Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

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BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Cash $ 21,508 $ 3,091
Accounts receivable 117,295 48,633
Inventory 113,531 0
Other current assets 26,512 31,049
Total current assets 278,846 82,773
Oil and gas, on the basis of full cost accounting    
Evaluated properties 4,558,286 4,733,853
Furniture, equipment & software 120,056 108,234
Less accumulated depreciation (1,080,845) (1,045,644)
Net property and equipment 3,597,497 3,796,443
Other Assets    
Intangible assets 49,886 0
Note receivable 316,800 316,800
Total Assets 4,243,029 4,196,016
Current liabilities    
Accounts payable 384,637 169,564
Accrued liabilities 192,000 130,582
Convertible debt – related party, net of discount of 40,557 and 171,573 509,443 378,427
Current maturities of installment notes payable 26,186 21,144
Note Payable to Affiliates 63,000 192,875
Deferred rent 2,816 2,816
Total current liabilities 1,178,082 895,408
Asset retirement obligations 226,361 213,328
Installment note payable 0 6,652
Total Liabilities 1,404,443 1,115,388
Stockholders’ Equity    
Preferred stock, $0.10 par value, 1,000,000 shares authorized; No shares issued & outstanding 0 0
Common stock, $.001 par value; 150,000,000 shares authorized; 47,094,442 and 42,839,958 shares issued and outstanding 47,094 42,840
Additional paid in capital 9,588,134 9,129,629
Accumulated deficit (6,796,642) (6,091,841)
Total Stockholders’ Equity 2,838,586 3,080,628
Total Liabilities and Stockholders’ Equity $ 4,243,029 $ 4,196,016