Exhibit 99.1
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CASE NAME: Venus Exploration, Inc
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CASE: 02-13109-BP-11
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ACCRUAL BASIS
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JUDGE: Xxxx Xxxxxx 5/20/03
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UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF TEXAS
MONTHLY OPERATING REPORTS
MONTH ENDING: April, 2003
Note 1
IN ACCORDANCE WITH TITLE 28, XXXXXXX 0000, XX XXX XXXXXX XXXXXX CODE, I
DECLARE UNDER PENALTY OF PERJURY I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING
REPORT (ACCURAL BASIS-1 THROUGH ACCURAL BASIS-7) AND THE ACCOMPANYING
ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT
AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS
BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
/s/ XXXXXX X. XXXX, XX. CEO
----------------------- -------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Xxxxxx X. Xxxx, Xx
-----------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ XXXXX X. XXXXXXXX Chief Accounting Officer
----------------------- --------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
Xxxxx X. Xxxxxxxx
-----------------------
PRINTED NAME OF PREPARER DATE
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-1
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CASE: 02-13109-BP-11 5/20/03
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COMPARATIVE BALANCE SHEET
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SCHEDULE MONTH MONTH MONTH
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ASSETS XXXXXX Xxxxx, 0000 April, 2003
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1. UNRESTRICTED CASH ($21,140.47) $13,606.04
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2. RESTRICTED CASH $1,512,474.00 $1,516,206.49
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3. TOTAL CASH $1,491,333.53 $1,529,812.53
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4. ACCOUNTS RECEIVABLE, NET $276,506.72 $325,559.85
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5. INVENTORY
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6. NOTES RECEIVABLE
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7. PREPAID EXPENSES $97,968.25 $82,875.07
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8. OTHER (ATTACH LIST)
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9. TOTAL CURRENT ASSETS $1,865,808.50 $1,938,247.45
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10. PROPERTY, PLANT, & EQUIPMENT $6,176,305.07 $6,167,521.88
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11. LESS: ACCUMULATED DEPRECIATION/DEPLETION ($4,213,857.32)($4,212,206.90)
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12. NET PROPERTY, PLANT & EQUIPMENT $1,962,447.75 $1,955,314.98
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13. DUE FROM INSIDERS $9,811.76 $9,612.58
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14. OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) Schedule 1 $31,942.57 $19,235.00
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15. OTHER (ATTACH LIST)
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16 TOTAL ASSETS $3,870,010.58 $3,922,410.01
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POSTPETITION LIABILITIES
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17. ACCOUNTS PAYABLE $46,829.74 $105,556.06
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18. TAXES PAYABLE
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19. NOTES PAYABLE
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20. PROFESSIONAL FEES
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21. SECURED DEBT
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22. OTHER (ATTACH LIST) Accrued Payables $3,409.55
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23. TOTAL POSTPETITION LIABILITIES $46,829.74 $108,965.61
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PREPETITION LIABILITIES
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24. SECURED DEBT $1,525,916.51 $1,511,905.17
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25. PRIORITY DEBT $0.00 $0.00
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26. UNSECURED DEBT $6,049,193.17 $6,068,753.72
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27. OTHER (ATTACH LIST) Schedule 2 $43,489.13 $43,489.13
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28. TOTAL PREPETITION LIABILITIES $7,618,598.81 $7,624,148.02
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29. TOTAL LIABILITIES $7,665,428.55 $7,733,113.63
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EQUITY
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30. PREPETITION OWNERS' EQUITY ($3,752,128.04)($3,752,128.04)
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31. POSTPETITION CUMULATIVE PROFIT OR (LOSS) ($43,289.93) ($42,207.84)
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32. DIRECT CHARGES TO EQUITY (ATTACHMENT EXPLANATION) ($16,367.74)
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33. TOTAL EQUITY ($3,795,417.97)($3,810,703.62)
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34. TOTAL LIABILITIES & OWNERS' EQUITY $3,870,010.58 $3,922,410.01
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-2
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CASE: 02-13109-BP-11 5/20/03
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INCOME STATEMENT
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MONTH MONTH MONTH QUARTER
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REVENUES March, 2003 April, 2003 TOTAL
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1. GROSS REVENUES (Note 2) $158,388.25 $153,323.34
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2. LESS: RETURNS & DISCOUNTS
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3. NET REVENUE $158,388.25 $153,323.34
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COSTS OF GOODS SOLD
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4. MATERIAL
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5. DIRECT LABOR
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6. DIRECT OVERHEAD
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7. TOTAL COST OF GOODS SOLD $0.00 $0.00
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8. GROSS PROFIT $158,388.25 $153,323.34
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OPERATING EXPENSES
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9. OFFICER / INSIDER COMPENSATION $0.00 $0.00
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10. SELLING & MARKETING
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11. GENERAL & ADMINISTRATIVE $55,279.34 $38,365.54
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12. RENT & LEASE $6,446.67 $3,749.88
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13. OTHER (ATTACH LIST) Schedule 3 $119,770.39 $94,316.18
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14. TOTAL OPERATING EXPENSES $181,496.40 $136,431.60
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15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE ($23,108.15) $16,891.74
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OTHER INCOME & EXPENSE
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16. NON-OPERATING INCOME (ATT. LIST) Schedule 4 $17,587.57 $21,914.53
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17. NON-OPERATING EXPENSE (ATT. LIST)
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18. INTEREST EXPENSE $7,887.63 $8,132.00
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19. DEPRECIATION / DEPLETION $17,047.60 $16,884.61
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20. AMORTIZATION $12,707.57 $12,707.57
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21. OTHER (ATTACH LIST)
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22. NET OTHER INCOME & EXPENSES $20,055.23 $15,809.65
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REORGANIZATION EXPENSES
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23. PROFESSIONAL FEES $126.55
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24. U. S. TRUSTEE FEES
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25. OTHER (ATTACH LIST)
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26. TOTAL REORGANIZATION EXPENSES $126.55 $0.00
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27. INCOME TAX
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28. NET PROFIT (LOSS) ($43,289.93) $1,082.09
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-3
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CASE: 02-13109-BP-11 5/20/03
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CASH RECEIPTS AND MONTH MONTH MONTH QUARTER
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DISBURSEMENTS March, 2003 April, 2003 TOTAL
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1. CASH - BEGINNING OF MONTH $71,364.18 ($21,140.47)
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RECEIPTS FROM OPERATIONS
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2. CASH SALES $61,322.08 $66,216.98
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COLLECTIONS OF ACCOUNTS RECEIVABLE
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3. PREPETITON $15,922.14 $8,450.57
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4. POSTPETITION
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5. TOTAL OPERATING RECEIPTS $77,244.22 $74,667.55
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NON-OPERATING RECEIPTS
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6. LOANS & ADVANCES (ATTACH LIST)
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7. SALE OF ASSETS
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8. OTHER (ATTACH LIST) Schedule 8 $17,587.57 $45,350.29
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9. TOTAL NON-OPERATING RECEIPTS $17,587.57 $45,350.29
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10. TOTAL RECEIPTS $94,831.79 $120,017.84
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11. TOTAL CASH AVAILABLE $166,195.97 $98,877.37
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OPERATING DISBURSEMENTS
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12. NET PAYROLL $6,040.99 $3,352.11
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13. PAYROLL TAXES PAID $2,444.51 $1,192.98
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14. SALES, USE & OTHER TAXES PAID
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15. SECURED / RENTAL / LEASES
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16 UTILITIES
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17. INSURANCE
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18. INVENTORY PURCHASES
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19. VEHICLE EXPENSES
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20. TRAVEL
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21. ENTERTAINMENT
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22. REPAIRS & MAINTENANCE
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23. SUPPLIES
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24. ADVERTISING
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25. OTHER (ATTACH LIST) Schedule 5 $178,850.94 $80,726.24
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26. TOTAL OPERATING DISBURSEMENTS $187,336.44 $85,271.33
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REORGANIZATION EXPENSES
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27. PROFESSIONAL FEES
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28. U.S. TRUSTEE FEES
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29. OTHER (ATTACH LIST)
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30. TOTAL REORGANIZATION EXPENSES
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31. TOTAL DISBURSEMENTS $187,336.44 $85,271.33
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32. NET CASH FLOW ($92,504.65) $34,746.51
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33. CASH - END OF MONTH ($21,140.47) $13,606.04
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS - 4
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CASE: 02-13109-BP-11 5/20/03
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SCHEDULE MONTH MONTH MONTH
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ACCOUNTS RECEIVABLE AGING XXXXXX Xxxxx, 0000 April, 2003
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1. 0 - 30 ($201.87) $70,177.15
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2. 31 - 60 $155,261.05 $12,921.56
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3. 61 - 90 $10,028.71 $175,549.06
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4. 91 + $183,041.54 $148,160.36
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5. TOTAL ACCOUNTS RECEIVABLE $348,129.43 $406,808.13
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6. AMOUNT CONSIDERED UNCOLLECTABLE $71,622.71 $71,622.71
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7. ACCOUNTS RECEIVABLE, NET $276,506.72 $335,185.42
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MONTH: April, 2003
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AGING OF POSTPETITON TAXES AND PAYABLES
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TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 + DAYS TOTAL
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1. FEDERAL $0.00 $0.00 $0.00 $0.00 $0.00
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2. STATE $0.00 $0.00 $0.00 $0.00 $0.00
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3. LOCAL $0.00 $0.00 $0.00 $0.00 $0.00
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4. OTHER (ATTACH LIST) $0.00 $0.00 $0.00 $0.00 $0.00
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5. TOTAL TAXES PAYABLE $0.00 $0.00 $0.00 $0.00 $0.00
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--------------------------------- -----------------------------------------------------------------
6. ACCOUNTS PAYABLE $134,597.64 $134,597.64
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MONTH: April, 2003
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STATUS OF POSTPETITION TAXES
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FEDERAL BEGINNING TAX AMOUNT WITHHELD AMOUNT PAID ENDING TAX LIABILITY
LIABILITY AND OR ACCRUED
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1. WITHHOLDING** $0.00 $510.18 $510.18 $0.00
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2. FICA - EMPLOYEE** $0.00 $319.95 $319.95 $0.00
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3. FICA - EMPLOYER** $0.00 $319.94 $319.94 $0.00
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4. UNEMPLOYMENT $0.00 $4.02 $4.02 $0.00
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5. INCOME $0.00 $0.00 $0.00 $0.00
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6. OTHER (ATTACH LIST) $0.00 $0.00 $0.00 $0.00
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7. TOTAL FEDERAL TAXES $0.00 $1,154.09 $1,154.09 $0.00
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STATE AND LOCAL
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8. WITHHOLDING 0 $0.00 $0.00 $0.00
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9. SALES 0 $0.00 $0.00 $0.00
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10. EXCISE 0 $0.00 $0.00 $0.00
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11. UNEMPLOYMENT 0 $38.89 $38.89 $0.00
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12. REAL PROPERTY 0 $0.00 $0.00 $0.00
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13. PERSONAL PROPERTY 0 $0.00 $0.00 $0.00
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14. OTHER (ATTACH LIST) 0 $0.00 $0.00 $0.00
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15. TOTAL STATE & LOCAL $0.00 $38.89 $38.89 $0.00
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16. TOTAL TAXES $0.00 $1,192.98 $1,192.98 $0.00
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* The beginning tax liability should represent the liability from the prior
month or, if this is the first operating report, this amount should be
zero.
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt
to verify payment Schedule 7 or deposit.
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS - 5
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CASE: 02-13109-BP-11 5/20/03
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The debtor in possession must complete the reconciliation below for each bank account, including all general,
payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of
deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk
next to the account number. Attach addition sheets if necessary.
MONTH: April, 2003
---------------------------
BANK RECONCILIATIONS Account #1 Account #2 Account #3
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A. BANK Frost Frost Frost
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B ACCOUNT NUMBER 01 0445703 01 0445606 01 0445681 TOTAL
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C PURPOSE (TYPE): Regular Payroll Rental
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1. BALANCE PER BANK STATEMENT 24,930.90 5,366.77 48,026.87 $78,324.54
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2. ADD: TOTAL DEPOSITS NOT CREDITED 403.45 $403.45
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3. SUBTRACT: OUTSTANDING CHECKS (18,280.74) (47,990.26) ($66,271.00)
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4. OTHER RECONCILING ITEMS $0.00
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5. MONTH END BALANCE PER ITEMS $7,053.61 $5,366.77 $36.61 $12,456.99
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6. NUMBER OF LAST CHECK WRITTEN 7789 104 1033
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----------------------------------------------------
INVESTMENT ACCOUNTS Account #1 Account #2 Account #3
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BANK , ACCOUNT NAME & NUMBER DATE OF PURCHASE TYPE OF INSTRUMENT PURCHASE PRICECURRENT VALUE
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7. ACCOUNT NUMBER
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8. PURPOSE (TYPE):
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9. BALANCE PER BANK STATEMENT
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10. ADD: TOTAL DEPOSITS NOT CREDITED
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11. TOTAL INVESTMENTS Schedule 6 $849.05
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----------------------------------------------------
CASH
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12. CURRENCY ON HAND $300.00
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13. TOTAL CASH - END OF MONTH $13,606.04
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-6
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CASE NUMBER: 02-13109-BP-11 5/20/03
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MONTH: April, 2003
---------------------------
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PAYMENTS TO INSIDERS AND PROFESSIONALS
------------------------------------------------------
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO
INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)
AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF
COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING
ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
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INSIDERS
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TYPE OF AMOUNT TOTAL PAID
NAME PAYMENT PAID TO DATE
1. Xxxx Energy Company Consulting Fee $3,638
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2. Xxxx X Xxxx Consulting Fee $6,755
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Xxxxx Xxxxxxxx Consulting
3. Fee $7,575 $13,485
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4.
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5.
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6. TOTAL PAYMENTS
TO INSIDERS $7,575 $23,878
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PROFESSIONALS
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DATE OF COURT TOTAL
ORDER
AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED
NAME PAYMENT APPROVED PAID TO DATE & UNPAID *
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1. Xx Xxxxxxx 4/22/2003 $3,950 $8,450 $1,200
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2. Xxxxx Xxxxxxx 4/22/2003 $3,240 $5,985 $810
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3. Xxxxxx Xxxxxxx 4/22/2003 $1,765 $5,106 $3,062
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4. Xxxx Xxxxxx 4/22/2003 $1,980 $4,950 $660
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5.
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6. TOTAL PAYMENTS
TO PROFESSIONALS $10,935 $24,491 $5,732
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* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
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POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS
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NAME OF CREDITOR SCHEDULED AMOUNTS
MONTHLY PAID TOTAL
PAYMENTS DURING UNPAID
DUE MONTH POSTPETITION
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1. Frost Bank $7,552 $7,552 $0
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2. North Frost Center $4,000 $4,000 $0
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3. Alamo Leasing $4,086 $4,086 $0
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4. Manifest Funding $1,596 $3,192 $0
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5. GE Capital $305 $305 $0
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6. TOTAL $17,539 $19,135 $0
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CASE NAME: Venus Exploration, Inc ACCRUAL BASIS-7
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CASE NUMBER: 02-13109-BP-11 5/20/03
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MONTH: April, 2003
------------------------
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QUESTIONNAIRE
----------------------------------------------------------------------------------------------------------------
YES NO
----------------------------------------------------------------------------------------------------------------
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE
THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X
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2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT
OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X
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3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR
LOANS) DUE FROM RELATED PARTIES? X
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4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES
THIS REPORTING Schedule 9 X
PERIOD?
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5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE
DEBTOR FROM ANY PARTY? X
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6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
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7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES
PAST DUE? X
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8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
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9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
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10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS
DELINQUENT? X
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11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE
REPORTING PERIOD? X
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12. ARE ANY WAGE PAYMENTS PAST DUE? X
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
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INSURANCE
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YES NO
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1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER
NECESSARY INSURANCE COVERAGES IN EFFECT? X
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2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X
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3. PLEASE ITEMIZE POLICIES BELOW.
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR
IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING
THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH
ADDITIONAL SHEETS IF NECESSARY.
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INSTALLMENT PAYMENTS
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TYPE OF PAYMENT AMT
POLICY CARRIER PERIOD COVERED & FREQUENCY
--------------------------------------------------------------------------------------------------------
Crime Policy Hartford Causality 7/1/00 - 6/30/03 Paid Up
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Directors and Officers Liability XL Specialty Insurance Co 5/21/02 - 5/21/03 Paid Up
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Commercial Fire Central Insurance Co 10/1/02 - 9/30/03 Paid Up
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Control of Well St Xxxx Surplus Line Ins Co 8/1/02 - 7/31/03 5064.84 / Month
--------------------------------------------------------------------------------------------------------
Umbrella St Xxxx Surplus Line Ins Co 8/1/02 - 7/31/03 Incld in above
--------------------------------------------------------------------------------------------------------
Xxxxxxx Compensation Texas Mutual 6/10/02 - 5/31/03 Paid Up
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Auto Central Mutual Insurance Co 10/1/02 - 9/30/03 621.73 / Month
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Note 1
------
An involuntary petition of bankruptcy was filed against Venus Exploration,
Inc on October 9, 2002 and Venus' response to such petition was filed October
31, 2002. Venus subsequently filed a "Notice of Consent to Entry of Order of
Relief" on February 26, 2003. On February 27, 2003 the Court entered an order
for relief under Chapter 11 of the Bankruptcy Code. The March report covers the
period of February 28, 2003 through March 31, 2003.
Note 2
------
Venus maintains it books and accounting records on the accrual method of
accounting, and accordingly recognizes income in the month oil and gas is
produced. The income is not reported to Venus and payment is not received for
two months after production. As of the date of this report, the production for
April was not known. We, therefore, accrued an estimated amount of income based
on historical production. Also, all expense amounts for well operations were not
available at the time of this report and certain estimates were made.
Schedule 1
----------
Deferred Loan Costs 151,857.65
Amortization of Loan Costs (139,167.65)
Utility Deposit 6,545.00
-------------
19,235.00
-------------
Schedule 2
----------
Rent Deposit 20,477.92
Deferred Federal Income Tax 1,475.00
Obligations Under Capital Lease 21,536.21
-------------
43,489.13
-------------
Schedule 3
----------
Production Taxes 12,156.61
Lease Operating Expense 47,109.75
Geological and Geophysical 35,049.82
Abandonment Costs 0.00
-------------
94,316.18
-------------
Schedule 4
----------
Income Recognized From Closing
Bank Accounts 244.04
Income from License Agreement 15,000.00
Recovery of Accruals 2,938.00
Interest Income 3,732.49
-------------
21,914.53
-------------
Schedule 5
----------
As stated in Note 2, Venus maintains its books and records on the accrual
method of accounting. As such, each expense is charged to its proper account as
it is incurred, and payment is made when such payment is due. The amount shown
on Line 25 is the total amount paid during April, except payroll and taxes which
are shown on Lines 12 and 13.
Schedule 6
----------
The bank account reconciliations shown are the Debtor in Possession
accounts. Venus is in the process of closing its old bank accounts. The amount
shown, $849.05, is the balance of the old accounts.
Schedule 7
----------
Payroll taxes are paid by payroll preparation company, ADP.
Schedule 8
----------
Delay Rental Collected from Partner 25,930.08
Closing Bank Accounts 244.04
Retainer Refund 6,980.68
Expense Reimbursement 11,632.34
Void Checks 320.39
Amount Received in Error 242.76
--------------------
45,350.29
--------------------
Schedule 9
Secured creditors were paid $14,011.34.
