Quarterly report pursuant to sections 13 or 15(d)

BALANCE SHEETS (Unaudited)

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BALANCE SHEETS (Unaudited) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Current assets    
Cash $ 405,411 $ 731,043
Accounts receivable-related party, net 0 4,805
Other current assets 33,563 28,225
Total current assets 438,974 764,073
Oil and gas, on the basis of full cost accounting    
Proved properties 2,129,003 2,125,685
Unproved properties and properties under 72,950 72,950
Furniture, equipment & software 47,875 47,876
Less accumulated depreciation (56,292) (36,057)
Net property and equipment 2,193,536 2,210,454
Other Assets 20,000 20,000
Total Assets 2,652,510 2,994,527
Current liabilities    
Accounts payable 26,579 43,892
Accounts payable - related party 3,561 0
Accrued liabilities 65,749 22,279
Deferred rent 3,115 2,788
Note payable - related party 0 0
Total current liabilities 99,004 68,959
Deferred Rent 6,272 7,096
Asset retirement obligations 54,239 52,644
Total Liabilities 159,515 128,699
Stockholders' Equity (Deficit)    
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding 0 0
Common stock, $.001 par value; 50,000,000 shares authorized; 13,483,041 and 17,159,748 shares issued and outstanding 13,484 17,160
Additional paid in capital 4,517,632 4,519,856
Treasury stock: 0 and 20,000 shares respectively 0 (5,000)
Accumulated deficit (2,038,121) (1,666,188)
Total Stockholders' Equity (Deficit) 2,492,995 2,865,828
Total Liabilities and Stockholders' Equity (Deficit) $ 2,652,510 $ 2,994,527