v2.4.0.6

Consolidated Statements of Operations and Comprehensive Loss (Going Concern Basis) (USD $)	3 Months Ended
	Mar. 31, 2012
Crude oil and natural gas revenues	$ 6,148,627
Expenses:
Operating costs	2,117,531
General and administrative	2,119,964
Depreciation, depletion, amortization, and accretion	897,825
Loss on crude oil derivative contract	685,866
Total Operating Expenses	5,821,186
Income before other items	327,441
Interest income	4,932
Interest expense	(1,385,147)
Foreign exchange (loss)	(438)
Change in fair value of options	(266,023)
Change in fair value of warrants	(223,826)
Other	2,609
Total other income	(1,867,893)
Loss before taxes	(1,540,452)
Net loss and comprehensive loss	$ (1,540,452)
Basic and diluted loss per share	$ (0.02)

This item represents, for each line item in the statement of financial position, the amounts of gains and losses from fair value changes included in earnings during the period and in which line in the income statement those gains and losses are reported. This item may also include amounts of gains and losses for other items measured at fair value, but for which the fair value option has not been elected (for instance, items required to be measured at fair value).

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NiMin Energy Corp. 10-Q