Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash $ 4,387 $ 68,648
Accounts receivable 48,201 199,003
Other current assets 5,506 31,192
Total current assets 58,094 298,843
Property & equipment    
Evaluated properties 14,032,580 13,465,387
Furniture, equipment & software 236,092 200,416
Less accumulated depreciation (1,137,981) (1,119,708)
Net property and equipment 13,130,691 12,546,095
Other Assets    
Intangible assets 49,886 49,886
Note receivable 0 316,800
Total Assets 13,238,671 13,211,624
Current liabilities    
Accounts payable 402,343 352,241
Accrued liabilities 584,211 494,983
Debt short term 275,000 275,000
Convertible debt – related party, unamortized discount of 0 and 0 550,000 550,000
Current maturities of installment notes payable 32,582 26,186
Note payable – related parties 1,414,480 1,287,980
Total current liabilities 3,258,616 2,986,390
Asset retirement obligations 436,045 322,710
Installment note payable – long term 28,316 0
Note payable to related party – long term 2,904,020 2,904,020
Total Liabilities 6,626,997 6,213,120
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; 79,034,505 and 79,034,505 shares issued and outstanding 79,034 79,034
Additional paid in capital 14,963,530 14,887,090
Accumulated deficit (8,430,890) (7,967,620)
Total Stockholders’ Equity 6,611,674 6,998,504
Total Liabilities and Stockholders’ Equity $ 13,238,671 $ 13,211,624