SUBSEQUENT EVENTS
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9 Months Ended | 12 Months Ended |
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Sep. 30, 2012
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Dec. 31, 2011
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Subsequent Events [Text Block] |
NOTE
8. SUBSEQUENT EVENTS
In
October 2012 the company purchased 20,000 shares
from an unrelated party for $5,000.
In
November 2012 the Company and Kingman Operating
Company, Inc. a related party, amended their
agreement relating to the 300 acre lease such that
the Company issued Kingman 400,000 shares of
restricted common stock, valued at $280,000, for the
option to acquire the lease at any time on or before
January 31, 2013 for $920,000.
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NOTE
7. SUBSEQUENT
EVENTS
In
April 2012 the Company purchased 9,125,500 of the
Company’s common stock from an unrelated third party
for $9,126.
During
April 2012 the Company issued 210,000 shares of its common
stock to an officer and employee of the Company in exchange
for services rendered at a price of $0.02 per share.
During
April, 2012 the Company sold 1,000,000 shares of its common
stock to a group of private investors for $51,250.
In
April 2012 the Company sold 8,367,850 shares of its common
stock to its officers, directors and private investors for
$173,902.
In
April 2012, the Company entered into a farmout agreement
with a related party pertaining to a 200-acre lease in
Milam County, Texas at a price of $475,000. As of June 30,
2012, the Company had commenced drilling of five wells on
the lease. The total amount incurred for the drilling of
the five wells was $1,375,000 as of June 30, 2012.
Between
May 1, 2012 and August 31, 2012 the Company sold 5,531,798
shares of its common stock, at a price of 0.70 per share, to
a group of private investors. A director in the Company
purchased 250,000 of these shares.
During
July 2012 the company issued 105,000 shares of its common
stock to consultants in exchange for services
rendered.
In
October 2012 the Company purchased 20,000 shares from an
unrelated party for $5,000.
In
November 2012 the Company and Kingman Operating Company, Inc,
a related party, amended their agreement relating to the 300
acre lease such that the Company issued Kingman 400,000
shares of its restricted common stock, valued at $280,000,
for the option to acquire the lease at any time on or before
January 31, 2012 for $920,000.
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