Consolidated statement of loss and deficit
| Three months ended June 30, 2007 $ |
Three months ended June 30, 2006 $ |
Six months ended June 30, 2007 $ |
Six months ended June 30, 2006 $ |
|
|---|---|---|---|---|
| Revenue | ||||
| Oil and gas revenue, net | 1,889,400 | 1,358,550 | 2,247,397 | 2,110,461 |
| Interest | 1,520,836 | 496,203 | 1,648,185 | 594,283 |
| Other | (66,251) | (6,663) | 2,492 | 565 |
| 3,343,985 | 1,848,090 | 3,898,074 | 2,705,309 | |
| Expenses | ||||
| General and administrative | 984,878 | 731,052 | 1,589,198 | 1,418,423 |
| Accretion of convertible debentures (note 6) | 78,590 | 83,101 | 164,602 | 111,975 |
| Interest | 1,190,266 | 606,526 | 1,651,059 | 609,112 |
| Operating | 560,577 | 331,185 | 927,206 | 605,842 |
| Transportation | 156,504 | 12,796 | 184,713 | 18,355 |
| Stock-based compensation (note 8) | 1,877,803 | 305,689 | 2,473,717 | 611,378 |
| Foreign exchange loss (gain) | 3,346,492 | (702,564) | 3,084,189 | (804,200) |
| Depletion, depreciation and accretion | 760,078 | 45,959 | 811,728 | 97,387 |
| 8,955,188 | 1,413,744 | 10,886,412 | 2,668,272 | |
| (Loss) income before income taxes | (5,611,203) | 434,346 | (6,988,338) | 37,037 |
| Future income taxes | 448,569 | 1,408,619 | 448,569 | 1,408,619 |
| Net loss for the period | (6,059,772) | (974,273) | (7,436,907) | (1,371,582) |
| Deficit – Beginning of period | (21,224,336) | (13,806,698) | (19,847,201) | (13,409,389) |
| Deficit – End of period | (27,284,108) | (14,780,971) | (27,284,108) | (14,780,971) |
| Basic loss per share (note 7) | (0.06) | (0.01) | (0.07) | (0.01) |
| Diluted loss per share (note 7) | (0.06) | (0.01) | (0.07) | (0.01) |
