December 31

2010

2009

ASSETS

Current Assets

Cash and cash equivalents (Note 4)

395,191,242

102,188,831

Receivables - net (Notes 5 and 6)

188,598,514

120,766,785

Crude oil inventory (Note 3)

139,426,557

40,451,055

Other current assets

181,991

176,310

Total Current Assets

723,398,304

263,582,981

Noncurrent Assets

Property and equipment - net (Notes 6 and 7)

269,789,883

292,205,238

Investments in associates (Note 8)

251,369,242

227,195,544

Available-for-sale (AFS) financial assets (Notes 9, 20 and 21)

191,877,918

110,591,628

Deferred oil exploration costs - net (Notes 6 and 10)

842,086,715

823,734,492

Deferred tax assets - net (Note 19)

12,566,835

–

Retirement benefit assets - net (Note 18)

30,419,192

906,325

Other noncurrent assets

123,969

266,689

Total Noncurrent Assets

1,598,233,754

1,454,899,916

TOTAL ASSETS

2,321,632,058

1,718,482,897

Current Liabilities

Accounts payable and accrued liabilities (Notes 6, 12 and 20)

34,451,439

14,106,297

Income tax payable

8,759,230

1,004,438

Subscriptions payable (Note 20)

868,842

2,068,842

Dividends payable (Notes 13 and 20)

4,233,223

–

Total Current Liabilities

48,312,734

17,179,577

Equity

Capital stock - 0.01 par value (held by 9,237 equity holders in   2010 and 9,320 equity holders in 2009; Note 13)

      Authorized - 200.0 billion shares in 2010 and 2009

            Issued

1,555,900,804

1,545,002,756

            Subscribed

362,787,250

373,685,298

            Subscriptions receivable

(181,393,639)

(186,830,286)

Paid-in capital from sale of treasury shares (Note 13)

1,624,012

1,624,012

Net unrealized loss on decline in value of AFS financial assets (Note 9)

(5,965,227)

(111,378,253)

Retained earnings

540,366,124

79,199,793

Total Equity

2,273,319,324

1,701,303,320

TOTAL LIABILITIES AND EQUITY

2,321,632,058

1,718,482,897

see accompanying Notes to Consolidated Statements in the Annual Report 2010