Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 5,712 $ 68,648
Accounts receivable 16,067 199,003
Other current assets 4,470 31,192
Total current assets 26,249 298,843
Property & equipment    
Evaluated properties 14,312,580 13,465,387
Furniture, equipment & software 264,723 200,416
Less accumulated depreciation (1,155,164) (1,119,708)
Net property and equipment 13,422,139 12,546,095
Other Assets    
Intangible assets 49,886 49,886
Note receivable 0 316,800
Total Assets 13,498,274 13,211,624
Current liabilities    
Accounts payable 357,398 352,241
Accrued liabilities 624,232 494,983
Debt short term 25,000 275,000
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 212,980 1,287,980
Total current liabilities 1,802,192 2,986,390
Asset retirement obligations 448,320 322,710
Installment note payable – long term 26,797 0
Note payable to related party – long term 1,904,020 2,904,020
Total Liabilities 4,181,329 6,213,120
Stockholders’ Equity    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 120,590 and 0 shares issued & outstanding 121 0
Common stock, $.001 par value; 150,000,000 shares authorized; 90,834,505 and 79,034,505 shares issued and outstanding 90,834 79,034
Additional paid in capital 18,919,026 14,887,090
Accumulated deficit (9,693,036) (7,967,620)
Total Stockholders’ Equity 9,316,945 6,998,504
Total Liabilities and Stockholders’ Equity $ 13,498,274 $ 13,211,624