Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

v3.4.0.3
BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets    
Cash $ 8,451 $ 24,688
Accounts receivable 22,957 26,176
Other current assets 33,317 40,801
Total current assets 64,725 91,665
Oil and gas, on the basis of full cost accounting    
Evaluated properties 4,436,637 3,715,779
Furniture, equipment & software 108,234 94,283
Less accumulated depreciation & impairment (1,029,616) (283,984)
Net property and equipment 3,515,255 3,526,078
Total Assets 3,579,980 3,617,743
Current liabilities    
Accounts payable 159,929 99,425
Accrued liabilities 8,120 8,875
Current maturities of installment notes payable 18,877 18,877
Advances from shareholders 4,000 0
Deferred rent 2,816 2,816
Total current liabilities 193,742 129,993
Asset retirement obligations 109,865 100,175
Convertible debt - related party, net of discount of $221,034 and $324,553 328,966 225,447
Installment note payable 13,724 26,362
Total Liabilities 646,297 481,977
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; 33,139,957 and 19,353,152 shares issued and outstanding 33,140 19,353
Additional paid in capital 8,469,640 7,351,640
Accumulated deficit (5,569,097) (4,235,227)
Total Stockholders' Equity 2,933,683 3,135,766
Total Liabilities and Stockholders' Equity $ 3,579,980 $ 3,617,743