Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash $ 68,648 $ 3,091
Accounts receivable 199,003 48,633
Other current assets 31,192 31,049
Total current assets 298,843 82,773
Property & equipment    
Evaluated properties 13,465,387 4,733,853
Furniture, equipment & software 200,416 108,234
Less accumulated depreciation (1,119,708) (1,045,644)
Net property and equipment 12,546,095 3,796,443
Other Assets    
Intangible assets 49,886 0
Note receivable 316,800 316,800
Total Assets 13,211,624 4,196,016
Current liabilities    
Accounts payable 352,241 169,564
Accrued liabilities 494,983 133,398
Debt short term 275,000 0
Convertible debt - related party (net of unamortized discount $0, $171,573) 550,000 378,427
Current maturities of installment notes payable 26,186 21,144
Note payable – related parties 1,287,980 192,875
Total current liabilities 2,986,390 895,408
Asset retirement obligations 322,710 213,328
Installment note payable 0 6,652
Note payable to related party – long term 2,904,020 0
Total Liabilities 6,213,120 1,115,388
Stockholders’ Equity    
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding 0 0
Common stock, $.001 par value; 150,000,000 shares authorized; 79,034,505 and 42,839,958 shares issued and outstanding 79,034 42,840
Additional paid in capital 14,887,090 9,129,629
Accumulated deficit (7,967,620) (6,091,841)
Total Stockholders’ Equity 6,998,504 3,080,628
Total Liabilities and Stockholders’ Equity $ 13,211,624 $ 4,196,016