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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alamo Energy Corporation (CE) | USOTC:ALME | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
[ X ]
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended January 31, 2013
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
|
Nevada
(State or other jurisdiction
of incorporation or organization)
|
98-0489669
(IRS Employer
Identification No.)
|
10575 Katy Freeway, Suite 300, Houston, Texas 77024
|
(Address of principal executive offices) (Zip Code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
Small reporting company
|
x
|
PART I
FINANCIAL INFORMATION
|
||
Page
|
||
PART II
OTHER INFORMATION
|
||
Three Months Ended
January 31, 2013
|
Three Months
Ended
January 31, 2012
|
Nine Months
Ended
January 31, 2013
|
Nine Months
Ended
January 31, 2012
|
Inception
(September 1, 2009)
through
January 31, 2013
|
||||||||||||||||
Oil and gas revenues
|
$
|
152,385
|
$
|
84,308
|
$
|
475,189
|
$
|
492,387
|
$
|
1,496,895
|
||||||||||
Operating costs and expenses:
|
||||||||||||||||||||
Lease operating costs
|
10,293
|
1,000
|
61,933
|
52,380
|
271,890
|
|||||||||||||||
Production costs
|
15,778
|
17,268
|
140,738
|
125,368
|
377,302
|
|||||||||||||||
Depletion, depreciation and amortization
|
71,521
|
74,221
|
213,202
|
226,220
|
561,888
|
|||||||||||||||
Salaries, wages and related expense
|
150,185
|
203,500
|
346,015
|
478,491
|
1,054,091
|
|||||||||||||||
Legal and professional
|
46,392
|
131,951
|
165,340
|
557,050
|
994,032
|
|||||||||||||||
Other general and administrative
|
62,792
|
6,417
|
190,746
|
227,874
|
1,225,462
|
|||||||||||||||
Total operating costs and expenses
|
356,961
|
434,357
|
1,117,974
|
1,667,383
|
4,484,665
|
|||||||||||||||
Loss from operations
|
(204,576
|
)
|
(350,049
|
)
|
(642,785
|
)
|
(1,174,996
|
)
|
(2,987,770
|
)
|
||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest expense
|
(57,670
|
)
|
(68,851
|
)
|
(178,610
|
)
|
(203,671
|
)
|
(814,636
|
)
|
||||||||||
Interest expense – debt discount amortization
|
(24,160
|
)
|
(369,104
|
)
|
(328,485
|
)
|
(1,047,126
|
)
|
(2,632,940
|
)
|
||||||||||
Other income (expense)
|
-
|
-
|
24
|
-
|
16,583
|
|||||||||||||||
Gain on sale of equipment
|
-
|
-
|
124,803
|
-
|
124,803
|
|||||||||||||||
Total other income (expense)
|
(81,830
|
)
|
(437,955
|
)
|
(382,268
|
)
|
(1,250,797
|
)
|
(3,306,190
|
)
|
||||||||||
Net loss before income taxes
|
(286,406
|
)
|
(788,004
|
)
|
(1,025,053
|
)
|
(2,425,793
|
)
|
(6,293,960
|
)
|
||||||||||
Provision for income taxes
|
-
|
-
|
-
|
Three Months
Ended
January 31, 2013
|
Three Months
Ended
January 31, 2012
|
Nine Months
Ended
January 31, 2013
|
Nine Months
Ended
January 31, 2012
|
Inception
(September 1, 2009)
through
January 31, 2013
|
||||||||||||||||
Net loss
|
$
|
(286,406
|
)
|
$
|
(788,004
|
)
|
$
|
(1,025,053
|
)
|
$
|
(2,425,793
|
)
|
$
|
(6,293,960
|
)
|
|||||
Net loss per share – basic and diluted
|
$
|
(0.00
|
)
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
||||||||
Weighted average shares outstanding – basic and diluted
|
77,379,955
|
57,606,133
|
71,371,030
|
57,419,455
|
Shares
|
Amount
|
Additional
Paid-In Capital
|
Common Stock Obligation |
Deficit Accumulated During
Exploration Stage
|
Total Stockholders’ Equity
|
||||||||||||||||||
Balance, September 1, 2009
|
176,668,500
|
$ |
176,669
|
$
|
(176,669
|
)
|
- |
$
|
-
|
$
|
-
|
||||||||||||
Shares issued for oil and gas properties
|
10,500,000
|
10,500
|
289,500
|
- |
-
|
300,000
|
|||||||||||||||||
Cancellation of shares for cash and assumption of liabilities
|
(138,499,980
|
)
|
(138,500
|
)
|
58,635
|
- |
-
|
(79,865
|
)
|
||||||||||||||
Discount on convertible notes payable
|
-
|
-
|
900,935
|
- |
-
|
900,935
|
|||||||||||||||||
Contribution of facilities rent
|
-
|
-
|
2,800
|
- |
-
|
2,800
|
|||||||||||||||||
Net loss
|
-
|
-
|
-
|
- |
(502,262
|
)
|
(502,262
|
)
|
|||||||||||||||
Balance, April 30, 2010
|
48,668,250
|
48,669
|
1,075,201
|
- |
(502,262
|
)
|
621,608
|
||||||||||||||||
Shares issued for acquisition
|
8,500,000
|
8,500
|
6,366,500
|
- |
-
|
6,375,000
|
|||||||||||||||||
Shares issued for services
|
64,257
|
64
|
64,193
|
- |
-
|
64,256
|
|||||||||||||||||
Discount on convertible notes payable
|
-
|
-
|
1,395,095
|
- |
-
|
1,395,095
|
|||||||||||||||||
Contribution of facilities rent
|
-
|
-
|
4,200
|
- |
-
|
4,200
|
Shares
|
Amount
|
Additional
Paid-In Capital
|
Common Stock Obligation
|
Deficit Accumulated During Exploration Stage
|
Total Stockholders’ Equity
|
|||||||||||||||||||
Net loss
|
- | $ | - | - | - | (1,804,169 | ) | (1,804,169 | ) | |||||||||||||||
Balance, April 30, 2011
|
57,232,777 | 57,233 | 8,905,189 | - | (2,306,432 | ) | 6,655,990 | |||||||||||||||||
Additional shares issued for acquisition
|
1,534,561 | 1,535 | (1,535 | ) | - | - | - | |||||||||||||||||
Shares issued for services
|
222,207 | 222 | 167,613 | - | - | 167,835 | ||||||||||||||||||
Discount on convertible notes payable
|
- | - | 1,483,685 | - | - | 1,483,685 | ||||||||||||||||||
Shares issued for conversion of notes payable
|
494,600 | 494 | 29,918 | - | - | 30,412 | ||||||||||||||||||
Net loss
|
- | - | - | - | (2,962,475 | ) | (2,962,475 | ) | ||||||||||||||||
Balance, April 30, 2012
|
59,484,145 | 59,484 | 10,584,870 | - | (5,268,907 | ) | 5,375,447 | |||||||||||||||||
Shares issued for conversion of notes payable
|
17,720,493 | 17,721 | 50,279 | - | - | 68,000 | ||||||||||||||||||
Shares issued and authorized for services
|
175,317 | 175 | 3,331 | 5,317 | - | 8,823 | ||||||||||||||||||
Net loss
|
- | - | - | - | (1,025,053 | ) | (1,025,053 | ) | ||||||||||||||||
Balance, January 31, 2013 (Unaudited)
|
77,379,955 | $ | 77,380 | $ | 10,638,480 | 5,317 | $ | (6,293,960 | ) | $ | 4,427,217 |
Nine Months
Ended
January 31, 2013
|
Nine Months
Ended
January 31, 2012
|
Inception
(September 1, 2009)
through
January 31, 2013
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$
|
(1,025,053
|
)
|
$
|
(2,425,793
|
)
|
$
|
(6,293,960
|
)
|
|||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||
Gain on sale of property
|
(124,803
|
)
|
-
|
(124,803
|
)
|
|||||||
Warrants issued to placement agent
|
-
|
62,188
|
62,188
|
|||||||||
Depletion, depreciation and amortization
|
213,202
|
227,314
|
561,888
|
|||||||||
Rent contributed by officer
|
-
|
-
|
7,000
|
|||||||||
Common stock issued for services
|
8,823
|
167,835
|
240,913
|
|||||||||
Accretion of debt discount
|
328,485
|
1,047,191
|
2,632,940
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
(Increase) decrease in accounts receivable
|
23,820
|
55,250
|
(25,400
|
)
|
||||||||
(Increase) decrease in prepaid expenses
|
-
|
2,585
|
-
|
|||||||||
Increase (decrease) in accounts payable
|
2,088
|
|
(76,917
|
)
|
6,112
|
|||||||
Increase in accrued liabilities
|
164,599
|
193,453
|
769,072
|
|||||||||
Net cash used in operating activities
|
(408,839
|
)
|
(746,894
|
)
|
(2,164,050
|
)
|
||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of oil and gas properties
|
(3,092
|
)
|
(545,346
|
)
|
(2,111,693
|
)
|
||||||
Purchase of property and equipment
|
(3,949
|
)
|
(13,618
|
)
|
(33,234
|
)
|
||||||
Proceeds from the sale of property
|
476,812
|
-
|
476,812
|
|||||||||
Net cash provided by( used in) investing activities
|
469,771
|
(558,964
|
)
|
(1,668,115
|
)
|
|||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from issuance of senior convertible notes
|
-
|
1,514,000
|
3,974,000
|
|||||||||
Net cash provided by financing activities
|
-
|
1,514,000
|
3,974,000
|
|||||||||
Net increase in cash
|
60,932
|
208,142
|
141,835
|
|||||||||
Cash and cash equivalents, beginning of period
|
80,903
|
45,098
|
-
|
|||||||||
Cash and cash equivalents, end of period
|
$
|
141,835
|
$
|
253,240
|
$
|
141,835
|
||||||
|
||||||||||||
Supplemental Cash Flow Information
|
||||||||||||
Cash paid for:
|
||||||||||||
Interest
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Income taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Non-cash transactions:
|
||||||||||||
Common stock issued for oil and gas properties
|
$
|
-
|
$
|
-
|
$
|
6,675,000
|
||||||
Conversion of notes for accrued interest
|
$
|
68,000
|
$
|
-
|
$
|
-
|
January 31,
2013
|
April 30,
2012
|
||||||||
Property acquisition costs:
|
|||||||||
Proved
|
$
|
1,983,105
|
$
|
1,983,105
|
|||||
Unproved
|
2,993,305
|
2,993,305
|
|||||||
Exploration costs
|
42,628
|
42,628
|
|||||||
Development costs
|
51,800
|
286,225
|
|||||||
Totals
|
$
|
5,070,838
|
$
|
5,305,263
|
January 31, 2013
|
April 30, 2012
|
||||||||
Kentucky
|
$
|
2,489,026
|
$
|
2,489,026
|
|||||
West Virginia
|
332,625
|
332,625
|
|||||||
Tennesee
|
97,500
|
97,500
|
|||||||
Texas
|
74,154
|
74,154
|
|||||||
Totals
|
$
|
2,993,305
|
$
|
2,993,305
|
Costs Incurred During Periods Ended
|
||||||||||||||||
Balance
1/31/13
|
4/30/12
|
4/30/11
|
Prior
|
|||||||||||||
Acquisition costs
|
$
|
2,993,305
|
$
|
168,336
|
$
|
2,521,601
|
$
|
303,968
|
||||||||
Exploration costs
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
2,993,305
|
$
|
168,336
|
$
|
2,521,601
|
$
|
303,968
|
Number of
Warrants
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contract Term
|
|||||||||
Outstanding May 1, 2011
|
2,460,000
|
1.05
|
3.5 years
|
||||||||
Issued
|
3,021,241
|
$
|
1.14
|
2.4 years
|
|||||||
Exercised
|
(1,677,091)
|
-
|
|||||||||
Outstanding, January 31, 2013
|
3,804,150
|
$
|
1.10
|
2.9 years
|
|||||||
Exercisable, January 31, 2013
|
3,804,150
|
$
|
1.10
|
2.9 years
|
|||||||
Risk-free interest rate
|
0.25% to 0.41%
|
||
Expected volatility of common stock
|
100.0%
|
||
Dividend yield
|
0.00%
|
||
Expected life of warrants and conversion feature
|
5 years
|
||
Weighted average warrants and conversion feature
|
$0.65 - $1.34
|
Conversion of notes payable
|
5,676,021
|
||||
Warrants
|
6,120,877
|
||||
Reserved shares at January 31, 2013
|
11,796,898
|
Alamo Energy Corp.,
a Nevada corporation
|
||||
March 25, 2013
|
By:
|
/s/ Allan Millmaker
|
||
Its:
|
Allan Millmaker
Chief Executive Officer, President, and a director
(Principal Executive)
|
|||
March 25, 2013
|
By:
|
/s/ Donald Sebastian
|
||
Its:
|
Donald Sebastian
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Alamo Energy (CE) Chart |
1 Month Alamo Energy (CE) Chart |
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