Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

v3.5.0.2
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets    
Cash $ 66,852 $ 3,091
Accounts receivable 67,682 48,633
Inventory 116,561  
Other current assets 28,780 31,049
Total current assets 279,875 82,773
Oil and gas, on the basis of full cost accounting    
Evaluated properties 4,564,286 4,733,853
Furniture, equipment & software 109,791 108,234
Less accumulated DD&A (1,063,176) (1,045,644)
Net property and equipment 3,610,901 3,796,443
Other Assets    
Intangible assets 49,886  
Note receivable 316,800 316,800
Total Assets 4,257,462 4,196,016
Current liabilities    
Accounts payable 244,987 169,564
Accrued liabilities 117,166 130,582
Convertible debt - related party, net of discount of 112,396 and 171,573 437,604 378,427
Current maturities of installment notes payable 18,877 21,144
Deferred rent 197,875 192,875
Note Payable affiliates 2,816 2,816
Total current liabilities 1,019,325 895,408
Asset retirement obligations 219,756 213,328
Installment note payable 7,309 6,652
Total Liabilities 1,246,390 1,115,388
Stockholders' Equity    
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding  
Common stock, $.001 par value; 150,000,000 shares authorized; 44,539,958 and 42,839,958 shares issued and outstanding 44,540 42,840
Additional paid in capital 9,360,315 9,129,629
Accumulated deficit (6,393,783) (6,091,841)
Total Stockholders' Equity 3,011,072 3,080,628
Total Liabilities and Stockholders' Equity $ 4,257,462 $ 4,196,016