Blaine Exploration, Ltd. (USA)

27 June 2011

Our loan to Gateway Resources USA is at $118,475.  Loans from institutions not including the building loan are at $82,278.  The building loans from Arvest Bank sit at $105,988.  Inter-company debt to Gateway Resources USA is at $35,213.  We put a new roof on the office building which has been very nice to have things dry inside the office this year.  But there are still a lot of repairs needed to the interior.  Our shop roof will  need some attention soon, either a new roof, or I have a thought of building a second floor to the shop to accommodate additional storage or office space.  With storm clouds over oil prices right now, I don't know what we will really be able to do.

4 Oct 2010

Our loan to Gateway Resources USA has grown to $117,826.  We carry $84,743 in loans from third parties and also owe Gateway Resources USA $39,892 for intra-company loans.  Still have the leaky roof, and the insurance company has excluded our roof from the policy until we can get a new one.  Of course the trouble is paying for it and having the time to do it.  However there is no one more than me who wants a new roof if some how I could swing it.  Still putting a pencil to that one.  If I can ever get caught up on the accounting for all the companies maybe I would have some time to work on seismic things.  But it hasn't happened yet.

25 Mar 2010

Blaine Exploration Ltd. (USA) continues to provide credit to Gateway Resources USA and has increased this credit to $92,553.  In addition we intend to increase this loan amount as much as possible to further meet the objective of attaining in-house financing for our loans.  We also provide the building and property and staff for Gateway Resources USA to use in its oil field operations.

The biggest trouble this year is that I have a very leaky roof at the shop, and my seismic equipment is aging and needs to be used.  In this case if you don't use it you lose it.  So I don't now how I am going to fit that all in but its got to be done.