| - |
| 203,570 |
Total Current Assets |
| $ | 8,781,843 | $ | 15,501,971 |
|
|
|
|
|
|
Fixed Assets (at cost): |
|
|
|
|
|
Land |
| $ | 1,169,029 | $ | 1,169,011 |
Building |
|
| - |
| - |
Equipment, Furniture and Fixtures |
|
| 166,550,288 |
| 166,099,098 |
Total Fixed Assets |
|
| 167,719,317 |
| 167,268,109 |
Less: Accumulated Depreciation |
|
| (119,692,509) |
| (107,050,551) |
Net Fixed Assets |
| $ | 48,026,808 | $ | 60,217,558 |
|
|
|
|
|
|
Other Assets (List): | Investment in Eastern Washakie |
| 5,272,518 |
| 5,272,518 |
| Other assets |
| 204,484 |
| 104,484 |
TOTAL ASSETS |
| $ | 62,285,653 | $ | 81,096,531 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Post-petition Accounts Payable (from Form 2-E) | $ | 1,477,058 | $ | 2,548 | |
Post-petition Accrued Professional Fees (from Form 2-E) |
| 261,195 |
| - | |
Post-petition Taxes Payable (from Form 2-E) |
| 723,606 |
| - | |
Post-petition Notes Payable |
|
| - |
| - |
Other Post-petition Payable(List): | Accrued revenue payable |
| 289,865 |
| - |
| Other accrued liabilities and expenses |
| 1,205,670 |
| - |
Total Post Petition Liabilities |
|
| 3,957,394 | $ | 2,548 |
|
|
|
|
|
|
Pre Petition Liabilities: |
|
|
|
|
|
Secured Debt |
|
| 41,099,202 |
| 42,874,598 |
Priority Debt |
|
| 111,279 |
| 178,428 |
Unsecured Debt |
|
| 10,705,478 |
| 11,429,928 |
Total Pre Petition Liabilities |
|
| 51,915,959 |
| 54,482,954 |
|
|
|
|
|
|
TOTAL LIABILITIES |
| $ | 55,873,353 | $ | 54,485,502 |
|
|
|
|
|
|
OWNERS' EQUITY |
|
|
|
|
|
Owner's/Stockholder's Equity |
| $ | 82,996,569 | $ | 82,996,569 |
Retained Earnings – Prepetition |
|
| (56,390,659) |
| (56,385,540) |
Retained Earnings - Post-petition |
|
| (20,193,610) |
| - |
TOTAL OWNERS' EQUITY |
| $ | 6,412,300 | $ | 26,611,029 |
|
|
|
|
|
|
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | 62,285,653 | $ | 81,096,531 | |
|
|
|
|
|
|
|
|
(1) Petition date values are taken from the Debtor's balance sheet as of the petition date or are the values |
|
listed on the Debtor's schedules. | REV 1/15/14 |
|
|
|
|
|
DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-D
PROFIT AND LOSS STATEMENT
For Period: May 1, 2017 to May 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Month |
| Accumulated Total (1) |
|
|
|
|
|
|
Gross Operating Revenue |
| $ | 862,594 | $ | 13,478,210 |
Less: Discounts, Returns and Allowances |
| 0 |
| 0 | |
|
|
|
|
| |
Net Operating Revenue | $ | 862,594 | $ | 13,478,210 | |
|
|
|
|
|
|
Cost of Goods Sold |
|
| 921,112 |
| 14,544,377 |
|
|
|
|
|
|
Gross Profit |
| $ | (58,518) | $ | (1,066,167) |
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
Officer Compensation |
| $ | 16,346 | $ | 738,442 |
Selling, General and Administrative |
|
| 18,121 |
| 1,864,589 |
Rents and Leases |
|
| 7,500 |
| 172,263 |
Depreciation, Depletion and Amortization |
|
| 675,200 |
| 12,641,960 |
Other (list): |
|
| 0 |
| 0 |
|
| 0 |
| 0 | |
|
|
|
|
|
|
Total Operating Expenses |
| $ | 717,167 | $ | 15,417,254 |
|
|
|
|
|
|
Operating Income (Loss) |
| $ | (775,685) | $ | (16,483,421) |
|
|
|
|
|
|
Non-Operating Income and Expenses |
|
|
|
|
|
Other Non-Operating Expenses | $ | 0 | $ | 0 | |
Gains (Losses) on Sale of Assets |
| 0 |
| (217,122) | |
Interest Income |
| 173 |
| 4,478 | |
Interest Expense |
|
| (51,460) |
| (1,235,876) |
Other Non-Operating Income |
|
| 0 |
| 0 |
|
|
|
|
|
|
Net Non-Operating Income or (Expenses) | $ | (51,287) | $ | (1,448,520) | |
|
|
|
|
|
|
Reorganization Expenses |
|
|
|
|
|
Legal and Professional Fees |
| $ | 68,334 | $ | 2,200,117 |
Other Reorganization Expense |
|
| 0 |
| 61,552 |
|
|
|
|
|
|
Total Reorganization Expenses |
| $ | 68,334 | $ | 2,261,669 |
|
|
|
|
|
|
Net Income (Loss) Before Income Taxes | $ | (895,306) | $ | (20,193,610) | |
|
|
|
|
|
|
Federal and State Income Tax Expense (Benefit) |
| 0 |
| 0 | |
|
|
|
|
|
|
NET INCOME (LOSS) |
| $ | (895,306) | $ | (20,193,610) |
|
|
(1) Accumulated Totals include all revenue and expenses since the petition date. |
|
| REV 1/15/14 |
|
|
|
|
|
DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-E (Page 1 of 2)
SUPPORTING SCHEDULES
For Period: May 1, 2017 to May 31, 2017
|
|
|
|
|
Summary of Post-Petition Taxes | ||||
| 1 | 2 | 3 | 4 |
Type of tax | Unpaid post-petition taxes from prior reporting month(1) | Post-petition taxes accrued this month (new obligations) | Post-petition tax payments made this reporting month | Unpaid post-petition taxes at end of reporting month (columns 1+2-3) |
Federal |
|
|
|
|
Employee income tax withheld | $- | 16,778 | (16,778) | $- |
Employee FICA taxes withheld | $- | 8,035 | (8,035) | $- |
Employer FICA taxes | $- | 8,247 | (8,247) | $- |
Unemployment taxes | $- | 0 | 0 | $- |
Other:____________________ | $- | 0 |
| $- |
State |
|
|
|
|
Sales, use & excise taxes | $- | 0 |
| $- |
Unemployment taxes | $- | 0 | 0 | $- |
Other:_state income tax withheld | $- | 2,291 | (2,291) | $- |
Local |
|
|
|
|
Personal property taxes | $551,868 | 54,478 | 0 | $606,346 |
Real property taxes | $- | 0 |
| $- |
Other:_Severance, Conservation and Occupational Taxes | $99,604 | 56,719 | (39,064) | $117,259 |
|
|
| Total unpaid post-petition taxes | $723,606 |
(1) For first report, the beginning balance in column 1 will be $0; thereafter, beginning balance will be ending balance from prior report. |
| |||
|
|
|
|
|
Insurance Coverage Summary | ||||
Type of insurance | Insurance carrier | Coverage amount | Policy expiration date | Premium paid through date |
Workers' compensation - CO | American Zurich | 1,000,000 | 4/1/2017 | Paid with each payroll |
Workers' compensation - WY | State of WY | WY statutory limits | 11/19/2016 | Paid with each payroll |
General liability | St Paul Fire and Marine | 2,000,000 | 10/1/2017 | 10/1/2017 |
Property (fire, theft, etc.) |
|
|
|
|
Vehicle | St Paul Fire and Marine | 1,000,000 | 10/1/2017 | 10/1/2017 |
Other (list): Umbrella | St Paul Fire and Marine | 10,000,000 | 10/1/2017 | 10/1/2017 |
Other (list): D&O | National Union Fire | 15,000,000 | 7/1/2016 | EXPIRED |
If any policies were renewed or replaced during reporting period, attach new certificate of insurance. |
|
| ||
Page 1 of 2
|
|
|
|
|
DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-E (Page 2 of 2)
SUPPORTING SCHEDULES
For Period: May 1, 2017 to May 31, 2017
|
|
|
|
|
|
Accounts Receivable Aging Summary (attach detailed aging report) | |||||
| 30 days or less | 31 to 60 days | 61 to 90 days | Over 90 days | Total at month end |
Pre-petition receivables | 0 | 0 | 0 | 42,294 | 42,294 |
Post-petition receivables | 1,287,857 | 8,638 | 0 | 76,985 | 1,373,480 |
Total | 1,287,857 | 8,638 | 0 | 119,279 | 1,415,774 |
|
|
|
|
|
|
|
|
|
|
|
|
Post-Petition Accounts Payable Aging Summary (attach detailed aging report) | |||||
| 30 days or less | 31 to 60 days | 61 to 90 days | Over 90 days | Total at month end |
Trade Payables | 374,689 | 264,842 | 3,991 | 833,536 | 1,477,058 |
Other Payables |
|
|
|
| 0 |
Total | 374,689 | 264,842 | 3,991 | 833,536 | 1,477,058 |
|
|
|
|
|
|
SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS | |||||
| Month-end | Current | Paid in |
|
|
| Retainer | Month's | Current | Court Approval | Month-end |
| Balance | Accrual | Month | Date | Balance Due * |
Debtor's Counsel |
| $11,876 | ($13,891) |
| $122,975 |
Counsel for Unsecured |
|
|
|
| $0 |
Creditors' Committee |
| $0 | $0 |
| $59,926 |
Trustee's Counsel |
| $0 |
|
| $0 |
Accountant |
| $0 | $0 |
| $4,625 |
Creditor Counsel | $190,286 | ($3,472) | ($651) |
| $27,203 |
Creditor Advisors | $0 | $15,000 | $0 |
| $26,226 |
Other: |
| ($9,266) | ($50,798) |
| $20,240 |
Total | $190,286 | $14,138 | ($65,340) |
| $261,195 |
*Balance due to include fees and expenses incurred but not yet paid. |
|
|
| ||
|
|
|
|
|
|
SCHEDULE OF PAYMENTS AND TRANSFERS TO PRINCIPALS/EXECUTIVES** | |||||
Payee Name | Position | Nature of Payment | Amount | ||
Adam Fenster | Chief Financial Officer | Compensation - 5/5, 5/19 | 16,346 | ||
Adam Fenster | Chief Financial Officer | Expense reimbursement - 5/5 | 347 | ||
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
| ||
|
|
|
| ||
|
|
|
| ||
**List payments and transfers of any kind and in any form made to or for the benefit of any proprietor, owner, partner, shareholder, officer, or director. | |||||
Page 2 of 2
|
|
|
|
|
DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-F
QUARTERLY FEE SUMMARY *
For Month Ended: May 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash |
| Quarterly |
|
|
| Date |
Month | Year |
| Disbursements ** |
| Fee Due |
| Check No. |
| Paid | ||
|
|
|
|
|
|
|
|
|
|
|
|
January | 2017 |
| $857,879 |
|
|
|
|
|
| ||
February | 2017 |
| $ 997,200 |
|
|
|
|
|
| ||
March | 2017 |
| $ 1,118,447 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL 1st Quarter |
| $ 2,973,527 |
| $ 9,750 |
| 46740 |
| April 20, 2017 | ||
|
|
|
|
|
|
|
|
|
|
|
|
April | 2017 |
| $ 1,287,849 |
|
|
|
|
|
| ||
May | 2017 |
| $ 713,750 |
|
|
|
|
|
| ||
June | 2017 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL 2nd Quarter |
| $ 2,001,599 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
July | 2017 |
|
|
|
|
|
|
|
| ||
August | 2017 |
|
|
|
|
|
|
|
| ||
September | 2017 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL 3rd Quarter |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
October | 2017 |
|
|
|
|
|
|
|
| ||
November | 2017 |
|
|
|
|
|
|
|
| ||
December | 2017 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL 4th Quarter |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEE SCHEDULE (as of DECEMBER 1, 2008) | |||||||||||
Subject to changes that may occur to 28 U.S.C. §1930(a)(6) | |||||||||||
Quarterly Disbursements | Fee |
|
| Quarterly Disbursements |
| Fee | |||||
$0 to $14,999..................... | $325 |
|
| $1,000,000 to $1,999,999.................... | $6,500 | ||||||
$15,000 to $74,999............. | $650 |
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| $2,000,000 to $2,999,999................... | $9,750 | ||||||
$75,000 to $149,999............. | $975 |
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| $3,000,000 to $4,999,999..................... | $10,400 | ||||||
$150,000 to $224,999......... | $1,625 |
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| $5,000,000 to $14,999,999 ……. |
| $13,000 | |||||
$225,000 to $299,999.......... | $1,950 |
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| $15,000,000 to $29,999,999…. |
| $20,000 | |||||
$300,000 to $999,999......................... | $4,875 |
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| $30,000,000 or more |
| $30,000 | |||||
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* This summary is to reflect the current calendar year's information cumulative to the end of the reporting period
** Should agree with line 3, Form 2-B. Disbursements are net of transfers to other debtor in possession bank accounts
Failure to pay the quarterly fee is cause for conversion or dismissal of the chapter 11 case. [11 U.S.C. Sec. 1112(b)(10)]
In addition, unpaid fees are considered a debt owed to the United States and will be assessed interest under 31 U.S.C. §3717
Rev. 1/15/14
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DEBTOR(S): | Escalera Resources Co. |
| CASE NO: | 15-22395-TBM |
Form 2-G
NARRATIVE
For Period Ended: May 31, 2017
Please provide a brief description of any significant business and legal actions taken by the debtor, its creditors, or the court during the reporting period, any unusual or non-recurring accounting transactions that are reported in the financial statements, and any significant changes in the financial condition of the debtor which have occurred subsequent to the report date.
During the period from May 1st through May 31st, there were no material unusual or non-recurring accounting transactions recorded in the accompanying financial statements, except for an adjustment to legal expense included in Selling, General and Administrative expense. In May 2017, the Debtor recorded a reduction in legal expenses of approximately $59,000 for legal fees previously expensed but were then paid by the Debtor’s insurance underwriter in the Debtor’s pending legal case of Alan Eugene Humphrey and Wyoming GTL, LLC, v. Escalera Resources Co., United States District Court for the District of Colorado Case No. 15-cv-00769. The Debtor has reached its retention limit (deductible) for this matter under its directors and officers liability insurance policy in effect during the period this pending legal case covered. Moving forward, the Debtor expects the insurance underwriter to cover a significant portion of costs associated with this pending legal case.
The Debtor continues discussions with the secured lenders about their desired plans to move forward, which include reorganizing in a manner similar to the Plan previously submitted, but with a parallel process for possible sale of the Debtor’s assets. The sale process, conducted by Seaport Global, has been ongoing since late December 2016.
On April 19, 2017, the Debtor filed a motion to approve settlement with Warren Resources, Inc. and certain of its affiliates (collectively, “Warren”) relating to the Debtor’s gas transportation agreement (the “GTA”) with Warren. On June 1, 2017, the Court approved the settlement. In accordance with the terms of the settlement, on June 2, 2017 the Debtor made an initial payment of $400,000 to Warren for amounts under the GTA. Additionally, the Debtor and Warren have commenced the process for jointly marketing their Atlantic Rim natural gas properties for sale, with the proceeds of any joint sale to be divided pursuant to a formula set out in the settlement.
Rev. 1/15/14
