v2.4.0.6

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	8 Months Ended	12 Months Ended	20 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2012
Costs and expenses
Lease operating expenses		$ 7,975	$ 7,975
Compensation	303,581	258,744	562,325
Professional	115,650	234,023	349,673
Consulting	96,200	85,500	181,700
Rent and office expenses	23,649	23,036	46,685
Other	2,510	59,933	62,443
Total expenses	541,590	669,211	1,210,801
Net loss	$ (541,590)	$ (669,211)	$ (1,210,801)
Basic and diluted loss per share	$ (0.02)	$ (0.02)
Basic and diluted weighted average shares outstanding	33,478,261	37,588,024

The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Lease expense related to property used in oil and gas production.

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Expenditures for salaries for officers and non-officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.

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Costs incurred in providing technology services. The services may include training, installation, engineering or consulting. Consulting services often include implementation support, software design or development, or the customization or modification of the licensed software.

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Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).

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Santa Fe Petroleum, Inc. 10-K