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NOTE 5. EQUITY
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6 Months Ended |
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Jun. 30, 2013
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| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
5. EQUITY
Preferred Stock
– 1,000,000 shares authorized, none issued or
outstanding.
Common Stock
– In April 2012
the Company purchased 9,125,500 of the Company’s common
stock from an unrelated third party for $9,126.
In
March 2013, Michael Smith transferred 1,600,000 shares of
the Company’s common stock, to the Company for
consideration of $100. These shares were returned to
treasury and cancelled. In addition, in March 2013, John
Barton, a former officer and director of the Company, and a
number of other shareholders transferred an aggregate of
2,031,707 shares of the Company’s common stock to the
Company for aggregate consideration of $800. All such
shares were returned to treasury and cancelled.
In
March 2013, an additional 45,000 outstanding shares of
common stock were cancelled, including 20,000 of treasury
stock.
In April
2013, the Company was assigned a 100% working interest (75%
net revenue interest) in a 623-acre lease in Milam County,
Texas. (The Company had previously been assigned
an aggregate of 202.5 acres out of this 623-acre lease via an
assignment in March 2012 of 200 acres and an assignment in
October 2012 of 2.5 acres. See “The
Subsequent Kingman Assignment” in Item 5 of this Report
on Form 10-Q.) The Company issued 500,000 shares
of its common stock valued at $395,000 as consideration for
the release of a security interest encumbering this 623-acre
lease.
In
June 2013 the Company issued 20,000 shares of its common
stock valued at $5,400 as employee
compensation.
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