Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 1,769,499 $ 1,026,600
Accounts receivable 603,446 741,653
Production revenue receivable 7,325 199,317
Note receivable 0 613
Prepayments - development costs 583,347 0
Prepaid expenses 26,829 38,776
Total current assets 2,990,446 2,006,959
Oil and gas properties, net 9,392,288 7,057,671
Office equipment, net 29,848 43,110
Other Assets 21,066 80,306
TOTAL ASSETS 12,433,648 9,188,046
Current liabilities:    
Accounts payable 422,684 1,153,185
Funds received pending settlement 520,400 0
Accrued payroll 565,176 590,100
Related party payables 237,044 130,000
Convertible promissory notes, ((Series B) net of discount of $91,379 at December 31, 2016 3,478,121 0
Note payable within one year - related party 0 205,000
Notes payable within one year 0 129,741
Due to working interest owners 54,320 103,364
Interest payable 6,049 173,710
Total current liabilities 5,283,794 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 7,051 29,083
Total Liabilities 5,290,845 5,805,772
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value .001, 10,000,000 shares authorized; -0- issued and outstanding at December 31, 2016 134,000 issued and outstanding at December 31, 2015 0 134
Common stock, par value 0.001 per share; 100,000,000 shares authorized; 55,096,503 issued and outstanding at December 31, 2016 33,166,344 issued and outstanding at December 31, 2015 55,100 33,168
Additional paid-in capital 89,675,488 78,252,411
Accumulated deficit (82,587,785) (74,903,439)
Total stockholders' equity 7,142,803 3,382,274
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 12,433,648 $ 9,188,046
v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue    
Oil and gas sales $ 354,390 $ 1,628,034
SWD and Royalties 0 6,274
Cost of revenue (328,438) (814,078)
Gross income 25,952 820,230
Operating expenses:    
General and administrative expense 6,447,706 15,550,145
Depreciation, depletion and amortization 636,426 930,934
Impairment expense 70,080 25,674,123
Loss on sale 283,285 24,479
Total operating expenses 7,437,497 42,179,681
Other (income) expense    
Interest income (36) 0
Interest and accretion expense 272,837 1,893,427
Total other (income) expense 272,801 1,893,427
Net loss before taxes (7,684,346) (43,252,878)
Provision for income taxes 0 0
Net loss $ (7,684,346) $ (43,252,878)
Loss per share:    
Basic and Diluted $ (0.19) $ (1.58)
Weighted average shares outstanding:    
Basic and Diluted 43,122,514 27,897,794
v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities    
Net loss $ (7,684,346) $ (43,252,878)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 2,956,044 11,265,926
Accretion of convertible note discounts 186,532 1,395,103
Loss on sale of assets 283,285 24,479
Impairment expense 70,080 25,674,123
Depreciation, depletion and amortization 636,426 930,934
Change in:    
Accounts receivable 138,207 (187,305)
Note receivable 613 515,135
Production revenue receivable 191,992 11,118
Prepayment of development costs (1,583,347) (290,398)
Prepaid expenses 11,946 (9,142)
Other assets 59,240 (8,860)
Accounts payable and accrued liabilities (396,456) 1,024,098
Due to working interest owners (49,044) 29,925
Funds received pending settlement 520,400 0
Interest payable (167,661) 469,241
Net cash from operating activities (4,826,089) (2,408,501)
Cash Flows From Investing Activities    
Investment in oil and gas properties (2,293,497) (5,224,748)
Acquisition of office equipment (1,863) (1,191)
Proceeds from sale of oil and gas properties 2,127,489 2,851,918
Net cash used in investing activities (167,871) (2,374,021)
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 3,000,000 1,300,000
Proceeds from sale of preferred stock 1,000,000 13,500,000
Preferred dividends paid in cash (320,724) (120,427)
Proceeds from warrant exercise 1,999,310 113,750
Proceeds from promissory notes 708,014 539,916
Repayment of convertible notes 0 (8,859,011)
Repayment of promissory notes (649,741) (844,893)
Net cash from financing activities 5,736,859 5,629,335
Net change in cash 742,899 846,813
Cash - beginning of period 1,026,600 179,787
Cash - end of period 1,769,499 1,026,600
Supplemental disclosure of cash flow information: (Non Cash Items    
Common stock issued for mineral interests 1,975,046 26,400
Common stock issued in conversion of promissory notes 0 1,150,000
Common stock issued for unpaid compensation 0 39,900
Warrants issued for mineral interests 1,290,761 0
Cash paid for interest $ 603,157 $ 919,272