v2.4.0.6

Condensed Balance Sheets (USD $)	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 9,369,425	$ 9,036,449
Trade accounts receivable, net of allowance for doubtful accounts of $228,238 and $209,554 in 2013 and 2012, respectively	107,919	140,286
Prepaid expense	37,113	36,053
Prepaid federal income tax	88,323	221,468
Total current assets	9,602,780	9,434,256
Property and equipment, at cost:
Oil and gas properties - successful efforts method of accounting	9,452,403	9,447,796
Office furniture and vehicles	156,871	156,871
	9,609,274	9,604,667
Less accumulated depreciation, depletion and amortization	(5,090,411)	(4,988,052)
Total property and equipment, net	4,518,863	4,616,615
Other assets	1,000	1,000
TOTAL ASSETS	14,122,643	14,051,871
Current liabilities:
Trade accounts payable	288,238	487,590
Taxes payable	46,336	37,813
Asset retirement obligation, current portion	4,319	4,319
Notes payable	150,000	150,000
Total current liabilities	488,893	679,722
Deferred federal income tax liability	331,641	331,641
Asset retirement obligation, less current portion	627,142	624,000
Total liabilities	1,447,676	1,635,363
Stockholders' equity:
Common stock, par value $.05; authorized 12,500,000 shares; 1,416,587 issued and outstanding in 2013 and 2012, respectively	70,828	70,828
Additional paid-in capital	1,888,528	1,888,528
Retained earnings	10,715,611	10,457,152
Total stockholders' equity	12,674,967	12,416,508
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 14,122,643	$ 14,051,871

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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).

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Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.

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TEXAS VANGUARD OIL CO 10-Q