Quarterly report pursuant to Section 13 or 15(d)

NOTE 8. BUSINESS SEGMENTS

v3.7.0.1
NOTE 8. BUSINESS SEGMENTS
3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 8. 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 March 31, 2017
   
Three months ended March 31, 2016
 
Revenues
           
  Oil & Gas
 
$
33,560
   
$
22,999
 
  Oil field services
   
-
     
180,000
 
     
-
     
-
 
Net Income (Loss)
               
  Oil & Gas
   
(459,222
)
   
(451,642
)
  Oil field services
   
(4,048
)
   
149,700
 
                 
Assets
               
  Oil & Gas
   
13,057,078
     
4,140,901
 
  Oil field services
   
181,593
     
116,561
 
                 
Accounts Receivable
               
  Oil & Gas
   
48,201
     
67,682
 
  Oil field services
 
$
-
   
$
-
 

All segment expenses were incurred by the Oil & Gas segment.