Financials

v3.7.0.1
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 140,039 $ 1,769,499
Accounts Receivable 599,320 603,446
Production revenue receivable 6,970 7,325
Prepayments - development costs 327,468 583,347
Prepaid expenses 0 26,829
Total current assets 1,073,797 2,990,446
Oil and gas properties, net 13,738,014 9,392,288
Office Equipment 26,627 29,848
Other Assets 7,709 21,066
TOTAL ASSETS 14,846,147 12,433,648
Current liabilities:    
Accounts payable 227,518 422,684
Funds received pending settlement 520,400 520,400
Accrued payroll 560,176 565,176
Related party payables 274,544 237,044
Convertible promissory notes, (Series B) net of discount of $45,511 at March 31, 2017 and $91,379 at December 31, 2016 3,523,989 3,478,121
Due to working interest owners 54,320 54,320
Interest payable 0 6,049
Total current liabilities 5,160,947 5,283,794
Asset retirement obligation 7,092 7,051
Total liabilities 5,168,039 5,290,845
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $.001, 10,000,000 shares authorized, -0- issued and outstanding at March 31, 2017 and December 31, 2016 0 0
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 58,439,564 issued and outstanding at March 31, 2017, 55,096,503 issued and outstanding at December 31, 2016 58,443 55,100
Additional paid-in capital 93,263,733 89,675,488
Accumulated deficit (83,644,068) (82,587,785)
Total stockholders' equity 9,678,108 7,142,803
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 14,846,147 $ 12,433,648
v3.7.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue:    
Oil and gas sales $ 12,950 $ 194,235
SWD and royalties 0 78
Cost of revenue (4,157) (105,998)
Gross profit 8,793 88,315
Operating expenses:    
General and administrative expenses 993,404 951,285
Depreciation, depletion and amortization 24,517 621,972
Total operating expenses 1,017,921 1,573,257
Other (income) expense    
Interest income (111) 0
Interest and accretion expense 47,266 122,376
Total other income (expense) 47,155 122,376
Net loss before taxes (1,056,283) (1,607,318)
Provision for income taxes 0 0
Net (loss) $ (1,056,283) $ (1,607,318)
Loss per share: Basic and Diluted $ (0.02) $ (0.05)
Weighted average shares outstanding: Basic and Diluted 57,337,607 34,662,567
v3.7.0.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities    
Net (loss) $ (1,056,283) $ (1,607,318)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 312,158 82,922
Accretion of convertible note discounts 45,868 48,498
Depreciation, depletion and amortization 24,517 621,972
Change in:    
Accounts receivable 4,126 241,812
Production revenue receivable 355 (4,650)
Prepayment of development costs 255,879 (88,614)
Prepaid expenses 26,829 38,776
Other assets 13,357 24,397
Accounts payable and accrued liabilities (150,167) 1,367,276
Accounts payable related party 37,500 0
Due to working interest owners 0 5,087
Interest payable (6,049) 109,783
Net cash from operating activities (491,910) 839,941
Cash Flows From Investing Activities    
Investment in oil and gas properties (1,137,550) (1,523,419)
Net cash from investing activities (1,137,550) (1,523,419)
Cash Flows From Financing Activities    
Preferred dividends paid in cash 0 (112,430)
Proceeds from promissory notes 0 505,652
Repayment of promissory notes 0 (109,742)
Net cash from financing activities 0 283,480
Net change in cash (1,629,460) (399,998)
Cash - beginning of period 1,769,499 1,026,600
Cash - end of period 140,039 626,602
Supplemental disclosure of cash flow information: (Non Cash Items)    
Common stock issued for services 50,000 53,173
Common stock issued for lease interests 0 971,966
Mineral interests received in warrant exercise 3,229,431 0
Warrants issued in connection with promissory notes 0 27,750
Warrants issued for mineral interests 0 318,761
Cash paid for interest $ 105,618 $ 34,741