Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

v3.5.0.2
BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash $ 12,071 $ 3,091
Accounts receivable 170,689 48,633
Inventory 113,531 0
Other current assets 29,225 31,049
Total current assets 325,516 82,773
Oil and gas, on the basis of full cost accounting    
Evaluated properties 13,331,768 4,733,853
Furniture, equipment & software 200,416 108,234
Less accumulated depreciation (1,096,608) (1,045,644)
Net property and equipment 12,435,576 3,796,443
Other Assets    
Intangible assets 49,886 0
Note receivable 316,800 316,800
Total Assets 13,127,778 4,196,016
Current liabilities    
Accounts payable 317,927 169,564
Accrued liabilities 351,357 130,582
Convertible debt – related party, net of discount of $0 and $171,573 550,000 378,427
Current maturities of installment notes payable 111,186 21,144
Note Payable to Affiliates 1,247,980 192,875
Deferred rent 2,816 2,816
Total current liabilities 2,581,266 895,408
Asset retirement obligations 284,856 213,328
Note Payable to Affiliates – Long Term 2,904,020 0
Note Payable – related party 0 6,652
Total Liabilities 5,770,142 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; 78,079,741 and 42,839,958 shares issued and outstanding 78,080 42,840
Additional paid in capital 14,672,748 9,129,629
Accumulated deficit (7,393,192) (6,091,841)
Total Stockholders’ Equity 7,357,636 3,080,628
Total Liabilities and Stockholders’ Equity $ 13,127,778 $ 4,196,016