Quarterly report pursuant to Section 13 or 15(d)

NOTE 8. BUSINESS SEGMENTS

v3.5.0.2
NOTE 8. BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 8. BUSINESS SEGMENTS

We are a diversified oil and gas company with operations in two segments:

Oil and Gas Exploration and Production – which includes exploration, development, and production of current and potential oil and gas properties.

Oil field services – which includes selling oil field related equipment and providing various oil field related services to the oil and gas industry.

 
  
Three Months Ended
June 30, 2016
    
Three Months Ended
June 30, 2015
    
Six Months Ended
June 30, 2016
    
Six Months Ended
June 30, 2015
  
Revenues
                        
  Oil & Gas
  
$
34,294
    
$
67,633
    
$
57,293
    
$
128,159
  
  Oil field services
    
18,000
      
-
      
198,000
      
-
  
                                 
Net Income (Loss)
                                
  Oil & Gas
    
(417,829
)
    
(917,950
)
    
(869,471
)
    
(1,131,230
)
  Oil field services
    
14,970
      
-
      
164,670
      
-
  
                                 

   
June 30, 2016
    
December 31, 2015
                  
Assets
                                
  Oil & Gas
    
4,129,498
      
4,196,016
                  
  Oil field services
    
113,531
      
-
                  
                                 
Accounts Receivable
                                
  Oil & Gas
    
117,295
      
48,633
                  
  Oil field services
  
$
-
    
$
-
     $       $    
                                 

All segment expenses were incurred by the Oil & Gas segment except the cost of equipment sold of $33,330 which was incurred in the six months ended June 30, 2016.