Quarterly report pursuant to Section 13 or 15(d)

NOTE 8. BUSINESS SEGMENTS

v3.7.0.1
NOTE 8. BUSINESS SEGMENTS
6 Months Ended
Jun. 30, 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
June 30, 2017
   
Three Months Ended
June 30, 2016
   
Six Months Ended
June 30, 2017
   
Six Months Ended
June 30, 2016
 
Revenues
                       
  Oil & Gas
 
$
41,831
   
$
34,294
   
$
75,391
   
$
57,293
 
  Oil field services
   
-
     
18,000
     
-
     
198,000
 
                                 
Net Income (Loss)
                               
  Oil & Gas
   
(1,258,099
)
   
(417,829
)
   
(1,717,320
)
   
(869,471
)
  Oil field services
   
(4,048
)
   
14,970
     
(8,096
)
   
164,670
 
                                 
Assets
                               
  Oil & Gas
   
13,320,728
     
4,129,506
     
13,320,728
     
4,129,506
 
  Oil field services
   
177,546
     
113,523
     
177,546
     
113,523
 
                                 
Accounts Receivable
                               
  Oil & Gas
   
16,067
     
117,295
     
16,067
     
117,295
 
  Oil field services
 
$
-
   
$
-
   
$
-
   
$
-
 

All segment expenses were incurred by the Oil & Gas segment except for the cost of equipment sold of $33,330 which was incurred in the six months ended June 30, 2016.