Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS (Unaudited)

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows from Operating Activities    
Net loss $ (213,280) $ (590,656)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation and amortization 32,194 34,270
Accretion of debt discount 28,365 23,462
ARO accretion 0 150
Stock-based compensation expense - employees 33,778 19,973
Stock-based compensation expense – consultants 0 380,000
Changes in operating assets and liabilities    
Accounts receivable 5,863 13,869
Other assets 3,824 9,126
Accounts payable 19,044 21,115
Accrued liabilities 12,250 97,480
Deferred rent 0 (821)
Net cash flows from operating activities (77,962) 7,968
Cash Flows from Investing Activities    
Capital expenditures on oil and gas properties 0 (289,686)
Cash flows from investing activities 0 (289,686)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 0 455,004
Advances from Affiliates 60,000 0
Payments on notes payable (4,702) (3,825)
Cash flows from financing activities 55,298 451,179
Net change in cash and cash equivalents (22,664) 169,461
Cash and cash equivalents    
Beginning of period 24,688 122,162
End of period 2,024 291,623
SUPPLEMENTAL DISCLOSURES    
Interest Paid 16,455 9,634
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Change in accounts payable for expenditures on oil and gas properties 0 38,958
Initial recognition of asset retirement obligations $ 0 $ 1,936