Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

v3.2.0.727
BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets    
Cash $ 28,368 $ 24,688
Accounts receivable 28,511 26,176
Other current assets 33,154 40,801
Total current assets 90,033 91,665
Oil and gas, on the basis of full cost accounting    
Evaluated properties 3,715,779 3,715,779
Furniture, equipment & software 88,380 94,283
Less accumulated depreciation & impairment (1,009,890) (283,984)
Net property and equipment 2,794,269 3,526,078
Total Assets 2,884,302 3,617,743
Current liabilities    
Accounts payable 138,645 99,425
Accrued liabilities 10,022 8,875
Current maturities of installment notes payable 18,877 18,877
Deferred rent 2,816 2,816
Total current liabilities 170,360 129,993
Asset retirement obligations 100,175 100,175
Convertible debt - related party, net of discount of $262,148 and $324,553 287,852 225,447
Installment note payable 18,495 26,362
Total Liabilities 576,882 481,977
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; 20,953,152 and 19,353,152 shares issued and outstanding 20,953 19,353
Additional paid in capital 7,652,924 7,351,640
Accumulated deficit (5,366,457) (4,235,227)
Total Stockholders' Equity 2,307,420 3,135,766
Total Liabilities and Stockholders' Equity $ 2,884,302 $ 3,617,743