(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? [X] YES [ ] NO
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Net income for the period ended December 31, 2011 is anticipated to increase as compared with the same period in 2010. In 2010 we reported a net income of $447,000, however we anticipate that net income for the period ended December 31, 2011 will be in the area of approximately$1,500,000 - $1,750,000.
This estimated increase is due primarily to an increase in total oil and gas revenues from approximately $6,302,000 in 2010 to approximately $8,000,000 in 2011.
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