Quarterly report pursuant to sections 13 or 15(d)

BALANCE SHEETS (Unaudited)

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BALANCE SHEETS (Unaudited) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current assets    
Cash $ 291,623 $ 122,162
Accounts receivable 44,603 58,472
Other current assets 44,554 53,680
Total current assets 380,780 234,314
Oil and gas, on the basis of full cost accounting    
Evaluated properties 3,279,531 2,954,854
Furniture, equipment & software 87,955 82,051
Less accumulated depreciation (160,912) (126,642)
Net property and equipment 3,206,574 2,910,263
Total Assets 3,587,354 3,144,577
Current liabilities    
Accounts payable 111,013 50,939
Accrued liabilities 107,396 9,916
Current maturities of installment notes payable 7,745 7,625
Deferred rent 4,375 4,061
Total current liabilities 230,529 72,541
Deferred rent 1,790 2,926
Asset retirement obligations 14,890 12,804
Convertible debt - related party, net of discount of $387,215 and $410,677 162,785 139,323
Installment note payable 30,067 34,011
Total Liabilities 440,061 261,605
Stockholders' Equity    
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; 16,569,738 and 14,178,041 shares issued and outstanding 16,570 14,179
Additional paid in capital 6,282,073 5,429,487
Accumulated deficit (3,151,350) (2,560,694)
Total Stockholders' Equity 3,147,293 2,882,972
Total Liabilities and Stockholders' Equity $ 3,587,354 $ 3,144,577