STATEMENT OF OPERATIONS (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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| Oil and gas sales | ||||
| Oil and gas sales | $ 34,294 | $ 67,633 | $ 57,293 | $ 128,159 |
| Equipment sales | 18,000 | 0 | 198,000 | 0 |
| Total Revenue | 52,294 | 67,633 | 255,293 | 128,159 |
| Operating expenses | ||||
| Lease operating expense | 62,902 | 77,183 | 107,803 | 134,054 |
| Cost of equipment sold | 3,030 | 0 | 33,330 | 0 |
| Production tax | 1,679 | 3,121 | 2,772 | 5,917 |
| General and administrative expenses | 292,620 | 103,326 | 631,102 | 243,482 |
| Depreciation, depletion and amortization | 17,669 | 27,016 | 35,201 | 59,210 |
| Impairment of Oil & Gas Properties | 0 | 668,073 | 0 | 668,073 |
| Asset retirement obligation accretion | 6,605 | 0 | 13,033 | 0 |
| Total operating expenses | 384,505 | 878,719 | 823,241 | 1,110,736 |
| Loss from operations | (332,211) | (811,086) | (567,948) | (982,577) |
| Other Income (expenses) | ||||
| Interest (expense) | (84,400) | (42,757) | (157,476) | (88,030) |
| Other income | 15,457 | 5,000 | 34,959 | 8,484 |
| Loss on conveyance of PORRI warrants | (1,705) | 0 | (14,336) | 0 |
| Loss on conversion of debt | 0 | (69,107) | 0 | (69,107) |
| Net loss | $ (402,859) | $ (917,950) | $ (704,801) | $ (1,131,230) |
| Loss per share (Basic and fully diluted) (in Dollars per share) | $ (0.01) | $ (0.05) | $ (0.02) | $ (0.06) |
| Weighted average number of common shares outstanding (in Shares) | 45,747,169 | 19,723,482 | 44,634,222 | 19,470,832 |
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- References No definition available.
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- References No definition available.
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- Definition Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition For a debtor, the aggregate gain (loss) recognized on the restructuring of payables arises from the difference between the book value of the debt before the restructuring and the fair value of the payments on the debt after restructuring is complete. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The expense recorded to reduce the value of oil and gas assets consisting of proved properties and unproved properties as the estimate of future successful production from these properties is reduced. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of lease operating expense related to property used in oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue during the period related to oil and gas business activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Revenue from the sale of oil and gas during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of expense related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of income related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition A tax assessed on oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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