Annual report pursuant to Section 13 and 15(d)

BUSINESS SEGMENTS

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BUSINESS SEGMENTS
12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
BUSINESS SEGMENTS

NOTE 13. 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.

 

    December 31, 2017     December 31, 2016  
Revenues                
Oil & Gas   $ 148,835     $ 123,246  
Oil field services           198,000  
Total Revenues     148,835       321,246  
                 
Net Income                
Oil & Gas     (3,245,008 )     (2,052,004 )
Oil field services     (16,276 )     176,225  
Total Net Income     (3,261,284 )     (1,875,779 )
                 
Assets                
Oil & Gas     13,408,306       13,026,082  
Oil field services     169,266       185,542  
Total Assets     13,577,572       13,211,624  
Accounts Receivable                
Oil & Gas     51,026       199,003  
Oil field services            
Total Accounts Receivable   $ 51,026     $ 199,003  

 

During 2017, all segment expenses incurred by the oil and gas segment. During the year ended December 31, 2016, all segment expenses incurred by the oil and gas segment except the cost of equipment sold of $33,330, which was incurred by the oil field services segment.