Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS (Unaudited)

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows from Operating Activities    
Net loss $ (1,333,871) $ (1,473,776)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation and amortization 78,937 135,906
Accretion of debt discount 103,520 61,662
Impairment of Oil & Gas Properties 668,073 0
Loss on sale/disposal of assets 0 11,258
Loss on Conversion of Debt 69,107 0
ARO accretion 8,733 1,119
Stock-based compensation expense - employees 44,779 672,635
Stock-based compensation expense – consultants 0 399,000
Changes in operating assets and liabilities    
Accounts receivable 3,219 8,408
Other assets 7,484 9,058
Accounts payable 60,504 (25,542)
Accrued liabilities (755) 533
Deferred rent 0 (3,023)
Net cash flows from operating activities (290,270) (202,762)
Cash Flows from Investing Activities    
Purchase of property and equipment (19,854) (18,876)
Proceeds from sale of property and equipment 4,525 0
Capital expenditures on oil and gas properties 0 (655,556)
Cash flows from investing activities (15,329) (674,432)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 238,000 780,024
Proceeds from shareholder advances 71,000 0
Payments on shareholder advances (7,000) 0
Payments on notes payable (12,638) (13,020)
Cash flows from financing activities 289,362 767,004
Net change in cash and cash equivalents (16,237) (110,190)
Cash and cash equivalents    
Beginning of period 24,688 122,162
End of period 8,451 11,972
SUPPLEMENTAL DISCLOSURES    
Interest Paid 34,361 27,257
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Change in accounts payable for expenditures on oil and gas properties 0 11,028
Conversion of debt 60,000 0
Initial recognition of asset retirement obligations 958 14,428
Note Payable for Equipment 0 54,541
Cancellation of shares 400 1,000
Sale of vehicle to related party for assumption of note payable 0 33,250
Shares issued for oil and gas property interest $ 719,902 $ 0