NOTE 10. SUBSEQUENT EVENTS |
9 Months Ended |
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Sep. 30, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
NOTE 10. SUBSEQUENT EVENTS
The Board authorized the Company to allowed all outstand warrant-holders to exercise their outstanding warrants at a 20% discount. In October 2016, four (4) warrant holders exercised a total of 525,000 warrants by remitting payments of $50,000 at an average share price of $0.095 per shares. Director Lee Lytton exercised 10,000 shares (included in the total above) by remitting a payment of $479 at a share price of $0.59 per share.
On November 11, 2016, the Board approved an issuance of a $2 million Preferred Stock offering. The Company is currently negotiating with an institutional investment group to fund the offering.
On November 11, 2016, the Board approved the expenditure of $100,000 to drill two new wells at the SUDS leasehold. These wells are to be step-out wells from existing wells that are currently producing.
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