UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Gotland Oil, Inc.

Debtor MONTHLY OPERATING REPORT

Case No. 09-10792 Reporting Period: October 2010

11
Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtors bank reconciliations) MOR-1

01;1~ 110 9-10

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status of Posipetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of unpaid Postpetition Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

MOR-la MOR-lb

I I / / I
1

N/A N/A

MOR-2 MOR-3 MOR-4

MOR4 MOR-4 MOR-5 MOR-5

N/A N/A I / / /

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

Signature of Debtor

Date

Signature of Joint Debtor

Date

November 30, 2010 Signatu re oAoriz edlndividual* d

Date

Jennifer Kurilz

Treasurer

Printed Name of Authorized Individual

Title of Authorized Individual

*A ut ho rized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debLor is a limited liability company.

MOle (04107)

In i: Gotland Oil, Inc Debtor

Case No. 09-10792 Reporting Period: October 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

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Gotland Oil. Inc. does not maintain any cash accounts.

TOTAL RECEWLS

TOTALDISBURSEMENTS VIL

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II

II
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THE FOLLOWING SECrION MUST BE COMPLETED

1rnesIotvMvMre sth (Lir1n
&T}JI ii D1

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TOTAL DISBURSEMENTS LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.
froln

$0.00 es&ow arcounts)

$0.00

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

$000

FORM MOE-I (aWl)

In re: Gotland Oil. Inc. Debtor BANK RECONCILIATIONS Continuation Sheet ror MOR-I LANCE PZR BOOKS BANK BALANCE DEPOSITS IN TRANSiT (ATFACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE $ Adjusted bank balance must equal balance per books
(4-)

Case Np, 09-10792 Reporting Period: October 2010_

Onerio\

rn

Gotland Oil, Inc. does not maintain any cash accounts.

FORM MOF(-ja (04)07)

In re: Gotland Oil, Inc. Debtor SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Case No. 09-10792 Reporting Period: October 2010

i&-

r:yr

No

FORM MOR.lb

(04/07)

In re: Gotland Oil, inc. Debtor

Case No. 09-10792 Reporting Period: October 2010 STATEMENT OF OPERATIONS

(Income Statement)

Oil and gas production revenue Royalty payments Net Revenue

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Repairs and maintenance Salaries/commissions(fees Transportation expense Utilities Insurance Employee benefit programs Taxes - production Inventory change Rent and lease expense Travel and entertainment Supplies Advertising Auto and truck Bad debt Contributions Insider compensation Management fees/bonuses Office expenses Pension& profit sharing plans Taxes - payroll Taxes - real estate Taxes - other General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Exrnscs Accretion of discounts and amortization of deferred financing costs Interest expense- non-cash- paid in kind Stock compensation expense Interest and dividends Realized gain/(loss) on derivatives Interest expense- cash Other revenue General exploration expense Net Profit (Loss) Before Reorganization Items

OIGA ttAflQ ITEMS

Professional Fees Reorganization Interest Not Profit (Loss)

-.

.-

. -

J
-

FORM MOR.2 (04/07)

hire: Gotland Oil, Inc. Debtor

!Lase No. 09-10792 Reostlng Period: October 20l0_

BALANCE SHEET

g wt
Unrestricted Cash and Equivalents Restricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Relainera Other CurreeF Assets (See Attached Schedule) TOTAL CURRENT ASSETS (eqycd Properties Including Lease and Well Equipment Asset Retirement Costs In Process Development Unproved Properties Office Equipment and Software Vehicles Other Equipment and Leasehold Improvements Pipeline Equipment Less Accumulated Depreciation TOTAL PROPERTY&EQUIPMENT OLHERASSETs Other Assets (See Attached Schedule)

400 400 -

.s; Accounts Payable and Accrued Liabilities axes Payable Wages Payable tes Payable - Debtor-in-possession financing Rent/Leases - BuildiiiglEquipment ecured Debt / Adequate Protection Payments Professional Fees tercompany Payables kent Retirement Obligations cnied Interest Other Liabilities OTALPOSTPETITION LIABILITIES (Tl SIJBJE(T IO COr.1tOM1lSE (Pre.Pehhoii) ecured Debt Priority Debt Unsocured Debt Intercompany Psyables TOTAL PRE-PETITION LIABILITIES r TOTAL LIABILITIES Share Capital natributed Surplus Warrants Additional Paid In Capital Accumulated Other Comprehensive Loss Partners Capital Account Ownie?sEquicyAccount Retained Earnings - Pro-Petition Retained Earnings - Posipetition Adjustment to owner Equity (attach schedule) Poslpeitioes Contributions (Distributions (Draws) (attach schedule) NET SHAREHOLDERS! EQUITY i-.--

al

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14
$

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I A

S
$

400 r 4OQ

FORM MOR-3

In re Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: October 2010

BALANCE SHEET - continuation sheet

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets

1,01 -

10.

0 11-1

IM
$

400
-

400

FORM MOR-3 CONTD

(Gt7)

In re: Gotland Oil, Inc. Debtor STATUS OF POSTPETITION TAXES

Case No. 09-10792 Reporting Period: October 2010_

IFICA-Employee
unemployment

Not Applicable

Income Total Federal Taxes

tWnA oca1 j WithboIding

Sales Exci se

miV

IUnemployment IRea l Property IPers onal Property LTo tal Stale and Local ITotal Taxes

Not Applicable

SUMMARY OF UNPAID POSTPETIT1ON DEBTS

Accounts Payable Wages Payable Taxes Payable Rent/Leases-Building Rent/Leases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Total Postpetition Debts

Not Applicable

FORM MOR-4 (01107)

In re: Gotland Oil, Inc. Debtor

Case No. 09-10792 Reporting Period: October 2010_

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

__________________________________________ Total Accounts Receivable at the beginning of the reporting period + Amounts billed during the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period 0-30days old 31 -60 days old 61- 90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)
DEBTOR QUESTIONNAIRE Must be completed each nonth
-

I
Not Applicable

Not Applicable

I
-

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. Note: We carry only fiduciary liability insurance. Company has no employees. Workers comp not requred. 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened accounts. if an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

Ycs4 No No Yes Yes No

FORM MOR-5 (04107)