Nevada
(State
or other jurisdiction of
incorporation
or organization)
|
|
1311
(Primary
Standard Industrial
Classification
Code Number)
|
|
98-0479924
(I.R.S.
Employer
Identification
Number)
|
Page
|
||
Summary
|
||
Risk
Factors
|
4 | |
Special
Note Regarding Forward-Looking Statements
|
13 | |
Dividend
Policy
|
14 | |
Use
Of Proceeds
|
14 | |
Price
Range Of Common Stock
|
14 | |
Selected
Financial Data
|
15 | |
Management’s
Discussion And Analysis Of Financial Condition And Results Of
Operations
|
16 | |
Business
|
34 | |
Management
|
49 | |
Principal
And Selling Stockholders
|
60 | |
Certain
Relationships And Related Transactions
|
77 | |
Description
Of Capital Stock
|
79 | |
Plan
Of Distribution
|
82 | |
Legal
Matters
|
84 | |
Experts
|
84 | |
Where
You Can Find Additional Information
|
84 | |
Index
to Financial Statements
|
F-1
|
Common
stock currently outstanding (1)
|
|
97,574,024
shares
|
||
|
|
|
||
Common
stock offered by the selling stockholders (2)
|
|
64,409,425
shares
|
||
|
|
|
||
Common
stock outstanding after the offering (3)
|
|
121,695,377
shares
|
||
|
|
|
||
Use
of Proceeds
|
|
We
will not receive any proceeds from the sale of common stock offered
by
this prospectus. We will receive the proceeds from any warrant exercises,
which we intend to use for general corporate purposes, including
for
working capital.
|
||
|
|
|||
OTC
Bulletin Board Symbol
|
|
GTRE.OB
|
||
|
|
|
||
Toronto
Stock Exchange Symbol
|
GTE
|
(1)
|
Amount
is as of March 6, 2008 and includes 12,303,966 shares of common
stock
which are issuable upon the exchange of exchangeable shares of
Goldstrike
Exchange Co.
|
|
|
|
|
(2)
|
Includes
24,121,353 shares of common stock underlying warrants issued to
the
selling stockholders.
|
|
(3)
|
Assumes
the full exercise of warrants to purchase an aggregate of 24,121,353
shares of common stock held by the selling
stockholders.
|
·
|
expand
our systems effectively or efficiently or in a timely
manner;
|
·
|
allocate
our human resources optimally;
|
·
|
identify
and hire qualified employees or retain valued employees;
or
|
·
|
incorporate
effectively the components of any business that we may acquire in
our
effort to achieve growth.
|
·
|
all
bilateral aid, except anti-narcotics and humanitarian aid, would
be
suspended,
|
·
|
the
Export-Import Bank of the United States and the Overseas Private
Investment Corporation would not approve financing for new projects
in
Colombia,
|
·
|
United
States representatives at multilateral lending institutions would
be
required to vote against all loan requests from Colombia , although
such
votes would not constitute vetoes,
and
|
·
|
the
President of the United States and Congress would retain the right
to
apply future trade sanctions.
|
·
|
effective
legal redress in the courts of such jurisdictions, whether in respect
of a
breach of law or regulation, or, in an ownership dispute, being more
difficult to obtain;
|
·
|
a
higher degree of discretion on the part of governmental
authorities;
|
·
|
the
lack of judicial or administrative guidance on interpreting applicable
rules and regulations;
|
·
|
inconsistencies
or conflicts between and within various laws, regulations, decrees,
orders
and resolutions; and
|
·
|
relative
inexperience of the judiciary and courts in such
matters.
|
·
|
dilution
caused by our issuance of additional shares of common stock and other
forms of equity securities, which we expect to make in connection
with
future capital financings to fund our operations and growth, to attract
and retain valuable personnel and in connection with future strategic
partnerships with other companies;
|
·
|
announcements
of new acquisitions, reserve discoveries or other business initiatives
by
our competitors;
|
·
|
fluctuations
in revenue from our oil and natural gas business as new reserves
come to
market;
|
·
|
changes
in the market for oil and natural gas commodities and/or in the capital
markets generally;
|
·
|
changes
in the demand for oil and natural gas, including changes resulting
from
the introduction or expansion of alternative fuels;
and
|
·
|
changes
in the social, political and/or legal climate in the regions in which
we
will operate.
|
·
|
quarterly
variations in our revenues and operating
expenses;
|
·
|
changes
in the valuation of similarly situated companies, both in our industry
and
in other industries;
|
·
|
changes
in analysts’ estimates affecting our company, our competitors and/or our
industry;
|
·
|
changes
in the accounting methods used in or otherwise affecting our
industry;
|
·
|
additions
and departures of key personnel;
|
·
|
announcements
of technological innovations or new products available to the oil
and
natural gas industry;
|
·
|
announcements
by relevant governments pertaining to incentives for alternative
energy
development programs;
|
·
|
fluctuations
in interest rates, exchange rates and the availability of capital
in the
capital markets; and
|
·
|
significant
sales of our common stock, including sales by future investors in
future
offerings we expect to make to raise additional
capital.
|
|
High
|
Low
|
|||||
First
Quarter 2008 (through March 6, 2008)
|
$
|
4.26
|
$
|
2.31
|
|||
Fourth
Quarter 2007
|
$
|
2.69
|
$
|
1.39
|
|||
Third
Quarter 2007
|
$
|
2.16
|
$
|
1.31
|
|||
Second
Quarter 2007
|
$
|
1.49
|
$
|
0.90
|
|||
First
Quarter 2007
|
$
|
1.64
|
$
|
0.88
|
|||
Fourth
Quarter 2006
|
$
|
1.75
|
$
|
1.10
|
|||
Third
Quarter 2006
|
$
|
3.67
|
$
|
1.47
|
|||
Second
Quarter 2006
|
$
|
5.01
|
$
|
2.96
|
|||
First
Quarter 2006
|
$
|
5.95
|
$
|
3.02
|
Plan
category
|
Number
of
securities
to be issued upon
exercise
of options
|
Weighted
average
exercise price of
outstanding
options
|
Number
of securities
remaining
available for future
issuance
|
|||||||
Equity
compensation plans approved by security holders
|
5,724,168
|
$
|
1.52
|
3,275,832
|
||||||
Equity
compensation plans not approved by security holders
|
—
|
—
|
—
|
|||||||
Total
|
5,724,168
|
3,725,832
|
Period
Ended December 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
Statement
of Operations Data
|
||||||||||
Revenues
and other income
|
||||||||||
Oil
sales
|
$
|
31,807,641
|
$
|
11,645,553
|
$
|
946,098
|
||||
Natural
gas sales
|
44,971
|
75,488
|
113,199
|
|||||||
Interest
|
425,542
|
351,872
|
—
|
|||||||
Total
revenues
|
32,278,154
|
12,072,913
|
1,059,297
|
|||||||
Expenses
|
||||||||||
Operating
|
10,474,368
|
4,233,470
|
395,287
|
|||||||
Depletion,
depreciation and accretion
|
9,414,907
|
4,088,437
|
462,119
|
|||||||
General
and administrative
|
10,231,952
|
6,998,804
|
2,482,070
|
|||||||
Liquidated
damages
|
7,366,949
|
1,527,988
|
—
|
|||||||
Derivative
financial instruments
|
3,039,690
|
—
|
—
|
|||||||
Foreign
exchange (gain) loss
|
(77,275
|
)
|
370,538
|
(31,271
|
)
|
|||||
Total
expenses
|
40,450,591
|
17,219,237
|
3,308,205
|
|||||||
Loss
before income tax
|
(8,172,437
|
)
|
(5,146,324
|
)
|
(2,248,908
|
)
|
||||
Income
tax
|
(294,767
|
)
|
(677,380
|
)
|
29,228
|
|||||
Net
loss
|
$
|
(8,467,204
|
)
|
$
|
(5,823,704
|
)
|
$
|
(2,219,680
|
)
|
|
Net
loss per common share — basic and diluted
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
$
|
(0.16
|
)
|
|
Statement
of Cash Flows Data
|
||||||||||
Operating
activities
|
$
|
6,214,677
|
$
|
(829,620
|
)
|
$
|
(1,876,638
|
)
|
||
Investing
activities
|
(12,845,943
|
)
|
(45,366,912
|
)
|
(9,108,022
|
)
|
||||
Financing
activities
|
719,303
|
68,075,856
|
13,206,116
|
|||||||
(Decrease)
Increase in cash
|
$
|
(5,911,963
|
)
|
$
|
21,879,324
|
$
|
2,221,456
|
|||
Balance
Sheet Data
|
||||||||||
Cash
and cash equivalents
|
$
|
18,188,817
|
$
|
24,100,780
|
$
|
2,221,456
|
||||
Working
capital (including cash)
|
8,058,049
|
14,541,498
|
2,764,643
|
|||||||
Oil
and gas properties
|
63,202,432
|
56,093,284
|
7,886,914
|
|||||||
Deferred
tax asset
|
2,058,436
|
444,324
|
—
|
|||||||
Total
assets
|
112,796,561
|
105,536,957
|
12,371,131
|
|||||||
Deferred
tax liability
|
(11,674,744
|
)
|
(9,875,657
|
)
|
—
|
|||||
Other
long-term liabilities
|
(1,986,023
|
)
|
(633,683
|
)
|
(67,732
|
)
|
||||
Shareholders’
equity
|
$
|
(76,791,855
|
)
|
$
|
(76,194,779
|
)
|
$
|
(11,039,347
|
)
|
· an
additional 50% WI in Nacatimbay;
|
· an
additional 50% WI in Ipaguazu;
|
· 50%
WI in El Vinalar (oil production);
|
· 100%
WI in Chivil (oil production);
|
· 100%
WI in Surubi (exploration land);
|
· 100%
WI in Santa Victoria (exploration land); and,
|
· 93.2%
WI in Valle Morado (exploration
land).
|
|
Year
Ended December 31,
|
|
|
|
||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
|||||||||||||||||||
Production,
net of royalties (2)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Oil
and NGLs (Bbls)
|
207,912
|
333,157
|
541,069
|
127,712
|
129,209
|
256,921
|
63
|
%
|
158
|
%
|
111
|
%
|
||||||||||||||||
Gas
(Mcf)
|
26,631
|
-
|
26,631
|
41,447
|
-
|
41,447
|
-36
|
%
|
-
|
-36
|
%
|
|||||||||||||||||
Oil,
Gas and NGLs (Boe) (1)
|
209,244
|
333,157
|
542,401
|
129,784
|
129,209
|
258,993
|
61
|
%
|
158
|
%
|
109
|
%
|
||||||||||||||||
Revenue
and other income
|
||||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
$
|
8,059,486
|
$
|
23,748,155
|
$
|
31,807,641
|
$
|
5,033,363
|
$
|
6,612,190
|
$
|
11,645,553
|
60
|
%
|
259
|
%
|
173
|
%
|
||||||||||
Gas
|
44,971
|
-
|
44,971
|
75,488
|
-
|
75,488
|
-40
|
%
|
-
|
-40
|
%
|
|||||||||||||||||
Interest
(excluding Corporate)
|
15,225
|
222,785
|
238,010
|
-
|
-
|
-
|
100
|
%
|
100
|
%
|
100
|
%
|
||||||||||||||||
|
$
|
8,119,682
|
$
|
23,970,940
|
$
|
32,090,622
|
$
|
5,108,851
|
$
|
6,612,190
|
$
|
11,721,041
|
59
|
%
|
263
|
%
|
174
|
%
|
||||||||||
Other
- Corporate
|
|
|
187,532
|
|
|
351,872
|
|
|
-47
|
%
|
||||||||||||||||||
|
|
|
$
|
32,278,154
|
|
|
$
|
12,072,913
|
|
|
167
|
%
|
||||||||||||||||
Average
Prices
|
||||||||||||||||||||||||||||
Oil
and NGLs (Per Bbl)
|
$
|
38.76
|
$
|
71.28
|
$
|
58.79
|
$
|
39.41
|
$
|
51.17
|
$
|
45.33
|
-2
|
%
|
39
|
%
|
30
|
%
|
||||||||||
Gas
(Per Mcf)
|
$
|
1.69
|
-
|
$
|
1.69
|
$
|
1.82
|
-
|
$
|
1.82
|
-7
|
%
|
-
|
-7
|
%
|
|
Year
Ended December 31,
|
|
|||||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
||||||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
||||||||||||||||||||||
Operating
Expense
|
|||||||||||||||||||||||||||||||
Operating
Expense
|
$
|
6,327,276
|
$
|
4,097,336
|
$
|
10,424,612
|
$
|
2,846,705
|
$
|
1,386,765
|
$
|
4,233,470
|
122
|
%
|
195
|
%
|
146
|
%
|
|||||||||||||
Other
- Corporate - Peru Operations
|
|
|
49,756
|
|
|
-
|
|
|
|
100
|
%
|
||||||||||||||||||||
|
$
|
6,327,276
|
$
|
4,097,336
|
$
|
10,474,368
|
$
|
2,846,705
|
$
|
1,386,765
|
$
|
4,233,470
|
147
|
%
|
|||||||||||||||||
|
|||||||||||||||||||||||||||||||
Operating
expense per Boe
|
$
|
30.24
|
$
|
12.30
|
$
|
19.31
|
$
|
21.93
|
$
|
10.73
|
$
|
16.35
|
38
|
%
|
15
|
%
|
|
18
|
%
|
||||||||||||
|
|
Year
Ended December 31,
|
|
|||||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
||||||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
||||||||||||||||||||||
DD&A
|
|||||||||||||||||||||||||||||||
DD&A
|
$
|
2,476,834
|
$
|
6,850,086
|
$
|
9,326,920
|
$
|
1,550,544
|
$
|
2,494,317
|
$
|
4,044,861
|
60
|
%
|
175
|
%
|
131
|
%
|
|||||||||||||
Other
- Corporate
|
|
|
87,987
|
|
|
43,576
|
|
|
|
102
|
%
|
||||||||||||||||||||
|
|
|
$
|
9,414,907
|
|
|
$
|
4,088,437
|
|
|
|
130
|
%
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||
DD&A
per Boe
|
$
|
11.84
|
$
|
20.56
|
$
|
17.36
|
$
|
11.95
|
$
|
19.30
|
$
|
15.79
|
-1
|
%
|
7
|
%
|
|
10
|
%
|
|
Year
Ended December 31,
|
|
|||||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
||||||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
||||||||||||||||||||||
G&A
|
|||||||||||||||||||||||||||||||
G&A
|
$
|
1,704,410
|
$
|
1,695,825
|
$
|
3,400,235
|
$
|
1,122,980
|
$
|
897,494
|
$
|
2,020,474
|
52
|
%
|
89
|
%
|
68
|
%
|
|||||||||||||
Other
- Corporate
|
|
|
$
|
6,831,717
|
|
|
$
|
4,978,330
|
|
|
|
37
|
%
|
||||||||||||||||||
|
|
$
|
10,231,952
|
|
|
$
|
6,998,804
|
|
|
|
46
|
%
|
|||||||||||||||||||
|
|||||||||||||||||||||||||||||||
G&A
per Boe
|
$
|
8.15
|
$
|
5.09
|
$
|
18.86
|
$
|
8.65
|
$
|
6.95
|
$
|
27.02
|
-6
|
%
|
-27
|
%
|
|
-30
|
%
|
|
Year
Ended December 31,
|
Change
from Prior
|
||||||||
|
2007
|
2006
|
Year
|
|||||||
Liquidation
Damages
|
$
|
7,366,949
|
$
|
1,527,988
|
382
|
%
|
Financial
Derivative Loss
|
Year
Ended
December
31, 2007
|
|||
Realized
financial derivative loss
|
$
|
391,345
|
||
Current
portion of unrealized financial derivative Loss
|
$
|
1,593,629
|
||
Long-term
portion of unrealized financial derivative loss
|
$
|
1,054,716
|
||
Total
unrealized financial derivative loss
|
$
|
2,648,345
|
||
Financial
derivative loss
|
$
|
3,039,690
|
|
Year
Ended December 31,
|
Change
from Prior
|
||||||||
|
2007
|
2006
|
Year
|
|||||||
Foreign
Exchange (Gain) Loss
|
$
|
(77,275
|
)
|
$
|
370,538
|
121
|
%
|
|
Year
Ended December 31,
|
Change
from Prior
|
||||||||
|
2007
|
2006
|
Year
|
|||||||
Income
Tax
|
$
|
294,767
|
$
|
677,380
|
-56
|
%
|
Year
Ended December 31,
|
|||||||||||||||||||||||||||||||||||||
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||||||||||||
Argentina
|
Colombia
|
Corporate
|
Total
|
Argentina
|
Colombia
|
Corporate
|
Total
|
Argentina
|
Colombia
|
Corporate
|
Total
|
||||||||||||||||||||||||||
Net
Loss
|
|||||||||||||||||||||||||||||||||||||
Net
loss (income) before income tax
|
$
|
2,474,990
|
$
|
(11,484,448
|
)
|
$
|
17,181,895
|
$
|
8,172,437
|
$
|
411,028
|
$
|
(1,486,075
|
)
|
$
|
6,221,371
|
$
|
5,146,324
|
502
|
%
|
673
|
%
|
176
|
%
|
59
|
%
|
|||||||||||
Income
tax
|
|
|
-
|
294,767
|
|
|
|
677,380
|
|
|
|
-56
|
%
|
||||||||||||||||||||||||
Net
Loss
|
|
|
|
$
|
8,467,204
|
|
|
|
$
|
5,823,704
|
|
|
|
45
|
%
|
||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Loss
per share - Basic and Diluted
|
|||||||||||||||||||||||||||||||||||||
Weighted
Average Outstanding Common Shares - Basic and Diluted
|
95,096,311
|
72,443,501
|
31
|
%
|
|||||||||||||||||||||||||||||||||
Loss
per share - Basic and Diluted
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.08
|
|
|
|
13
|
%
|
|
|
Year
Ended December 31, 2006
|
|
Periods
Ended December 31, 2005
|
|
Change
from Prior Period
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
|||||||||
Production,
net of royalties (2)
|
|
|||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
|
|
127,712
|
|
|
129,209
|
|
|
256,921
|
|
|
25,132
|
|
|
-
|
|
|
25,132
|
|
|
408
|
%
|
|
100
|
%
|
|
922
|
%
|
Gas
(Mcf)
|
|
|
41,447
|
|
|
-
|
|
|
41,447
|
|
|
180,320
|
|
|
-
|
|
|
180,320
|
|
|
-77
|
%
|
|
-
|
|
|
-77
|
%
|
Oil,
Gas and NGLs (Boe) (1)
|
|
|
129,784
|
|
|
129,209
|
|
|
258,993
|
|
|
34,148
|
|
|
-
|
|
|
34,148
|
|
|
280
|
%
|
|
100
|
%
|
|
658
|
%
|
Revenue
and other income
|
||||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
|
$
|
5,033,363
|
|
$
|
6,612,190
|
|
$
|
11,645,553
|
|
$
|
946,098
|
|
|
-
|
|
$
|
946,098
|
|
|
432
|
%
|
|
100
|
%
|
|
1,131
|
%
|
Gas
|
|
|
75,488
|
|
|
-
|
|
|
75,488
|
|
|
113,199
|
|
|
-
|
|
$
|
113,199
|
|
|
-33
|
%
|
|
-
|
|
|
-33
|
%
|
|
|
$
|
5,108,851
|
|
$
|
6,612,190
|
|
$
|
11,721,041
|
|
$
|
1,059,297
|
|
|
-
|
|
$
|
1,059,297
|
|
|
382
|
%
|
|
100
|
%
|
|
1,006
|
%
|
Other
- Corporate
|
|
|
|
|
|
|
|
$
|
351,872
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
$
|
12,072,913
|
|
|
|
|
|
|
|
$
|
1,059,297
|
|
|
|
|
|
|
|
|
1,040
|
%
|
Average
Prices
|
||||||||||||||||||||||||||||
Oil
and NGLs (Per Bbl)
|
|
$
|
39.41
|
|
$
|
51.17
|
|
$
|
45.33
|
|
$
|
37.65
|
|
|
-
|
|
$
|
37.65
|
|
|
5
|
%
|
|
100
|
%
|
|
20
|
%
|
Gas
(Per Mcf)
|
|
$
|
1.82
|
|
|
-
|
|
$
|
1.82
|
|
$
|
0.63
|
|
|
-
|
|
$
|
0.63
|
|
|
189
|
%
|
|
-
|
|
|
189
|
%
|
|
|
Year
Ended December 31,
|
|
Period
Ended December 31,
|
|
|
|
|||||||||||||||||||||
|
|
2006
|
|
2005
|
|
Change
from Prior Year
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
|||||||||
Operating
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating
Expense
|
|
$
|
2,846,705
|
|
$
|
1,386,765
|
|
$
|
4,233,470
|
|
$
|
395,287
|
|
$
|
-
|
|
$
|
395,287
|
|
|
620
|
%
|
|
100
|
%
|
|
971
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expense per Boe
|
|
$
|
21.93
|
|
$
|
10.73
|
|
$
|
16.35
|
|
$
|
11.58
|
|
|
|
|
$
|
11.58
|
|
|
89
|
%
|
|
100
|
%
|
|
41
|
%
|
|
|
Year
Ended December 31,
|
|
Period
Ended December 31,
|
|
|
|
|||||||||||||||||||||
|
|
2006
|
|
2005
|
|
Change
from Prior Period
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
|||||||||
DD&A
|
|
|||||||||||||||||||||||||||
DD&A
|
|
$
|
1,550,544
|
|
$
|
2,494,317
|
|
$
|
4,044,861
|
|
$
|
453,022
|
|
$
|
-
|
|
$
|
453,022
|
|
|
242
|
%
|
|
100
|
%
|
|
793
|
%
|
Other
- Corporate
|
|
|
|
|
|
|
|
$
|
43,576
|
|
|
|
|
|
|
|
$
|
9,097
|
|
|
|
|
|
|
|
|
379
|
%
|
|
|
|
|
|
|
|
|
$
|
4,088,437
|
|
|
|
|
|
|
|
$
|
462,119
|
|
|
|
|
|
|
|
|
785
|
%
|
|
||||||||||||||||||||||||||||
DD&A
per Boe
|
|
$
|
11.95
|
|
$
|
19.30
|
|
$
|
15.79
|
|
$
|
13.27
|
|
|
-
|
|
$
|
13.53
|
|
|
-10
|
%
|
|
100
|
%
|
|
17
|
%
|
|
|
Year
Ended December 31,
|
|
Period
Ended December 31,
|
|
|
|
|||||||||||||||||||||
|
|
2006
|
|
2005
|
|
Change
from Prior Period
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
|||||||||
G&A
|
|
|||||||||||||||||||||||||||
G&A
|
|
$
|
1,122,980
|
|
$
|
897,494
|
|
$
|
2,020,474
|
|
$
|
331,033
|
|
$
|
-
|
|
$
|
331,033
|
|
|
239
|
%
|
|
100
|
%
|
|
510
|
%
|
Other
- Corporate
|
|
|
|
|
|
|
|
$
|
4,978,330
|
|
|
|
|
|
|
|
$
|
2,151,037
|
|
|
|
|
|
|
|
|
131
|
%
|
|
|
|
|
|
|
|
|
$
|
6,998,804
|
|
|
|
|
|
|
|
$
|
2,482,070
|
|
|
|
|
|
|
|
|
182
|
%
|
|
||||||||||||||||||||||||||||
G&A
per Boe
|
|
$
|
8.65
|
|
$
|
6.95
|
|
$
|
27.02
|
|
$
|
9.69
|
|
|
|
|
$
|
72.69
|
|
|
-11
|
%
|
|
100
|
%
|
|
-63
|
%
|
|
Year
Ended
December
31,
|
Period
Ended
December
31,
|
Change
from Prior
|
|||||||
|
2006
|
2005
|
Period
|
|||||||
Liquidation
Damages
|
$
|
1,527,988
|
$
|
-
|
100
|
%
|
|
Year
Ended
December
31,
|
Period
Ended
December
31,
|
Change
from Prior
|
|||||||
|
2006
|
2005
|
Period
|
|||||||
Foreign
Exchange (Gain) Loss
|
$
|
370,538
|
$
|
(31,271
|
)
|
1,285
|
%
|
|
Year
Ended
December
31,
|
Period
Ended
December
31,
|
Change
from Prior
|
|||||||
|
2006
|
2005
|
Period
|
|||||||
Income
Tax Expense (Recovery)
|
$
|
677,380
|
$
|
(29,228
|
)
|
2,418
|
%
|
|
|
Year
Ended December 31,
|
|
Period
Ended December 31,
|
|
|
|
||||||||||||||||||||||||||||||
|
|
2006
|
|
2005
|
|
Change
from Prior Period
|
|
||||||||||||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Corporate
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Corporate
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Corporate
|
|
Total
|
|
||||||||||||
Net
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net
loss (income) before income tax
|
|
$
|
411,028
|
|
$
|
(1,486,075
|
)
|
$
|
6,221,371
|
|
$
|
5,146,324
|
|
$
|
112,445
|
|
$
|
-
|
|
$
|
2,136,463
|
|
$
|
2,248,908
|
|
|
266
|
%
|
|
100
|
%
|
|
191
|
%
|
|
129
|
%
|
Income
tax
|
|
|
|
|
|
|
|
|
|
|
|
677,380
|
|
|
|
|
|
|
|
|
|
|
|
(29,228
|
)
|
|
|
|
|
|
|
|
|
|
|
-2,418
|
%
|
Net
Loss
|
|
|
|
|
|
|
|
|
|
|
$
|
5,823,704
|
|
|
|
|
|
|
|
|
|
|
$
|
2,219,680
|
|
|
|
|
|
|
|
|
|
|
|
162
|
%
|
Loss
per share - Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Outstanding Common Shares - Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
72,443,501
|
|
|
|
|
|
|
|
|
|
|
|
13,538,149
|
|
|
|
|
|