Quarterly report pursuant to Section 13 or 15(d)

NOTE 9. BUSINESS SEGMENTS

v3.5.0.2
NOTE 9. BUSINESS SEGMENTS
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 9. 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
September 30, 2016
    
Three Months Ended
September 30, 2015
    
Nine Months Ended
September 30, 2016
    
Nine Months Ended
September 30, 2015
  
Revenues
                        
  Oil & Gas
  
$
21,863
    
$
34,689
    
$
79,156
    
$
162,848
  
  Oil field services
    
-
      
-
      
198,000
      
-
  
                                 
Net Income (Loss)
                                
  Oil & Gas
    
(37,425
)
    
(202,640
)
    
(1,458,595
)
    
(1,333,870
)
  Oil field services
    
-
      
-
      
180,273
      
-
  

   
September 30, 2016
    
December 31, 2015
                  
Assets
                                
  Oil & Gas
    
12,908,826
      
4,196,016
                  
  Oil field services
    
109,476
      
-
                  
                                 
Accounts Receivable
                                
  Oil & Gas
    
170,689
      
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 nine months ended September 30, 2016 by the Oil field service segment.