Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net loss $ (3,820,145) $ (4,301,398)
Adjustments to reconcile net loss to net cash from operations:    
Stock based compensation 854,720 1,215,825
Stock issued for interest payments on notes payable 497,817 148,882
Amortization of debt issuance costs 214,939 0
Accretion of note discounts 274,217 159,441
Accrued interest payable in stock 163,168 0
Depreciation, depletion and amortization 355,050 368,074
Net settlement offset 0 (100,561)
Impairment loss 474,357 139,891
Change in:    
Accounts receivable (56,456) (53,551)
Production revenue receivable 247,123 138,468
Prepayments - development costs 144,641 1,158,588
Prepaid expenses (106,265) (47,482)
Other assets 6,362 0
Accounts payable and accrued expenses 82,757 1,718
Accrued interest payable 489,127 14,434
Net cash from operating activities (178,588) (1,157,671)
Cash Flows From Investing Activities    
Investment in oil and gas properties (6,606,279) (9,319,771)
Purchases of property, plant, and equipment (6,564) 0
Net cash from investing activities (6,612,843) (9,319,771)
Cash Flows From Financing Activities    
Issuance of common stock 2,516,880 6,049,734
Proceeds from convertible promissory notes 4,010,000 4,304,421
Repayment of promissory notes 0 (250,000)
Proceeds from warrant exercise 184,843 200,000
Net cash from financing activities 6,711,723 10,304,155
Net (decrease) in cash (79,708) (173,287)
Cash - beginning of period 840,163 1,051,720
Cash - end of period 760,455 878,433
Supplemental disclosure of cash flow information: (Non Cash Items)    
Common stock issued for lease interests 125,000 0
Common stock issued for partial payment of unpaid compensation 0 59,000
Common stock issued for payment in kind on notes payable 314,107 221,024
Common stock issued in conversion of convertible note principal 50,000 0
Decrease in accounts payable for property development costs 225,536 0
Beneficial conversion feature on convertible notes 1,145,546 0
Debt discount from fair value of warrants issued with convertible notes 240,455 0
Cash paid for interest 1,131,819 1,124,174
Cash paid for income tax $ 0 $ 0