Financials

v3.5.0.2
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 218,470 $ 1,026,600
Accounts Receivable 655,618 741,653
Production revenue receivable 5,213 199,317
Note receivable 0 613
Prepayments - development costs 1,000,000 0
Prepaid expenses 0 38,776
Total current assets 1,879,301 2,006,959
Investment in oil and gas properties, net 9,550,419 7,057,671
Office Equipment 31,206 43,110
Debt issuance costs, net 4,092 8,224
Other Assets 18,362 72,082
TOTAL ASSETS 11,483,380 9,188,046
Current liabilities:    
Accounts payable 557,444 1,114,409
Funds received pending settlement 520,400 0
Accrued liabilities 840,114 628,876
Related party payables 81,112 130,000
Convertible promissory notes, (Series B) net of discount of $138,267 at September 30, 2016 3,431,233 0
Note payable within one year - related party 134,375 205,000
Notes payable within one year 0 129,741
Due to working interest owners 66,845 103,364
Interest payable 0 173,710
Total current liabilities 5,631,523 2,485,100
Convertible promissory notes, (Series B) net of discount of $277,911 at December 31, 2015 0 3,291,589
Asset retirement obligation 1,711 29,083
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $.001, 10,000,000 shares authorized, 10,000 issued and outstanding at September 30, 2016 134,000 issued and outstanding at December 31, 2015 10 134
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 50,336,762 issued and outstanding at September 30, 2016, 33,166,344 issued and outstanding at December 31, 2015 50,340 33,168
Additional paid-in capital 66,544,240 61,921,450
Warrants outstanding 20,819,937 16,330,961
Accumulated deficit (81,564,381) (74,903,439)
Total stockholders' equity 5,850,146 3,382,274
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,483,380 $ 9,188,046
v3.5.0.2
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue:        
Oil and gas sales $ 34,284 $ 400,030 $ 337,798 $ 1,442,857
SWD and royalties 0 415 0 57,485
Cost of revenue (49,908) (159,082) (295,208) (669,626)
Gross income (15,624) 241,363 42,590 830,717
Operating expenses:        
General and administrative expenses 787,228 3,359,679 5,534,933 12,255,704
Depreciation, depletion and amortization 18,005 203,348 740,059 902,153
Impairment expense 0 0 57,912 22,438,114
Loss on sale 0 0 146,138 0
Total operating expenses 805,233 3,563,027 6,479,042 35,595,971
Other income (expense)        
Other income 30 0 30 962
Interest and accretion expense (54,662) (60,958) (224,520) (1,692,067)
Total other income (expense) (54,632) (60,958) (224,490) (1,691,105)
Net loss before taxes (875,489) (3,382,622) (6,660,942) (36,456,359)
Provision for income taxes 0 0 0 0
Net (loss) $ (875,489) $ (3,382,622) $ (6,660,942) $ (36,456,359)
Loss per share:Basic and Diluted $ (0.03) $ (0.16) $ (0.40) $ (2.23)
Weighted average shares outstanding: Basic and Diluted 28,427,672 21,533,966 16,551,858 16,349,023
v3.5.0.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities    
Net (loss) $ (6,660,942) $ (36,456,359)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 3,410,731 9,382,259
Accretion of convertible note discounts 142,867 1,228,161
Loss on sale 146,138 0
Impairment expense 57,912 22,438,114
Depreciation, depletion and amortization 740,059 902,153
Change in:    
Accounts receivable 86,036 48,975
Note receivable 613 8,594
Production revenue receivable 194,104 (91,461)
Prepayment of development costs (1,000,000) 10,602
Debt issuance costs 4,132 0
Prepaid expenses 38,776 29,634
Other assets 53,721 (59,999)
Accounts payable and accrued liabilities (290,229) 1,198,036
Due to working interest owners (36,519) (36,092)
Funds received pending settlement 520,400 0
Asset retirement obligation (27,372) 1,593
Interest payable (176,933) 467,550
Capitalized interest (106,388) (577,576)
Net cash provided by (used in) operating activities (2,902,894) (1,505,816)
Cash Flows From Investing Activities    
Investment in oil and gas properties (1,544,220) (4,369,187)
Acquisition of office equipment 0 (1,191)
Proceeds from Sale of Leases 1,572,000 1,951,918
Net cash used in investing activities 27,780 (2,418,460)
Cash Flows From Financing Activities    
Proceeds from short term advance 150,000 0
Repayment of short term advance (150,000) 0
Proceeds from sale of common stock 0 1,300,000
Proceeds from sale of preferred stock 1,000,000 13,500,000
Payment of preferred stock dividends (320,724) 0
Proceeds from warrant exercise 1,486,942 0
Proceeds from promissory notes 514,395 412,000
Repayment of convertible notes 0 (8,859,011)
Repayment of promissory notes (613,629) (716,893)
Net cash provided by financing activities 2,066,984 5,636,096
Net increase (decrease) in cash (808,130) 1,711,820
Cash - beginning of period 1,026,600 179,787
Cash - end of period 218,470 1,891,607
Non cash transactions:    
Common stock issued for services 587,473 783,668
Common stock issued for mineral interests 1,816,096
Warrants issued for services 2,716,125 1,080,000
Common stock issued in conversion of preferred stock 13,399,991 0
Common stock issued in conversion of promissory notes 0 150,000
Warrants issued in connection with promissory notes 80,750 439,800
Common stock issued in warrant exercises 1,557,004 0
Warrants issued for mineral interests 1,630,761 0
Cash paid for interest $ 536,410 $ 1,108,059