During the year ended December 31, 2012, we did not record any expenses in relation to rights offerings as compared to $248,000 recorded during the year ended December 31, 2011 in respect of the rights offering completed in July 2011. Net cash provided by financing activities was $3,974,000. Net cash used for investment in our unproved oil and gas properties was $2,383,000 for the year ended December 31, 2012 and $19,578,000 for the year ended December 31, 2011; these amounts were primarily drilling related expenditures.
We expect to incur additional significant expenditures to further our exploration programs. We estimate that, when we are not actively drilling a well, our monthly non operational expenditure is approximately $520,000 per month. However, when we are engaged in active drilling operations, we estimate that there is an additional cost of approximately $2,500,000 per month. The above estimates are subject to change. Management believes that our existing cash balance will be sufficient to satisfy our current obligations and maintain our operations through January 31, 2014. However, there are factors that can adversely impact our ability to fund our operating needs through such date, including (without limitation), unexpected or unforeseen cost overruns in planned non-drilling exploratory work (i.e., seismic acquisitions) in existing and newly sought license areas and the costs associated with extended delays in undertaking the required exploratory work, which is typical of what we have experienced in the past, or plugging and abandoning activities. We are considering various alternatives with respect to raising additional capital but to date have no commitments for such financing. We expect that when we seek to raise additional capital it will be through the sale of equity securities, debt or other financing arrangements. Because of the absence of any oil and natural gas reserves, there can be no assurance this capital will be available and if it is not, we may be forced to substantially curtail or cease exploration, appraisal and development expenditures.