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Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash $ 4,387 $ 68,648
Accounts receivable 48,201 199,003
Other current assets 5,506 31,192
Total current assets 58,094 298,843
Property & equipment    
Evaluated properties 14,032,580 13,465,387
Furniture, equipment & software 236,092 200,416
Less accumulated depreciation (1,137,981) (1,119,708)
Net property and equipment 13,130,691 12,546,095
Other Assets    
Intangible assets 49,886 49,886
Note receivable 0 316,800
Total Assets 13,238,671 13,211,624
Current liabilities    
Accounts payable 402,343 352,241
Accrued liabilities 584,211 494,983
Debt short term 275,000 275,000
Convertible debt – related party, unamortized discount of 0 and 0 550,000 550,000
Current maturities of installment notes payable 32,582 26,186
Note payable – related parties 1,414,480 1,287,980
Total current liabilities 3,258,616 2,986,390
Asset retirement obligations 436,045 322,710
Installment note payable – long term 28,316 0
Note payable to related party – long term 2,904,020 2,904,020
Total Liabilities 6,626,997 6,213,120
Stockholders’ Equity    
Preferred stock, $0.10 par value, 1,000,000 shares authorized; No shares issued & outstanding 0 0
Common stock, $.001 par value; 150,000,000 shares authorized; 79,034,505 and 79,034,505 shares issued and outstanding 79,034 79,034
Additional paid in capital 14,963,530 14,887,090
Accumulated deficit (8,430,890) (7,967,620)
Total Stockholders’ Equity 6,611,674 6,998,504
Total Liabilities and Stockholders’ Equity $ 13,238,671 $ 13,211,624
v3.7.0.1
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Oil and gas sales $ 33,560 $ 22,999
Equipment sales – related party 0 180,000
Total Revenue 33,560 202,999
Operating expenses    
Lease operating expense 119,992 45,994
Cost of equipment sold 0 30,300
General and administrative expenses 273,668 338,482
Depreciation, depletion and amortization 18,273 17,532
Asset retirement obligation accretion 11,930 6,428
Total operating expenses 423,863 438,736
Loss from operations (390,303) (235,737)
Other income (expense)    
Interest (expense) (73,112) (73,076)
Other income 145 19,502
Loss on warrants issued for PORRI 0 (12,631)
Total other income (expense) (72,967) (66,205)
Net loss $ (463,270) $ (301,942)
Loss per share (Basic and fully diluted) (in Dollars per share) $ (0.01) $ (0.01)
Weighted average number of common shares outstanding, basic and diluted (in Shares) 79,034,505 43,521,276
v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities    
Net loss $ (463,270) $ (301,942)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation and amortization 18,273 17,532
Accretion of debt discount 0 59,177
ARO accretion 11,930 6,428
Finance fee for extension of note payable 31,660 0
Loss on conveyance of PORRI warrants 0 12,631
Stock-based compensation expense - employees 13,351 127,755
Stock-based compensation expense – directors 12,127 0
Stock-based compensation expense – consultants 19,302 0
Changes in operating assets and liabilities    
Accounts receivable 1,815 (19,049)
Inventory 0 30,300
Other assets 25,686 2,268
Accounts payable 50,102 117,423
Accrued liabilities 89,228 (13,416)
Net cash flows from operating activities (189,796) 39,107
Cash Flows from Investing Activities    
Capital expenditures on oil and gas properties 0 114
Capital expenditures on oil and gas properties 0 (2,850)
Conveyance of oil and gas properties 0 24,000
Cash flows from investing activities 0 21,264
Cash Flows from Financing Activities    
Proceeds from affiliate advances 126,500 65,000
Payments of affiliated advances 0 (60,000)
Payments on notes payable (965) (1,610)
Cash flows from financing activities 125,535 3,390
Net change in cash and cash equivalents (64,261) 63,761
Beginning of period 68,648 3,091
End of period 4,387 66,852
SUPPLEMENTAL DISCLOSURES    
Interest Paid 8,318 8,825
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Transfer to Askarii inventory 0 146,861
Debt conversion, original debt amount 0 42,000
Purchase of Askarii 0 50,000
Initial recognition of asset retirement obligation 101,405 0
Settlement of accounts receivable and other assets for oil and gas properties 465,788 0
Note payable for vehicle purchase $ 35,677 $ 0