v2.4.0.8

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenue:
Oil and gas revenues	$ 38,123	$ 55,835	$ 83,970	$ 117,944
Total Revenue	38,123	55,835	83,970	117,944
Expenses:
Exploration costs	34,644	73,397	59,247	105,604
Production taxes	1,757	2,861	3,870	6,033
Depreciation of oil and gas properties	3,479	2,619	6,958	5,238
Accretion of asset retirement obligation	685	622	1,307	1,244
General and administrative expenses (including related party expenses of $6,000, $25,735, $12,000 and $54,035 , respectively)	25,292	78,036	40,005	131,346
Total Expenses	65,857	157,535	111,387	249,465
Income (Loss ) from operations	(27,734)	(101,700)	(27,417)	(131,521)
Other Income (Expense):
Interest income			895
Interest expense	(50,963)	(84,452)	(98,978)	(190,548)
Net Other Expense	(50,963)	(84,452)	(98,083)	(190,548)
Net loss	$ (78,697)	$ (186,152)	$ (125,500)	$ (322,069)
Basic and diluted loss per common share	$ (0.02)	$ (0.05)	$ (0.03)	$ (0.08)
Weighted-average basic and diluted shares outstanding	4,003,080	4,000,000	4,001,701	4,000,000

Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.

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Galt Petroleum, Inc. 10-Q