v2.3.0.11

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Oil revenues	$ 639,441	$ 75,891	$ 1,002,874	$ 166,274
Total revenues	639,441	75,891	1,002,874	166,274
Costs and expenses:
Operating costs	176,859	446,111	446,836	843,254
Depreciation, depletion, accretion and amortization	42,634	56,967	89,954	93,975
Impairment of oil properties	0	273,318	0	273,318
General and administrative	1,300,837	1,617,876	3,581,879	2,670,369
Total costs and expenses	1,520,330	2,394,272	4,118,669	3,880,916
Loss from operations	(880,889)	(2,318,381)	(3,115,795)	(3,714,642)
Non-operating income (expense):
Unrealized loss (gain) on fair value of derivative warrant instruments, net	1,861,196	(657,531)	6,396,518	(102,023)
Interest and other income	51,147	27,142	56,829	32,823
Interest expense	(37,793)	0	(74,049)	0
Total non-operating income (expense)	1,874,550	(630,389)	6,379,298	(69,200)
Income (loss) before income taxes	993,661	(2,948,770)	3,263,503	(3,783,842)
Income taxes	(11,314)	0	(21,503)	0
Net income (loss)	$ 982,347	$ (2,948,770)	$ 3,242,000	$ (3,783,842)
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ (0.07)	$ 0.07	$ (0.10)
Basic and diluted weighted average common shares outstanding (in shares)	46,288,300	44,672,533	46,252,305	37,539,525

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La Cortez Energy, Inc. 10-Q