v2.4.0.6

Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
Assets
Cash and cash equivalents	$ 4,180,771	$ 8,327,020
Accrued oil receivables	420,397	0
Employee advances and other receivables	12,950	14,603
Prepaid expenses	317,283	119,887
Total current assets	4,931,401	8,461,510
Oil properties, at cost, using the full cost method of accounting:
Proved	19,034,154	11,249,087
Unproved	5,111,473	11,897,508
Accumulated depletion and impairment	(15,774,148)	(10,476,624)
Oil and Gas Property, Full Cost Method, Net	8,371,479	12,669,971
Other property and equipment, net of accumulated depreciation of $254,273 and $175,309, respectively	119,412	181,121
Goodwill	0	5,591,422
Restricted cash	2,718,903	2,777,057
Total assets	16,141,195	29,681,081
Liabilities and Shareholders' Equity
Accounts payable	766,586	1,048,573
Accrued liabilities	728,028	371,927
Other liabilities-current portion	246,040	0
Derivative warrant instruments	100,582	7,457,125
Total current liabilities	1,841,236	8,877,625
Other liabilities - non-current portion	377,901	0
Asset retirement obligation	346,892	127,606
Total liabilities	2,566,029	9,005,231
Commitments and contingencies (Note 12)
Shareholders' equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $.001 par value; 300,000,000 shares authorized; 46,467,849 and 46,190,910 shares issued and outstanding at December 31, 2011 and 2010, respectively	46,467	46,190
Additional paid-in capital	39,417,707	38,744,339
Accumulated deficit	(25,889,008)	(18,114,679)
Total shareholders' equity	13,575,166	20,675,850
Total liabilities and shareholders' equity	$ 16,141,195	$ 29,681,081

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

La Cortez Energy, Inc. 10-K/A