PACIFIC RUBIALES ENERGY CORP. Interim Consolidated Financial Statements
PACIFIC RUBIALES ENERGY CORP. Interim Consolidated Financial Statements For the three months ended March 31, 2009 and 2008 (unaudited) (In United States dollars) . PACIFIC RUBIALES ENERGY CORP. Interim Consolidated Balance Sheets (unaudited) As at March 31, As at December 31, (In thousands of U.S. dollars) 2009 2008 ASSETS Current Cash and cash equivalents$ 36,195 $ 90,391 Restricted cash (note 12) 1,650 7,224 Accounts receivable 79,834 70,491 Inventories 9,997 13,873 Prepaid expenses 4,410 7,119 Future income tax 883 1,119 132,969 190,217 Oil and gas properties and equipment (note 4) 1,939,821 1,907,504 Restricted cash (note 12) 12,602 11,441 Future income tax 5,737 8,431 Investments and other assets (note 5) 105,019 120,771 Goodwill 64,006 60,744 $ 2,260,154 $ 2,299,108 LIABILITIES Current Accounts payable and accrued liabilities (note 3)$ 142,080 $ 173,911 Risk management liability (note 13) 1,028 6,574 Income tax payable 8,641 19,482 Current portion of long-term debt (note 7) 36,466 18,392 Future income tax 194 1,144 188,409 219,503 Long-term debt (note 7) 10,360 11,646 Convertible debentures (note 8) 129,253 132,001 Future income tax 364,499 420,502 Asset retirement obligation (note 6) 15,153 14,671 707,674 798,323 Non-controlling interest (note 3) - 1,270 Contingencies and commitments (note 12) SHAREHOLDERS' EQUITY Equity component of convertible debentures (note 8) 66,130 66,130 Common shares (note 9) 1,188,336 1,187,925 Contributed surplus (note 9) 158,578 158,660 Accumulated other comprehensive income 229 229 Retained earnings 139,207 86,571 1,552,480 1,499,515 $ 2,260,154 $ 2,299,108 See accompanying notes to the unaudited interim consolidated financial statements 1 PACIFIC RUBIALES ENERGY CORP.
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