Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

v2.4.0.8
BALANCE SHEETS (Unaudited) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current assets    
Cash $ 11,972 $ 122,162
Accounts receivable 50,064 58,472
Other current assets 44,622 53,680
Total current assets 106,658 234,314
Oil and gas, on the basis of full cost accounting    
Evaluated properties 3,643,942 2,954,854
Furniture, equipment & software 94,283 82,051
Less accumulated depreciation (253,947) (126,642)
Net property and equipment 3,484,278 2,910,263
Total Assets 3,590,936 3,144,577
Current liabilities    
Accounts payable 36,424 50,939
Accrued liabilities 10,449 9,916
Current maturities of installment notes payable 18,877 7,625
Deferred rent 3,964 4,061
Total current liabilities 69,714 72,541
Deferred rent 0 2,926
Asset retirement obligations 28,351 12,804
Convertible debt - related party, net of discount of $349,015 and $410,677 200,985 139,323
Installment note payable 31,030 34,011
Total Liabilities 330,080 261,605
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; 19,153,152 and 14,178,041 shares issued and outstanding 19,153 14,178
Additional paid in capital 7,276,173 5,429,488
Accumulated deficit (4,034,470) (2,560,694)
Total Stockholders' Equity 3,260,856 2,882,972
Total Liabilities and Stockholders' Equity $ 3,590,936 $ 3,144,577