Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

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BALANCE SHEETS (Unaudited) (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current assets    
Cash $ 24,811 $ 122,162
Accounts receivable 76,382 58,472
Other current assets 37,949 53,680
Total current assets 139,142 234,314
Property & equipment    
Evaluated properties 3,558,977 2,954,854
Furniture, equipment & software 155,468 82,051
Less accumulated depreciation (215,134) (126,642)
Net property and equipment 3,499,311 2,910,263
Total Assets 3,638,453 3,144,577
Current liabilities    
Accounts payable 31,858 50,939
Accrued liabilities 10,997 9,916
Current maturities of installment notes payable 26,486 7,625
Deferred rent 4,689 4,061
Total current liabilities 74,030 72,541
Deferred rent 430 2,926
Asset retirement obligations 22,788 12,804
Convertible debt - related party, net of discount of $369,742 and $410,677 180,257 139,323
Installment note payable 63,335 34,011
Total Liabilities 340,840 261,605
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; 19,678,085 and 14,178,041 shares issued and outstanding 19,678 14,178
Additional paid in capital 7,102,123 5,429,488
Accumulated deficit (3,824,188) (2,560,694)
Total Stockholders' Equity 3,297,613 2,882,972
Total Liabilities and Stockholders' Equity $ 3,638,453 $ 3,144,577