Financials

v3.7.0.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 1,465,647 $ 1,769,499
Accounts Receivable 600,631 603,446
Production revenue receivable 13,725 7,325
Prepayments - development costs 1,747,856 583,347
Prepaid expenses 71,695 26,829
Total current assets 3,899,554 2,990,446
Oil and gas properties, net 15,608,309 9,392,288
Office equipment, net 21,535 29,848
Other assets 6,362 21,066
TOTAL ASSETS 19,535,760 12,433,648
Current liabilities:    
Accounts payable 242,443 422,684
Funds received pending settlement 520,400 520,400
Accrued payroll 605,176 565,176
Related party payables 45,000 237,044
Convertible promissory notes, (Series B) net of discount of $91,379 at December 31, 2016 0 3,478,121
Due to working interest owners 54,320 54,320
Interest payable 53,026 6,049
Total current liabilities 1,520,365 5,283,794
Unsecured promissory notes, net of discount and financing costs of $966,342 at June 30, 2017 7,097,955 0
Asset retirement obligation 7,133 7,051
Total liabilities 8,625,453 5,290,845
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $.001, 10,000,000 shares authorized; -0- issued and outstanding at June 30, 2017 and December 31, 2016 0 0
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 60,186,935 issued and outstanding at June 30, 2017 55,096,503 issued and outstanding at December 31, 2016 60,190 55,100
Additional paid-in capital 95,548,915 89,675,488
Accumulated deficit (84,698,798) (82,587,785)
Total stockholders' equity 10,910,307 7,142,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 19,535,760 $ 12,433,648
v3.7.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue:        
Oil and gas sales $ 13,303 $ 105,220 $ 26,252 $ 303,513
SWD and royalties 0 0 0 0
Cost of revenue (11,976) (139,116) (16,133) (245,300)
Gross profit 1,327 (33,896) 10,119 58,213
Operating expenses:        
General and administrative expenses 949,040 3,796,418 1,942,445 4,747,704
Depreciation, depletion and amortization 25,918 100,082 50,435 722,054
Impairment expense 0 57,912 0 57,912
Loss on sale 0 146,138 0 146,138
Total operating expenses 974,958 4,100,550 1,992,880 5,673,808
Other (income) expense        
Interest income (182) 0 (294) 0
Interest and accretion expense 81,281 (47,481) 128,547 (169,858)
Total other income (expense) 81,099 (47,481) 128,253 (169,858)
Net loss before taxes (1,054,730) (4,181,927) (2,111,014) (5,785,453)
Provision for income taxes 0 0 0 0
Net (loss) $ (1,054,730) $ (4,181,927) $ (2,111,014) $ (5,785,453)
Loss per share: Basic and Diluted $ (0.02) $ (0.11) $ (0.04) $ (0.17)
Weighted average shares outstanding: Basic and Diluted 59,597,753 38,159,174 58,473,923 36,220,417
v3.7.0.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities    
Net loss $ (2,111,014) $ (5,785,453)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 716,719 3,214,690
Accretion of convertible note discounts 119,845 95,979
Depreciation, depletion and amortization 50,435 722,054
Impairment expense 0 57,912
Loss on sale of assets 0 146,138
Change in:    
Accounts receivable 2,815 79,686
Production revenue receivable (6,400) 190,500
Prepayment of development costs (1,164,509) (150,362)
Prepaid expenses (44,866) 38,776
Other assets 11,999 28,720
Accounts payable and accrued liabilities (90,241) 635,368
Due to working interest owners 0 113,113
Interest payable 54,866 (15,174)
Net cash from operating activities (2,460,351) (628,053)
Cash Flows From Investing Activities    
Investment in oil and gas properties (2,655,199) (1,882,458)
Proceeds from sale of leases 0 1,572,000
Net cash from investing activities (2,655,199) (310,458)
Cash Flows From Financing Activities    
Preferred dividends paid in cash 0 (224,260)
Proceeds from warrant exercise 29,250 406,541
Proceeds from promissory notes 7,291,948 661,270
Repayment of promissory notes (2,509,500) (613,629)
Net cash from financing activities 4,811,698 229,922
Net change in cash (303,852) (708,589)
Cash - beginning of period 1,769,499 1,026,600
Cash - end of period 1,465,647 318,011
Supplemental disclosure of cash flow information: (Non Cash Items)    
Common stock issued for services 542,254 410,474
Common stock issued for lease interests 373,431 1,484,166
Common stock issued in warrant exercise 29,250 397,471
Common stock issued in conversion of preferred stock 0 9,700,000
Common stock issued in conversion of promissory note 1,007,890 0
Mineral interests received in warrant exercise 3,229,431 0
Warrants issued in connection with promissory notes 0 80,750
Warrants issued for mineral interests 0 1,409,761
Cash paid for interest $ 332,273 $ 266,259