Prospectus re Admission to the Official List - Heritage Oil

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HERITAGE OIL CORPORATIONCONSOLIDATED BALANCE SHEETSDecember 31, 2005 and 2004(U.S. dollars)2005 2004$ $ASSETSCURRENT ASSETS:Cash and cash equivalents .................................... 8,583,321 16,235,523Accounts receivable ......................................... 1,318,450 4,640,802Note receivable (note 7) ..................................... — 4,280,161Inventories ............................................... 216,474 94,483Prepaid expenses ........................................... 219,222 272,16810,337,467 25,523,137Property and equipment (note 3) ................................. 72,382,935 54,083,097Deferred development costs (note 4) .............................. 1,187,371 1,013,01283,907,773 80,619,246LIABILITIES AND SHAREHOLDERS’ EQUITYCURRENT LIABILITIES:Accounts payable and accrued liabilities .......................... 4,438,649 6,397,247Current portion of long-term debt .............................. 248,045 —4,686,694 6,397,247Long-term debt ............................................. 7,520,438 —Asset retirement obligations (note 5) .............................. 434,849 328,553SHAREHOLDERS’ EQUITY:Share capital and warrants (note 6 (b)) ........................... 22,854,418 21,434,168Contributed surplus (note 6 (g)) ................................ 517,209 24,421Retained earnings .......................................... 47,894,165 52,434,85771,265,792 73,893,446Commitments (note 12)Subsequent events (note 13)83,907,773 80,619,246See accompanying notes to consolidated financial statements.On behalf of the Board:MICAEL GULBENKIANDirectorPAUL ATHERTONDirector224
HERITAGE OIL CORPORATIONCONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND RETAINED EARNINGSYears ended December 31, 2005 and 2004(U.S. dollars)2005 2004$ $REVENUE:Petroleum and natural gas ...................................... 6,286,702 5,592,721Interest ................................................... 371,651 560,926Other ..................................................... 1,355,369 443,3358,013,722 6,596,982EXPENSES:Operating .................................................. 1,653,657 1,442,016Royalties .................................................. 816,740 345,656General and administrative ..................................... 5,249,862 2,633,667Interest ................................................... 491,824 —Foreign exchange (gains) losses .................................. 1,240,529 (1,488,026)Depletion, depreciation and accretion ............................. 1,636,008 633,643Write-down of unproved petroleum and natural gas interest (note 3) ....... 724,915 934,77111,813,535 4,501,727Earnings (loss) before the undernoted ............................. (3,799,813) 2,095,255Gain on sale of property and equipment (note 7) ..................... — 26,269,113Net earnings (loss) ........................................... (3,799,813) 28,364,368Retained earnings, beginning of year .............................. 52,434,857 24,028,812Effect of change in accounting for:Asset retirement obligations (note 5) ............................ — 55,558Stock-based compensation (note 6 (g)) ........................... — (13,881)Premium on purchase and cancellation of Common Shares (note 6 (e)) ..... (740,879) —Retained earnings, end of year .................................. 47,894,165 52,434,857Net earnings (loss) per share (note 6 (f)):Basic ..................................................... (0.18) 1.33Diluted ................................................... (0.18) 1.31See accompanying notes to consolidated financial statements.225
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This document comprises a prospectu
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SUMMARY INFORMATIONThis summary mus
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Summary Consolidated Income Stateme
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Summary Consolidated Cash Flow Stat
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Production from the Zapadno Chumpas
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Given the geographic spread of the
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RISK FACTORSAny investment in the O
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wells may change as a result of low
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which could have a materially adver
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Failure to obtain additional financ
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contractual or pricing terms, both
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years. In addition, since December
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UgandaUganda is among the poorest c
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Market Price of the Ordinary Shares
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DIRECTORS, CORPORATE SECRETARY, SEN
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EXPECTED TIMETABLE OF PRINCIPAL EVE
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CurrenciesAll references in this do
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PART I—INFORMATION ON THE GROUPOV
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Strong management and technical tea
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the availability of existing infras
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In 2005, the Group acquired a 95 pe
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The Group acquired a 10 per cent. i
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The Group is the operator and has a
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exploration wells. The total estima
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The Group has also entered into a s
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Pakistan has current proved hydroca
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operational by drawing up an Enviro
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Mr. Buckingham has never had any as
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Date2007 ........ On 18 January 200
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(3) One common share of Heritage Ho
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(f) General Sir Michael WilkesGener
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Remuneration CommitteeThe Remunerat
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Goldsworth House, Denton Way, Golds
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ResourcesA summary of the gross Con
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The post tax Net Present Value (NPV
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RPS EnergyHeritage Oil - Competent
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Summary Consolidated Balance Sheets
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Summary Consolidated Balance Sheets
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locks during the first three and a
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On 2 October 2007, the Group execut
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of amplitude anomalies, further sup
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The increase in operating expenses
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5.11 Discontinued OperationsThe res
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6. RESULTS OF CONTINUING OPERATIONS
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6.7 Foreign Exchange LossesThere wa
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6.14 Capital ExpendituresThe follow
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7.3 Petroleum and Natural Gas Reven
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7.14 Capital ExpendituresAdditions
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10. LIQUIDITY AND CAPITAL RESOURCES
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Year Ended 31 December 2005 Prepare
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Intangible E&E assets related to ea
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11.2 The year ended 31 December 200
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(c) Reconciliation of loss for the
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Year Ended 31 December 2004 Prepare
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PART VII—FINANCIAL INFORMATIONA.
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DeclarationFor the purposes of Pros
Page 175 and 176: HERITAGE OIL LIMITEDNOTES TO BALANC
Page 177 and 178: AUDITED AND UNAUDITED FINANCIAL INF
Page 179 and 180: HERITAGE OIL CORPORATIONCONSOLIDATE
Page 181 and 182: HERITAGE OIL CORPORATIONCONSOLIDATE
Page 183 and 184: HERITAGE OIL CORPORATIONNOTES TO CO
Page 185 and 186: Intangible E&E assets related to ea
Page 187 and 188: k) InvestmentsThe Group classifies
Page 189 and 190: usually when legal title passes to
Page 191 and 192: iii) IFRIC 12, ‘‘Service conces
Page 193 and 194: v) Liquidity riskLiquidity risk is
Page 195 and 196: ii) DerivativesDerivatives are reco
Page 197 and 198: 5 Other finance costsNine-month per
Page 199 and 200: Congo to the other partners in the
Page 201 and 202: No assets have been pledged as secu
Page 203 and 204: 31 December 30 September2005 2006 2
Page 205 and 206: 16 Trade and other payables31 Decem
Page 207 and 208: A reconciliation of the asset retir
Page 209 and 210: 21 Loss per shareThe following tabl
Page 211 and 212: 25 Commitments and contingenciesHer
Page 213 and 214: In November 2007, the Group farmed-
Page 215 and 216: Reconciliation of loss for the year
Page 217 and 218: At the end of the last reporting pe
Page 219 and 220: Reconciliation of cash flow stateme
Page 221 and 222: At 31 December 2006, this has resul
Page 223 and 224: AUDITED FINANCIAL STATEMENTS RELATI
Page 225: AUDITORS’ REPORT TO THE SHAREHOLD
Page 229 and 230: HERITAGE OIL CORPORATIONNOTES TO CO
Page 231 and 232: effective as hedges, both at incept
Page 233 and 234: A ceiling test was undertaken at De
Page 235 and 236: 6. Share capital:(a) Authorized:Unl
Page 237 and 238: fair value of stock options are amo
Page 239 and 240: C. PRO FORMA FINANCIAL INFORMATION
Page 241 and 242: PRO FORMA NET ASSET STATEMENTThe fo
Page 243 and 244: Production assumptionsProduction du
Page 245 and 246: Macroeconomic assumptionsThe Direct
Page 247 and 248: Accordingly, the Illustrative Proje
Page 249 and 250: Arrangement AgreementPursuant to th
Page 251 and 252: PART X—ADDITIONAL INFORMATION1. R
Page 253 and 254: (ii) no share or loan capital of th
Page 255 and 256: (j)In Alberta, the principal jurisd
Page 257 and 258: nominal amount has been paid up of
Page 259 and 260: instrument of transfer (in the case
Page 261 and 262: up on all the shares conferring tha
Page 263 and 264: (B) may be a director or other offi
Page 265 and 266: and is in default for a period of 1
Page 267 and 268: (c)have sufficient moneys, assets o
Page 269 and 270: (e)against surrender of the Exchang
Page 271 and 272: e, to the extent that the same is r
Page 273 and 274: (g)(ii) by arranging for the credit
Page 275 and 276: (b) rights, options or warrants oth
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any provision of provincial, territ
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7.5 None of the major shareholders
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Position stillDirector/Senior Manag
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employment or terminates his or her
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All rights of a holder of Exchangea
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agreement of this nature. These cir
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to change. Where the Company pays a
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As part of an agreement reached in
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(x) Foreign Property Information Re
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19. DOCUMENTS AVAILABLE FOR INSPECT
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declared and unpaid dividends on ea
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‘‘DTR’’‘‘DutchCo’’
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‘‘ISIN’’‘‘ITA’’‘
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anniversary of the Effective Date a
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‘‘Support Agreement’’‘‘
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emaining quantities recovered will
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Prospectus re Admission to the Official List - Heritage Oil

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