Nevada
|
|
333-111656
|
|
98-0479924
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer
Identification
Number)
|
300,
611 - 10th
Avenue S.W.
|
||
Calgary,
Alberta, Canada
|
T2R
0B2
|
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Page(s)
|
Financial Statements for Argosy Energy International, LP as of March 31, 2006 and for the period ended March 31, 2006 (Unaudited) |
3
|
Statements
of Income (Unaudited)
|
4
|
Balance
Sheets (Unaudited)
|
5
|
Statements
of Cash Flows (Unaudited)
|
6
|
Statements
of Partner's Equity (Unaudited)
|
7
|
Notes
to Financial Statements
(Unaudited)
|
8-20
|
Financial Statements for Argosy Energy International, LP as of December 31, 2005 and 2004 |
21
|
Independent
Auditor's Report
|
22
|
Statements
of Income
|
23
|
Balance
Sheets
|
24
|
Statement
of Cash Flows
|
25
|
Statement
of Partners’
Equity
|
26
|
Notes
to Financial Statements
|
27-42
|
Supplemental
Oil and Gas Information
|
43-47
|
Pro Forma Financial Statements for the nine month period ended September 30, 2006 and the year ended December 31, 2005 |
48
|
Pro
Forma Statement of Operations for the period January 1, 2006
to September 30, 2006
|
49
|
Pro
Forma Statement of Operations for the period January 1, 2005
to December
31, 2005
|
50
|
Notes
to Pro Forma Consolidated Financial Statements
|
51-53
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
||||||||||||
Statements
of Income (Unaudited)
|
||||||||||||
For
the Three Months Ended March 31, 2006 and 2005
|
||||||||||||
(Expressed
in thousands of US dollars)
|
2006
|
2005
|
||||||
Oil
sales to Ecopetrol
|
$
|
3,575
|
1,521
|
||||
Operating
cost (note 8)
|
367
|
364
|
|||||
Depreciation,
depletion and amortization
|
190
|
80
|
|||||
General
and administrative expenses
|
282
|
148
|
|||||
839
|
592
|
||||||
Operating
profit
|
2,736
|
929
|
|||||
Other
income, net
|
79
|
116
|
|||||
Income
before income and remittance taxes
|
2,815
|
1,045
|
|||||
Current
income tax (note 9)
|
1,017
|
370
|
|||||
Deferred
remittance tax
|
109
|
42
|
|||||
Total
income and remittance taxes
|
1,126
|
412
|
|||||
Net
income
|
$
|
1,689
|
633
|
||||
See
accompanying notes to unaudited financial statements.
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
||||||||||||
Balance
Sheets (Unaudited)
|
||||||||||||
March
31, 2006 and December 31, 2005
|
||||||||||||
(Expressed
in thousands of US dollars)
|
Assets
|
March
31,
2006
|
December
31,
2005
|
|||||
Current
assets:
|
|||||||
Cash
and cash equivalents (note 3)
|
$
|
2,670
|
7,124
|
||||
Accounts
receivable, net (note 4)
|
3,898
|
951
|
|||||
Accounts
receivable reimbursement Ecopetrol
|
1,186
|
1,186
|
|||||
Inventories:
|
|||||||
Crude
oil
|
211
|
218
|
|||||
Materials
and supplies
|
626
|
557
|
|||||
837
|
775
|
||||||
Total
current assets
|
8,591
|
10,036
|
|||||
Other
long-term assets
|
25
|
16
|
|||||
Property,
plant and equipment (note 5):
|
|||||||
Unproved
properties
|
3,831
|
3,622
|
|||||
Proved
properties
|
5,305
|
5,401
|
|||||
9,136
|
9,023
|
||||||
Total
assets
|
$
|
17,752
|
19,075
|
||||
Liabilities
and Partners' Equity
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
4,852
|
4,979
|
|||||
Tax
payable
|
1,721
|
1,326
|
|||||
Employee
benefits
|
97
|
103
|
|||||
Accrued
liabilities
|
547
|
522
|
|||||
Total
current liabilities
|
7,217
|
6,930
|
|||||
Long-term
accounts payable (note 10)
|
686
|
686
|
|||||
Deferred
income tax
|
473
|
475
|
|||||
Deferred
remmittance tax
|
1,210
|
1,104
|
|||||
Pension
plan
|
-
|
-
|
|||||
Total
liabilities
|
9,586
|
9,195
|
|||||
Partners'
equity (note 7)
|
8,166
|
9,880
|
|||||
Total
liabilities and partners' equity
|
$
|
17,752
|
19,075
|
See
accompanying notes to unaudited financial statements.
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
||||||||||||
Statements
of Cash Flows (Unaudited)
|
||||||||||||
For
the Three Months Ended March 31, 2006 and 2005
|
||||||||||||
(Expressed
in thousands of US dollars)
|
2006
|
2005
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
1,689
|
633
|
||||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation,
depletion and amortization
|
190
|
80
|
|||||
Deferred
remittance tax
|
109
|
42
|
|||||
Changes
in assets and liabilities:
|
|||||||
Accounts
receivable
|
(3,147
|
)
|
(839
|
)
|
|||
Inventories
|
(62
|
)
|
58
|
||||
Accounts
payable
|
(127
|
)
|
202
|
||||
Tax
payable
|
395
|
99
|
|||||
Employee
benefits
|
(6
|
)
|
48
|
||||
Accrued
Liabilities
|
25
|
491
|
|||||
Deferred
income tax
|
(2
|
)
|
1
|
||||
Deferred
remmittance tax
|
(3
|
)
|
4
|
||||
Pensions
|
-
|
(5
|
)
|
||||
Net
cash (used in) provided by operating activities
|
(939
|
)
|
814
|
||||
Cash
flows from investing activities:
|
|||||||
Increase
in long term investments
|
(9
|
)
|
(1
|
)
|
|||
Payments
from Petroleum Equipment International - Talora
|
200
|
-
|
|||||
Additions
to property, plant and equipment
|
(303
|
)
|
(767
|
)
|
|||
Net
cash used in investing activities
|
(112
|
)
|
(768
|
)
|
|||
|
|||||||
Cash
flows from financial activities:
|
|||||||
Bank
overdrafts
|
-
|
106
|
|||||
Distributions
to partners
|
(3,250
|
)
|
-
|
||||
Aviva
redemption shares
|
(153
|
)
|
-
|
||||
Net
cash (used in) provided by financial activities
|
(3,403
|
)
|
106
|
||||
(Decrease)
increase in cash and cash equivalents
|
(4,454
|
)
|
152
|
||||
Cash
and cash equivalents at beginning of year
|
7,124
|
6,954
|
|||||
Cash
and cash equivalents at end of the period
|
$
|
2,670
|
7,106
|
See
accompanying notes to unaudited financial statements.
|
ARGOSY
ENERGY INTERNATIONAL, LP
|
|||||||
Statements
of Partners' Equity (Unaudited)
|
|||||||
For
the Three Months Ended March 31, 2006 and the Year Ended
December 31,
2005
|
|||||||
(Expressed
in thousands of US dollars)
|
|
Limited
|
General
|
Total
|
|||||||
partners'
|
partners'
|
partners'
|
||||||||
capital
|
capital
|
equity
|
||||||||
Balance
as of December 31, 2005
|
9,810
|
70
|
9,880
|
|||||||
Redemption
of partnership payments interest -
Aviva
Overseas Inc. (note 10)
|
(152
|
)
|
(1
|
)
|
(153
|
)
|
||||
Distributions
to partners
|
(3,227
|
)
|
(23
|
)
|
(3,250
|
)
|
||||
Net
income
|
1,677
|
12
|
1,689
|
|||||||
Balance
as of March 31, 2006
|
$
|
8,108
|
58
|
8,166
|
See
accompanying notes to unaudited financial statements.
|
Contract
|
Participation
|
Operator
|
Phase
|
|||||||
Santana
|
35
|
%
|
ARGOSY
|
Exploitation
|
||||||
Guayuyaco
|
70
|
%
|
ARGOSY
|
Exploitation
|
||||||
Aporte
Putumayo
|
100
|
%
|
ARGOSY
|
Abandonment
|
||||||
Río
Magdalena
|
70
|
%
|
ARGOSY
|
Exploration
|
||||||
Talora
|
20
|
%
|
ARGOSY
|
Exploration
|
||||||
Chaza
|
50
|
%
|
ARGOSY
|
Exploration
|
Phase
|
Starting
date
|
Obligations
|
|||||
3
|
December
16, 2006
|
One
exploratory well.
|
|||||
4
|
December
16, 2007
|
One
exploratory well.
|
|||||
5
|
December
16, 2008
|
One
exploratory well.
|
|||||
6
|
December
16, 2009
|
One
exploratory well.
|
Phase
|
Starting
date
|
Obligations
|
|||||
2
|
June
27, 2006
|
One
exploratory well.
|
|||||
3
|
June
27, 2007
|
One
exploratory well.
|
|||||
4
|
December
27, 2008
|
One
exploratory well.
|
|||||
5
|
December
27, 2009
|
One
exploratory well.
|
|
||||
6
|
December
27, 2010
|
One
exploratory well.
|
March
31,
2006
|
December
31,
2005
|
||||||
Held
in United States dollars
|
$
|
2,040
|
6,329
|
||||
Held
in Colombian pesos
|
157
|
394
|
|||||
Short-term
investments
|
473
|
401
|
|||||
$
|
2,670
|
7,124
|
March
31,
2006
|
December
31,
2005
|
||||||
Trade
|
$
|
3,248
|
675
|
||||
B.T.O.
Río Magdalena Agreement
|
355
|
355
|
|||||
Vendor
Advances
|
177
|
172
|
|||||
Petroleum
Equipment Investments - Talora
|
300
|
-
|
|||||
Other
|
173
|
104
|
|||||
4,253
|
1,306
|
||||||
Less
allowance for bad debts
|
(355
|
)
|
(355
|
)
|
|||
$
|
3,898
|
951
|
March
31,
2006
|
December
31,
2005
|
||||||
Oil
properties:
|
|||||||
Unproved
|
$
|
3,831
|
3,622
|
||||
Proved
|
59,190
|
59,096
|
|||||
|
|
|
63,021
|
|
|
62,718
|
|
Less
accumulated depreciation, depletion, and amortization
|
53,885
|
53,695
|
|||||
$
|
9,136
|
9,023
|
Capitalized
Cost Unproved
|
|||||||||||
Excluded
From the Capitalized Cost Being
Amortized
|
Month
Anticipated
|
||||||||||||||||||||||||||||
Exploration
Cost
|
Cost
Incurred
|
to
be included
|
||||||||||||||||||||||||||
AFE
|
Contract
|
Detail
|
Dec-04
|
Dec-05
|
Mar-06
|
2004
|
2005
|
2006
|
in
Amortization
|
|||||||||||||||||||
MARY
WELLWEST PROSPECT
|
Santana
|
Geological
& Geophysical Data
|
287
|
287
|
287
|
287
|
Dec-06
|
|||||||||||||||||||||
MARY
WEST WELL TESTING
|
Santana
|
Geological
& Geophysical Data
|
93
|
93
|
93
|
93
|
Dec-06
|
|||||||||||||||||||||
Expl.
100% NEW PROJECTS
|
New
Projects
|
Geological
& Geophysical Data
|
253
|
363
|
375
|
253
|
110
|
12
|
Dec-06
|
|||||||||||||||||||
Expl.
100% SANTANA
|
Guayuyaco
|
Geological
& Geophysical Data
|
1,044
|
1,044
|
1,044
|
1,044
|
Dec-06
|
|||||||||||||||||||||
Expl.
100% RIO MAGDALENA
|
Rio
Magdalena
|
Sesimic
Program
|
634
|
808
|
889
|
634
|
174
|
81
|
Mar-07
|
|||||||||||||||||||
TALORA
PROJECT
|
Talora
|
Sesimic
Program
|
1
|
89
|
134
|
1
|
88
|
44
|
Sep-07
|
|||||||||||||||||||
SEISMIC
GUAYUYACO
|
Guayuyaco
|
Sesimic
Program
|
0
|
431
|
431
|
431
|
Dec-06
|
|||||||||||||||||||||
SEISMIC
CHAZA
|
Chaza
|
Sesimic
Program
|
0
|
505
|
538
|
505
|
33
|
Sep-07
|
||||||||||||||||||||
POPA-1
WELL EXPLORATORY
|
Rio
Magdalena
|
Road
and Location Well
|
0
|
0
|
32
|
32
|
Mar-07
|
|||||||||||||||||||||
JUANAMBU-1
WELL EXPLORATORY
|
Guayuyaco
|
Road
and Location Well
|
0
|
2
|
8
|
2
|
6
|
Jun-07
|
||||||||||||||||||||
0
|
0
|
|||||||||||||||||||||||||||
Total
Unproved Exploration Costs
|
2,312
|
3,622
|
3,831
|
2,312
|
1,310
|
208
|
March
31,
2006 |
March
31,
2005 |
||||||
Interest
cost
|
$
|
8
|
8
|
||||
Expected
return of assets
|
(13
|
)
|
(6
|
)
|
|||
Amortization
of unrecognized net transition obligation (asset)
|
1
|
1
|
|||||
Net
periodic pension cost
|
$
|
(4
|
)
|
3
|
Stockholder
|
March
31,
2006
|
December
31,
2005
|
|||||
Crosby
Capital L.L.C.
|
$
|
98.75
|
98.75
|
||||
Argosy
Energy Corp. **
|
0.71
|
0.71
|
|||||
Dale
E. Armstrong
|
0.41
|
0.41
|
|||||
Richard
S. McKnight
|
0.13
|
0.13
|
|||||
$
|
100.0
|
100.00
|
March
31,
2006 |
March
31,
2005 |
||||||
Direct
labor
|
$
|
111
|
86
|
||||
Maintenance,
materials and lubricants
|
86
|
49
|
|||||
Repairs
- third party
|
123
|
196
|
|||||
General
expenses - other
|
47
|
33
|
|||||
$
|
367
|
364
|
|
March
31, 2006
|
March
31, 2005
|
|||||||||||
Amount
|
%
|
Amount
|
%
|
||||||||||
Income
before taxes
|
$
|
2,815
|
100.00
|
1,045
|
100.00
|
||||||||
Computed
“Expected” tax expense
|
985
|
35.00
|
366
|
35.00
|
|||||||||
Tax
expense
|
1,126
|
40.00
|
412
|
39.43
|
|||||||||
Difference
|
$
|
141
|
5.00
|
46
|
4.43
|
|
March
31, 2006
|
March
31, 2005
|
|||||||||||||||||
Basis
|
Amount
|
%
|
Basis
|
Amount
|
%
|
||||||||||||||
Explanation:
|
|||||||||||||||||||
Difference
in principles and translation
|
$
|
(312
|
)
|
(109
|
)
|
(3.88
|
)
|
(86
|
)
|
(30
|
)
|
(2.87
|
)
|
||||||
Surcharge
tax (10%)
|
92
|
3.28
|
34
|
3.25
|
|||||||||||||||
Remitance
tax expense (7%)
|
146
|
5.19
|
42
|
4.02
|
|||||||||||||||
Inflation
adjustment
|
(23
|
)
|
(8
|
)
|
(0.28
|
)
|
-
|
-
|
|||||||||||
No
deductible expenses
|
9
|
3
|
0.11
|
-
|
-
|
||||||||||||||
No
deductible taxes (Industry
and
commerce, stamp tax )
|
41
|
14
|
0.51
|
-
|
-
|
||||||||||||||
Assessments
to financial movements
|
6
|
2
|
0.07
|
-
|
-
|
||||||||||||||
Income
not taxable
|
4
|
1
|
0.00
|
-
|
|||||||||||||||
$
|
|
141
|
5.00
|
46
|
4.43
|
March
31,
2006
|
December
31,
2005
|
||||||
Accrued
liabilities
|
$
|
201
|
201
|
||||
Property,
plant and equipment
|
(674
|
)
|
(676
|
)
|
|||
Net
deferred tax liability
|
$
|
(473
|
)
|
(475
|
)
|
||
Roll
forward of deferred taxes:
|
|||||||
Beginning
balance
|
475
|
223
|
|||||
Increase
in year
|
-
|
352
|
|||||
Translation
|
(2
|
)
|
(100
|
)
|
|||
$
|
473
|
475
|
1) |
An
equity tax was created for fiscal years 2004, 2005
and 2006. Such tax must
be liquidated applying at 0.3 % over the net equity
at January
1st
of
each year. This applies to equities of 3.000 million
pesos in 2004, 3.183
million pesos in 2005 and 3.344 million pesos in 2006.
|
2) |
The
financial transaction tax increased from 3 per thousand
to 4 per thousand
and it is applicable through the year
2007.
|
3) |
Paid
taxes are not deductible except for 80% of industrial
and commercial and
Property Taxes.
|
4) |
The
10% income tax surcharge (3.5%) is applicable for years
2003 through 2006.
This payment is not deductible for tax
purposes.
|
1. |
The
parties agreed that the agreement is a negotiated resolution
of various
disputes between the parties.
|
2. |
Aviva
Overseas, Inc. assigned and transferred all interests
in the partnership,
corresponding to 29.6196%, to Argosy Energy International,
LP as a
redemption of such interests.
|
3. |
Argosy
Energy International, LP is required to make the following
payments to
Aviva Overseas, Inc.: an initial cash payment of $300
as reimbursement to
Aviva Overseas, Inc. for a portion of its cost incurred
in connection with
the disputes, a 90 day promissory note amounted to
$3,050, a two year
promissory note in the amount of $1,125 (the “Note”, represented for 8
quarterly payments of $153 beginning in November 2005,
including interest
at 8%), and an additional payment (described below)
accrued in the amount
of $329 as of the agreement date. As of March 31, 2006,
amounts
outstanding under the agreement include $990 due on
the Note and $310
accrued for the additional payment. The outstanding
amount is payable as
follows: $614 in 2006 and $686 in
2007.
|
Partner
|
Interest
|
Type
of interest
|
|||||
Crosby
Capital L.L.C.
|
98.7491
|
%
|
Limited
Partner
|
||||
Argosy
Energy Corporation
|
0.7104
|
%
|
General
Partner
|
||||
Dale
E. Armstrong
|
0.4122
|
%
|
Limited
Partner
|
||||
Richard
S. McKnight
|
0.1283
|
%
|
Limited
Partner
|
||||
Total
|
100.0000
|
%
|
• |
The
Company signed in May and June, 2006 two new exploration
and production
contracts with the National Hydrocarbons Agency (ANH)
called Primavera and
Mecaya, to explore and produce oil, respectively.
|
• |
On
April 1, 2006 the partners of the partnership entered
into a redemption
agreement pursuant to which all of Dale E. Armstrong
interest and Richard
S. McKnight interest.
|
• |
On
June 21, 2006 Gran Tierra Energy Inc. acquired all
of the outstanding
partnership interest in the Company.
|
2005
|
2004
|
||||||
Oil
sales to Ecopetrol
|
$
|
11,891
|
6,393
|
||||
Operating
cost (note 9)
|
2,452
|
2,060
|
|||||
Depreciation,
depletion and amortization
|
697
|
357
|
|||||
General
and administrative expenses
|
1,082
|
859
|
|||||
4,231
|
3,276
|
||||||
Operating
profit
|
7,660
|
3,117
|
|||||
Other
income, net (note 10)
|
449
|
225
|
|||||
Income
before income and remittance taxes
|
8,109
|
3,342
|
|||||
Current
income tax (note 11)
|
2,187
|
1,026
|
|||||
Deferred
income tax
|
352
|
245
|
|||||
Deferred
remittance tax
|
353
|
146
|
|||||
Total
income and remittance taxes
|
2,892
|
1,417
|
|||||
Net
Income
|
$
|
5,217
|
1,925
|
Assets
|
2005
|
2004
|
|||||
Current
assets:
|
|||||||
Cash
and cash equivalents (note 3)
|
$
|
7,124
|
6,954
|
||||
Accounts
receivable, net (note 4)
|
951
|
584
|
|||||
Accounts
receivable reimbursement Ecopetrol
|
1,186
|
-
|
|||||
Inventories:
|
|||||||
Crude
oil
|
218
|
154
|
|||||
Materials
|
557
|
248
|
|||||
|
775
|
402
|
|||||
Total
current assets
|
10,036
|
7,940
|
|||||
|
|||||||
Other
long-term assets
|
16
|
10
|
|||||
Property,
plant and equipment (note 5):
|
|||||||
Unproved
properties
|
3,622
|
2,312
|
|||||
Proved
properties, net
|
5,401
|
3,211
|
|||||
|
9,023
|
5,523
|
|||||
Total
assets
|
$
|
19,075
|
13,473
|
||||
|
|||||||
|
|||||||
Liabilities
and Partners' Equity
|
|||||||
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
4,979
|
1,745
|
|||||
Tax
payable
|
1,326
|
826
|
|||||
Employee
benefits
|
103
|
88
|
|||||
Accrued
liabilities
|
522
|
375
|
|||||
Total
current liabilities
|
6,930
|
3,034
|
|||||
Long-term
accounts payable (note 6)
|
686
|
-
|
|||||
Deferred
income tax
|
475
|
223
|
|||||
Deferred
remmittance tax
|
1,104
|
714
|
|||||
Pension
plan (note 7)
|
-
|
35
|
|||||
Total
liabilities
|
9,195
|
4,006
|
|||||
Partners'
equity (note 8)
|
9,880
|
9,467
|
|||||
Total
liabilities and Partners' equity
|
$
|
19,075
|
13,473
|
2005
|
2004
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
5,217
|
1,925
|
||||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation,
depletion and amortization
|
697
|
357
|
|||||
Bad
debt allowance
|
116
|
239
|
|||||
Deferred
income tax
|
352
|
245
|
|||||
Deferred
remittance tax
|
353
|
146
|
|||||
Pensions
|
24
|
59
|
|||||
Changes
in assets and liabilities:
|
|||||||
Accounts
receivable
|
(1,669
|
)
|
(191
|
)
|
|||
Inventories
|
(373
|
)
|
339
|
||||
Accounts
payable
|
2,620
|
1,245
|
|||||
Tax
payable
|
500
|
|
716
|
|
|||
Employee
benefits
|
15
|
28
|
|||||
Accrued
liabilities
|
147
|
102
|
|||||
Deferred
income tax
|
(100
|
)
|
(4
|
)
|
|||
Deferred
remmittance tax
|
37
|
58
|
|||||
Net
cash provided by operating activities
|
7,936
|
5,264
|
|||||
Cash
flows from investing activities:
|
|||||||
Increase
in long term investments
|
(65
|
)
|
(70
|
)
|
|||
Additions
to property, plant and equipment
|
(4,197
|
)
|
(748
|
)
|
|||
Net
cash used in investing activities
|
(4,262
|
)
|
(818
|
)
|
|||
|
|||||||
Cash
flows used in financial activities - Redemption of
partnership
|
|||||||
interest
- Aviva Overseas Inc.
|
(3,504
|
)
|
-
|
||||
Net
increase in cash and cash equivalents
|
170
|
4,446
|
|||||
Cash
and cash equivalents at beginning of year
|
6,954
|
2,508
|
|||||
Cash
and cash equivalents at end of year
|
$
|
7,124
|
6,954
|
|
Limited
|
General
|
Total
|
|||||||
|
partners'
|
partners'
|
partners'
|
|||||||
|
capital
|
capital
|
equity
|
|||||||
|
||||||||||
Balance
as of December 31, 2003
|
$
|
7,504
|
38
|
7,542
|
||||||
Net
income
|
1,915
|
10
|
1,925
|
|||||||
Balance
as of December 31, 2004
|
9,419
|
48
|
9,467
|
|||||||
Net
income
|
5,180
|
37
|
5,217
|
|||||||
Redemption
of partnership interest -
|
||||||||||
Aviva
Overseas Inc. (note 6)
|
(4,789
|
)
|
(15
|
)
|
(4,804
|
)
|
||||
Balance
as of December 31, 2005
|
$
|
9,810
|
70
|
9,880
|
ARGOSY
ENERGY INTERNATIONAL,
LP
|
||||
|
||||
Notes
to Financial Statements
|
||||
|
||||
December
31, 2005 and 2004
|
||||
|
||||
(Expressed
in thousands of US dollars)
|
Contract
|
Participation
|
Operator
|
Phase
|
|||||||
Santana
|
35
|
%
|
ARGOSY
|
Exploitation
|
||||||
Guayuyaco
|
70
|
%
|
ARGOSY
|
Exploitation
|
||||||
Aporte
Putumayo
|
100
|
%
|
ARGOSY
|
Abandonment
|
||||||
Río
Magdalena
|
70
|
%
|
ARGOSY
|
Exploration
|
||||||
Talora
|
20
|
%
|
ARGOSY
|
Exploration
|
||||||
Chaza
|
50
|
%
|
ARGOSY
|
Exploration
|
Phase | Starting date | Obligations |
|
||
3 | December 16, 2006 | One exploratory well. |
4 | December 16, 2007 | One exploratory well. |
5 | December 16, 2008 | One exploratory well. |
6 | December 16, 2009 | One exploratory well. |
Phase | Starting date | Obligations |
|
||
2 | June 27, 2006 | One exploratory well. |
3 | June 27, 2007 | One exploratory well. |
4 | December 16, 2008 | One exploratory well. |
5 | December 16, 2009 | One exploratory well. |
6 | December 16, 2010 | One exploratory well. |
2005
|
2004
|
||||||
Held
in United States dollars
|
$
|
6,329
|
6,454
|
||||
Held
in Colombian pesos
|
394
|
185
|
|||||
Short-term
investments
|
401
|
315
|
|||||
$
|
7,124
|
6,954
|
2005
|
2004
|
||||||
Trade
|
$
|
675
|
81
|
||||
B.T.
Río Magdalena Agreement
|
355
|
239
|
|||||
Vendor
advances
|
172
|
60
|
|||||
Solana
joint account
|
-
|
324
|
|||||
Other
|
104
|
119
|
|||||
1,306
|
823
|
||||||
Less
allowance for bad debts
|
(355
|
)
|
(239
|
)
|
|||
$
|
951
|
584
|
2005
|
2004
|
||||||
Oil
properties:
|
|||||||
Unproved
|
$
|
3,622
|
2,312
|
||||
Proved
|
59,096
|
56,218
|
|||||
62,718
|
58,530
|
||||||
Less
accumulated depreciation, depletion,
|
|||||||
and
amortization
|
53,695
|
53,007
|
|||||
$
|
9,023
|
5,523
|
Capitalized
Cost Unproved
|
|||||||||
Excluded
From the Capitalized Cost Being
Amortized
|
Month
Anticipated
|
||||||||||||||||||||||
Exploration
Cost
|
Cost
Incurred
|
to
be included
|
||||||||||||||||||||
AFE
|
Contract
|
Detail
|
Dec-04
|
Dec-05
|
2004
|
2005
|
in
Amortization
|
|||||||||||||||
MARY
WELLWEST PROSPECT
|
Santana
|
Geological
& Geophysical Data
|
287
|
287
|
287
|
Dec-06
|
||||||||||||||||
MARY
WEST WELL TESTING
|
Santana
|
Geological
& Geophysical Data
|
93
|
93
|
93
|
Dec-06
|
||||||||||||||||
EXPL.
100% NEW PROJECTS
|