UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE Case No.

09-10791 Reporting Period: _October 2010 MONTHLY OPERATING REPORT

In re: Cameros Energy, Inc. Debtor

Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtors bank reconciliations) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status of Postpetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Postpetition Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

MOR-1 MOR-la MOR-lb {is MOR-2 OR-3 OR-4

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V N/A N/A V V N/A N/A V

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MOR-4 MOR-4 MOR-5 MOR-5

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A NIA N/A N/A

N/A N/A N/A N/A N/A N/A N/A NIA N/A N/A N/A N/A N/A N/A

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

Signature of Debtor

Date

Signature of Joint Debtor

Date

SfA;edThddual*

November 30, 2010 Date

Jennifer Kuritz Printed Name of Authorized Individual

Treasurer Title of Authorized Individual

*Authorized individual must bean officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member ifdebtor is limited liability company.

MOR
(o7)

In re: Cameras Energy, Ino.

Debtor

Case No. 09-10791 ReDOrtingPeriod: 0ctober2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

Cameros Energy. Inc. does not have any active cash operating accounts.
-

TOTAL RECEIPTS

THE FOLLOWING SECTION MUST BE COMPLETED POT tZf.CIJAI1ilflS TR

TOTAL DISBURSEMENTS LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (jr. from escrow accounts) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

TES 1fP.f CU

TI%iT Acne

IMN

$0.00 $0.00 $0.00 $0.00

FOOM MOR-I (0407)

In re: Cameros Energy. Inc. Debtor BANK RECONCILIATIONS

Case No. 09-10791 Reporting Period :_October 2010_

T.
BALANCEPER BOOKS
a

Continuation

Sheet for MOE- i

1.1~.-

",:J

BANK BALANCE (-I-) DEPOSITS IN TRANSIT (ATFACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE

Cameros Energy, Inc. does not have any active cash operating accounts.

* Adjusted bank balance mint equal

balance per boo!s

FORM MOR.I (04J07)

In re: Carneros Energy, inc. Debtor

Case No. 09-10791 Reporting Period: October 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Payee

riod CVeredl

Aved

aor

Niimbei

-Ees..1

pejs

mdo, m
-

xPeses

No profesional fees were paid post-petition.

FOAM MOR-Ib (04/07)

In re: Cameros Energy, Inc. Debtor

Case No. 09-10791 Reporting Period: October 2010 STATEMENT OF OPERATIONS

(Income Statement)

KV
Oil and gas production revenue
$

ItMAI ml .0

Royalty payments Net Revenue

,

--

Repairs and maintenance Salaries/commissions/fees Transportation expense Utilities Insurance Employee benefit programs Taxes - production Inventory change Rent and lease expense Travel and entertainment Supplies General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Exyenses .0 1R 1I((oMF?AND (Eli j $Si. Acretion of discounts and amortization of deferred financing costs Interest expense- non-cash - paid in kind Stock compensation expense Interest and dividends Realized gain/(loss) on derivatives Interest expense- cash Other revenue General exploration expense Net Profit (Loss) Before Reorganization Items Professional Fees Reorganization Interest Net Profit (Loss)

304,188 33,411 (337,599)

-

3
-

(110,363) (362,616 (810,576)

(810,576)

rORM MOR-2 (04/07)

In 10: Cameros Energy, Inc. Debtor BALANCE SHEET

Case No. 09.10191 Reortjiig Period. October 2010

Unrestricted Cash and Equivalents isIniced Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainein Other Current Assets (See Attached Schedule) TOTALCURRENTASSETS )-tORAQu18bET - -s Proved Properties Including Lease and Well Equipment Asset Retirement Costs In Process Development Unproved Properties Office Equipment and Software Vehicles Other Equipment and Leasehold Improvements Pipeline Equipment Lass Accumulated Depreciation TOTAL PROPERTY & EQUIPMENT i-" , OtIASETS . IOther Assets (See Attached Schedule)

$ -

5
$

13,936,545 13,936,545

C ,.

$
.t

ii4

8
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UABII8TSg%NflOWIER1tt)UITY

j. )I .Y4ItJ ENlOP %1IF1RVNI IFN)RTt( MflNII1

Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable. Debtor.irs-possession financing Rent/Leases - Building(Eqrsipmeat Secured Debt I Adequate Protection Payments Professional Fees Intercompany Payables Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES ABL1t!ES(JB1E(YtTO CObPOM1SR(Pre-Petsnon) Secured Debt Prionty Debt Unsecured Debt Intercompany Paysbtes TOTAL PRE-PETITION LIABILITIES TOTAL LIABILITIES E1 8WE%E(u1TY hare Capital Contributed Surplus Warrants Additional Paid In Capita[ Accumulated Other Comprehensive Less Partners! Capital Account Owners Equity Account Retained Earnings - Pee-Petition Retained Earnings - Postpetition Adjustment to owner Equity (attach schedule) Postpeition Contributions (Distributions (Draws) (attach schedule) NET SHAREHOLDERS EQUITY TOTALLLBL1T1ESM)OWNER$ EQiT

sl 1.840,096 1,840,096 1,840,096 -

$
5

$ $

s
12,907,025 (810,576 12,096I49 13936545

S - -.

FO5M53 (OW?)

In re: Cameros Energy. Inc. Debtor

Case No. 09-10191 Renor1in Period: October2010

BALANCE SHEET - continuation sheet

IT
Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets OtberAts ss Performance Bonds Investments-Abandonment Total Other Assets S

IN
13,936,545
-

13,936,545

kk4i

" -

FORM MOR..3 CONTD (04/G7)

In re: Cameros Energy, Inc. Debtor STATUS OF POSTPETITION TAXES

Case No. 09-10791 Reporting Period: October 2010_

Lera1
Withholding FICA-Employee FICA-Employer Unemployment come Total Federal Taxes

I
Not Applicable

tatenaoa
Withholding Sales Excise Unemployment Real Property Personal Property Total State and Local Total Taxes

I I

I I
Not Applicable

I I

SUMMARY OF UNPAID POSTPETITION DEBTS

Accounts Payable Wages Payable Taxes Payable Rent/Leases-Building RentfLeases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Total Posipetition Debts

I
Not Applicable

FORM MOR.4
(04107)

In re: Cameros Energy, Inc. Debtor

Case No. 09-10791 Reporting Period: October2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING lAcounts , Total Accounts Receivable at the beginning of the reporting period + Amounts billed during the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period
VA e 0-30 days old 31 - 60 days old 61 -90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net) ;,.

Amqnf

Not Applicable

I
N Applicable Not App ica e

I
DEBTOR QUESTIONNAIRE

Must be completed each nonth

1. Have any assets been sold or transferred outside the nonnal course of business this reporting period? If yes, provide an explanation below. 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. Note: We carry only fiduciary liability insurance. Company has no employees. Workers comp not requred. I Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

No No Yes Yes

No

FORM MOR.$
(04107)