


CASE NAME:	EXTERRA ENERGY, INC.					ACCRUAL BASIS

CASE NUMBER:	11-46956-RPN-11

JUDGE:	Judge Nelms

		UNITED STATES BANKRUPTCY COURT
				NORTHERN DISTRICT OF TEXAS
			FORT WORTH		DIVISION

		MONTHLY OPERATING REPORT

		MONTH ENDING:		June 30, 2012


IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.


RESPONSIBLE PARTY:
/s/ Michael McConnell						Trustee
Original Signature of Responsible Party						Title
Michael McConnell							July 20, 2012
Printed Name of Responsible Party						Date


PREPARER:
/s/ Jason A. Rae						Accountant
Original Signature of Preparer						Title
Jason A. Rae							July 19, 2012
Printed Name of Preparer						Date


CASE NAME:		EXTERRA ENERGY, INC.			ACCRUAL BASIS - 1

CASE NUMBER:		11-46956-RPN-11

COMPARATIVE BALANCE SHEET				(SEE GENERAL FOOTNOTE)
			2ND AMENDED	MONTH	MONTH	MONTH
			SCHEDULED	Jul-12	Aug-12	Sep-12
ASSETS			AMOUNT
1.	Unrestricted Cash		84	167,996
2.	Restricted Cash
3.	Total Cash		84	167,996
4.	Accounts Receivable (Net)
5.	Inventory
6.	Notes Receivable
7.	Prepaid Expenses
8.	Other (Attach List)		78,215	(7,069)
9.	Total Current Assets		78,299	160,927
10.	Property, Plant & Equipment		Unknown	Unknown
11.	Less: Accumulated Depreciation/Depletion
12.	Net Property, Plant & Equipment
13.	Due From Insiders
14.	Other Assets - Net of Amortization (Attach List)		725,000	725,000
15.	Other (Attach List)
16.	Total Assets		803,299	885,927
POST PETITION LIABILITIES
17.	Accounts Payable
18.	Taxes Payable
19.	Notes Payable
20.	Professional Fees			222,083
21.	Secured Debt
22.	Other (Attach List)
23.	Total Post Petition Liabilities			222,083
PRE PETITION LIABILITIES
24.	Secured Debt		6,684,972	6,684,972
25.	Priority Debt		500	500
26.	Unsecured Debt		7,361,511	7,361,511
27.	Other (Attach List)
28.	Total Pre Petition Liabilities		14,046,984	14,046,984
29.	Total Liabilities		14,046,984	14,269,066
EQUITY
30.	Pre Petition Owners' Equity			(13,243,684.85)
31.	Post Petition Cumulative Profit Or (Loss)			(133,331)
32.	Direct Charges To Equity			(6,123)
33.	Total Equity			(13,383,139)
34.	Total Liabilities and Equity			885,927
This form _x__ does ___ does not have related footnotes on Footnotes Supplement.

CASE NAME:

EXTERRA ENERGY, INC.

SUPPLEMENT TO

CASE NUMBER:

11-46956-RPN-11

ACCRUAL BASIS - 1

COMPARATIVE BALANCE SHEET

(SEE GENERAL FOOTNOTE)

SCHEDULED

MONTH

ASSETS

AMOUNT

Jul-12

Aug-12

Sep-12

Strata Operating

12,978

Sauder Operating

6,204

Funds held in Harris County District Court Registry

24,858

Supercedeas Bond posted in Potter County

10,000

Retainer held by Sprouse Shrader Smith, PC

24,175

Sale of Sauder

-41,244

TOTAL OTHER ASSETS - LINE 8

78,215

-7,069

Oil & Gas Properties

35 undeveloped lots, block 6 lots 156-195, Adair County, OK

50,000

Overriding royalty interest in well located in Starr County, TX; JMK #1, Lease No. 173247

Unknown

Working interest in oil and gas wells in Pecos County, TX

Unknown

Mineral leases in oil and gas wells located in Jack and Parker Counties, TX

Unknown

Working interest in oil and gas wells located in Young, Wilbarger and Wichita Counties, TX

Working interests in oil and gas wells located in Gregg, Rusk and Upshur Counties, TX

Unknown

Working and overriding interested in oil and gas wells operated by Strata Operating, Inc., located in Wise, Parker, Hill and Jack Counties, TX

450,000

Working interests in oil and gas wells operated by Sauder Management Company, located in Parker County, TX

225,000

Mining Claims in British Columbia, Canada

Unknown

Various overriding royalty interests acquired from Star of Texas Energy Services, Inc.

Unknown

TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14

725,000

Claim against Star of Texas Energy Services/Trustee

Unknown

Other litigation claims against insiders and affiliates

Unknown

Preference Actions

Unknown

Claims against RoyalCo Financial Corporation

Unknown

Claims against RoyalCo Oil and Gas Corporation

Unknown

Claims against Royal Trust

Unknown

Claims against AAA Oil Trust

Unknown

Resonance Energy LLC

TOTAL OTHER ASSETS - LINE 15

POST PETITION LIABILITIES

TOTAL OTHER POST PETITION LIABILITIES - LINE 22

PRE PETITION LIABILITIES

TOTAL OTHER PRE PETITION LIABILITIES - LINE 27


CASE NAME:		EXTERRA ENERGY, INC.			ACCRUAL BASIS - 2

CASE NUMBER:		11-46956-RPN-11


INCOME STATEMENT				(SEE GENERAL FOOTNOTE)
			MONTH	MONTH	MONTH	QUARTER
REVENUES			Jul-12	Aug-12	Sep-12	TOTAL
1.	Gross Revenues
2.	Less: Returns & Discounts
3.	Net Revenue
COST OF GOODS SOLD
4.	Material
5.	Direct Labor
6.	Direct Overhead
7.	Total Cost Of Goods Sold
8.	Gross Profit
OPERATING EXPENSES
9.	Officer / Insider Compensation
10.	Selling & Marketing
11.	General & Administrative		244			244
12.	Rent & Lease
13.	Other (Attach List)
14.	Total Operating Expenses		244			244
15.	Income Before Non-Operating
	Income & Expense		(244)			(244)
OTHER INCOME & EXPENSES
16.	Non-Operating Income (Att List)
17.	Non-Operating Expense (Att List)
18.	Interest Expense
19.	Depreciation / Depletion
20.	Amortization
21.	Other (Attach List)
22.	Net Other Income & Expenses
REORGANIZATION EXPENSES
23.	Professional Fees
24.	U.S. Trustee Fees		325			325
25.	Other (Attach List)
26.	Total Reorganization Expenses		325			325
27.	Income Tax
28.	Net Profit (Loss)		(569)			(569)
This form _X___ does ___ does not have related footnotes on Footnotes Supplement.


CASE NAME:	EXTERRA ENERGY, INC.			SUPPLEMENT TO

CASE NUMBER:	11-46956-RPN-11			ACCRUAL BASIS - 2


INCOME STATEMENT
		MONTH	MONTH	MONTH	QUARTER
OPERATING EXPENSES		Jul-12	Aug-12	Sep-12	TOTAL
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
K.
TOTAL OTHER OPERATING EXPENSES - LINE 13

OTHER INCOME & EXPENSES
A.
B.
C.
D.
TOTAL NON-OPERATING INCOME - LINE 16

A.
B.
C.
D.
TOTAL NON-OPERATING EXPENSE - LINE 17


REORGANIZATION EXPENSES
A.
B.
C.
D.
E.
TOTAL OTHER REORGANIZATION EXPENSES - LINE 25


CASE NAME:		EXTERRA ENERGY, INC.			ACCRUAL BASIS - 3

CASE NUMBER:		11-46956-RPN-11


CASH RECEIPTS AND			MONTH	MONTH	MONTH	QUARTER
DISBURSEMENTS			Jul-12	Aug-12	Sep-12	TOTAL
1.	Cash - Beginning Of Month		82,139			82,139
RECEIPTS FROM OPERATIONS
2.	Cash Sales
COLLECTION OF ACCOUNTS RECEIVABLE
3.	Pre Petition
4.	Post Petition
5.	Total Operating Receipts
NON-OPERATING RECEIPTS
6.	Loans & Advances (Attach List)
7.	Sale of Assets
8.	Other (Attach List)
9.	Total Non-Operating Receipts
10.	Total Receipts
11.	Total Cash Available		82,139			82,139
OPERATING DISBURSEMENTS
12.	Net Payroll
13.	Payroll Taxes Paid
14.	Sales, Use & Other Taxes Paid
15.	Secured / Rental / Leases
16.	Utilities
17.	Insurance
18.	Inventory Purchases
19.	Vehicle Expenses
20.	Travel
21.	Entertainment
22.	Repairs & Maintenance
23.	Supplies
24.	Advertising
25.	Other (Attach List)
26.	Total Operating Disbursements
REORGANIZATION DISBURSEMENTS
27.	Professional Fees
28.	U.S. Trustee Fees
29.	Other (Attach List)
30.	Total Reorganization Expenses
31.	Total Disbursements
32.	Net Cash Flow
33.	Cash - End of Month		82,139			82,139
This form _X__ does ___ does not have related footnotes on Footnotes Supplement.


CASE NAME:		EXTERRA ENERGY, INC.			SUPPLEMENT TO

CASE NUMBER:		11-46956-RPN-11			ACCRUAL BASIS - 3



CASH RECEIPTS AND
DISBURSEMENTS
			MONTH	MONTH	MONTH	QUARTER
NON-OPERATING RECEIPTS			Jul-12	Aug-12	Sep-12	TOTAL
A.
B.
C.
D.
E.
TOTAL LOANS & ADVANCES- LINE 6

A.
B.
C.
D.
E.
TOTAL OTHER NON-OPERATING RECEIPTS - LINE 8

OPERATING DISBURSEMENTS
A.	Bank Charges
B.
C.
D.
E.
F.
G.
H.
I.
TOTAL OTHER OPERATING DISBURSEMENTS - LINE 25

REORGANIZATION DISBURSEMENTS
A.
B.
C.
D.
E.
TOTAL OTHER REORGANIZATION DISBURSEMENTS - LINE 29


CASE NAME:		EXTERRA ENERGY, INC.			ACCRUAL BASIS - 4

CASE NUMBER:		11-46956-RPN-11			(SEE GENERAL FOOTNOTE)

			SCHEDULED	MONTH	MONTH	MONTH
ACCOUNTS RECEIVABLE AGING			AMOUNT	Jul-12	Aug-12	Sep-12
1.	0 - 30
2.	31 - 60
3.	61 - 90
4.	91 +
5.	Total Accounts Receivable
6.	(Amount Considered Uncollectible)
7.	Accounts Receivable (Net)

				MONTH:	June-12
AGING OF POST PETITION TAXES AND PAYABLES
		0 - 30	31 - 60	61 - 90	91 +
TAXES PAYABLE		DAYS	DAYS	DAYS	DAYS	TOTAL
1.	Federal
2.	State
3.	Local
4.	Other (Attach List)
5.	Total Taxes Payable

6.	Accounts Payable

				MONTH:	June-12

STATUS OF POST PETITION TAXES
FEDERAL			BEGINNING TAX LIABILITY *	AMOUNT WITHHELD AND/OR ACCRUED	(AMOUNT PAID)	ENDING TAX LIABILITY
1.	Withholding **
2.	FICA - Employee **
3.	FICA - Employer **
4.	Unemployment
5.	Other - Misc Adj
6.	Other- Earned Income Credit
7.	Total Federal Taxes		-	-	-	-
STATE AND LOCAL
8.	Withholding
9.	Sales
10.	Excise
11.	Unemployment
12.	Real Property
13.	Personal Property
14.	Other (Attach List)		-
15.	Total State And Local		-	-	-	-
16.	Total Taxes		-	-	-	-
*	The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
**	Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit.
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.

CASE NAME:

EXTERRA ENERGY, INC.

ACCRUAL BASIS - 5

CASE NUMBER:

11-46956-RPN-11

The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.

MONTH:

June-12

BANK RECONCILIATIONS

Account # 1

Account # 2

Other Accounts

BANK:

Frost National

Wells Fargo

(Attach List)

ACCOUNT NUMBER:

60 8688540

1994425344

1994425351

TOTAL

PURPOSE (TYPE):

Checking

Money Market -Operating

Money Market - Strata

Balance Per Bank Statement

81,711

86,284

167,996

Add: Total Deposits Not Credited

Subtract: Outstanding Checks

Other Reconciling Items

Month End Balance Per Books

81,711

86,284

167,996

Number of Last Check Written

Closed 4/30/12

INVESTMENT ACCOUNTS

BANK, ACCOUNT NAME & NUMBER

DATE OF PURCHASE

TYPE OF INSTRUMENT

PURCHASE PRICE

CURRENT VALUE

10.

(Attach List)

11.

Total Investments

CASH

12.

Currency On Hand

13.

Total Cash - End of Month

167,996

This form ___ does _X__ does not have related footnotes on Footnotes Supplement.


CASE NAME:		EXTERRA ENERGY, INC.			SUPPLEMENT TO

CASE NUMBER:		11-46956-RPN-11			ACCRUAL BASIS - 5


			MONTH:	June-12

BANK RECONCILIATIONS
A.	BANK:		Wells Fargo			TOTAL
B.	ACCOUNT NUMBER:		1994425369			OTHER BANK
C.	PURPOSE (TYPE):		Money Market - Sauder			ACCOUNTS
1.	Balance Per Bank Statement
2.	Add: Total Deposits Not Credited
3.	Subtract: Outstanding Checks
4.	Other Reconciling Items
5.	Month End Balance Per Books
6.	Number of Last Check Written


INVESTMENT ACCOUNTS

BANK, ACCOUNT NAME & NUMBER			DATE OF PURCHASE	TYPE OF INSTRUMENT	PURCHASE PRICE	CURRENT VALUE
A.

B.

C.

D.

E. Total Investments


CASE NAME:		EXTERRA ENERGY, INC.			ACCRUAL BASIS - 6

CASE NUMBER:		11-46956-RPN-11
					MONTH:	June-12
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary.

INSIDERS
	NAME		TYPE OF PAYMENT	AMOUNT PAID	TOTAL PAID TO DATE
1.
2.
3.
4.
5.
6.
7.
8.	(Attach List)
9.	Total Payments To Insiders

PROFESSIONALS
	NAME		DATE OF COURT ORDER AUTHORIZING PAYMENT	AMOUNT APPROVED	AMOUNT PAID	TOTAL PAID TO DATE	TOTAL INCURRED & UNPAID *
1.	Kelly Hart & Hallman						177,825
2.	Lain Faulkner & Co., P.C.						36,774
3.	Mike McConnell, Trustee						7,484
4.
5.	(Attach List)
6.	Total Payments To Professionals						222,083
*	Include all fees incurred, both approved and unapproved

POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
	NAME OF CREDITOR			SCHEDULED MONTHLY PAYMENTS DUE	AMOUNTS PAID DURING MONTH	TOTAL UNPAID POST PETITION
1.				$ -
2.
3.
5.	(Attach List)
6.	TOTAL				$ -	$ -
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.


CASE NAME:		EXTERRA ENERGY, INC.					ACCRUAL BASIS - 7

CASE NUMBER:		11-46956-RPN-11
					MONTH:	June-12
QUESTIONNAIRE
							YES	NO
1.	Have any Assets been sold or transferred outside the normal course of business this reporting period?							X
2.	Have any funds been disbursed from any account other than a debtor in possession account?							X
3.	Are any Post Petition Receivables (accounts, notes, or loans) due from related parties?							X
4.	Have any payments been made on Pre Petition Liabilities this reporting period?							X
5.	Have any Post Petition Loans been received by the debtor from any party?							X
6.	Are any Post Petition Payroll Taxes past due?							X
7.	Are any Post Petition State or Federal Income Taxes past due?							X
8.	Are any Post Petition Real Estate Taxes past due?							X
9.	Are any other Post Petition Taxes past due?							X
10.	Are any amounts owed to Post Petition creditors delinquent?							X
11.	Have any Pre Petition Taxes been paid during the reporting period?							X
12.	Are any wage payments past due?							X

If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary.



INSURANCE
							YES	NO
1.	Are Worker's Compensation, General Liability and other necessary insurance coverages in effect?							X
2.	Are all premium payments paid current?							X
3.	Please itemize policies below.							X

If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary.

The Debtor's policies had expired prior to the appointment of Mr. McConnell; the Debtor has no employees.

INSTALLMENT PAYMENTS
TYPE OF POLICY			CARRIER	PERIOD COVERED			PAYMENT AMOUNT & FREQUENCY



This form ___ does _X__ does not have related footnotes on Footnotes Supplement.



CASE NAME:	EXTERRA ENERGY, INC.			FOOTNOTES

CASE NUMBER:	11-46956-RPN-11				ACCRUAL BASIS

			MONTH:	June-12



ACCRUAL BASIS FORM NUMBER	LINE NUMBER	FOOTNOTE / EXPLANATION

General		Effective March 29, 2012 Michael McConnell was appointed as Trustee of this case. The case was
		commenced on December 15, 2011 and was operated as a Debtor-In-Possession until Mr. McConnell's
		appointment. The Debtor submitted the monthly operating report for the month of January 2011 on a
		cash basis. The Trustee has prepared this report from the information in the Debtors books and
		records and data contained in the Schedules and Statements of Financial Affairs filed by the Debtor.
		The Trustee is still in the process of evaluating the records of the Debtor to determine what
		adjustments, if any, might be required, however the Trustee believes the Amended Statement of
		Financial Affairs and Schedules contain material inaccuracies (some of which have been adjusted in this
		report) and is in the process of filing a Second Amended version of these reports.

Accrual 1	14, 32	Based upon the books and records and the Form 10-Q filed with the Securities and Exchange
		Commission for the period ended February 28, 2011 the asset value of the Oil and Gas Properties has
		been adjusted to their cost basis less amortization as recorded in the Debtor's filing. The net adjustment
		to reflect historical book basis was a reduction of $14,690,945.59. The Trustee is continuing to analyze
		the Debtor's records to determine if further adjustments are necessary.

Accrual 1	15	The assets consist of potential causes of actions and they are being adjusted to an unknown value.
		The net adjustment totals $5,000,000. The Trustee and his professionals will continue to analyze the
		merits of the pending actions.

Accrual 1	24	Based upon the actual proofs of claim filed by the secured creditors, the secured debt has been adjusted
		to the actual amounts claimed. The net adjustment is a reduction of $2,434,261.14. The Trustee is
		continuing to analyze the Debtor's records to determine if further adjustments are necessary.

Accrual 1	20	Fees due to Michael McConnell as Trustee have been calculated based on Section 326 Limitation on
Accrual 2	23	Compensation of Trustee. The total amount accrued through the report date is $7,484.
Accrual 6


Accrual 1	8	During the current month the accrued revenue for the Sauder lease holdings is $21,995 which is the total
Accrual 2	1	of the cash received in July 2012 less the $19,000 accrual from May 2012. The accrued revenue for the
		current month for the Strata lease holdings is $4,186, which totals the cash received in July 2012.

Exterra Energy Inc. 8-K