Quarterly report pursuant to Section 13 or 15(d)

NOTE 8. BUSINESS SEGMENTS

v3.8.0.1
NOTE 8. BUSINESS SEGMENTS
 9 Months Ended
Sep. 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
September 30, 2017
    
Three Months Ended
September 30, 2016
    
Nine Months Ended
September 30, 2017
    
Nine Months Ended
September 30, 2016
  
Revenues
                        
  Oil & Gas
  
$
40,632
    
$
21,863
    
$
116,024
    
$
79,156
  
  Oil field services
    
-
      
-
      
-
      
198,000
  
 
                                
Net Income (Loss)
                                
  Oil & Gas
    
(1,059,243
)
    
(592,501
)
    
(2,776,563
)
    
(1,481,624
)
  Oil field services
    
(4,132
)
    
(4,048
)
    
(12,228
)
    
180,273
  
 
                                
Assets
                                
  Oil & Gas
    
13,397,430
      
13,018,302
      
13,397,430
      
13,018,302
  
  Oil field services
    
93,600
      
109,476
      
93,600
      
109,476
  
 
                                
Accounts Receivable
                                
  Oil & Gas
    
18,520
      
170,689
      
18,520
      
170,689
  
  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 nine months ended September 30, 2016.