Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets    
Cash $ 5,121 $ 13,779
Accounts receivable 13,399
Other current assets 86,163 255,180
Total current assets 104,683 268,959
Oil and gas, on the basis of full cost accounting    
Evaluated properties 13,271,302 12,794,285
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (1,059,530) (586,488)
Net property and equipment 12,412,882 12,408,907
Other assets 628,035
Total Assets 13,145,600 12,677,866
Current liabilities    
Accounts payable 309,140 264,654
Accounts payable - related parties 31,284 42,494
Accrued liabilities 719,461 608,357
Accrued liabilities - related parties 801,687 649,633
Notes payable 355,500 335,877
Notes payable - related parties 659,257 610,748
Total current liabilities 2,876,329 2,511,763
Asset retirement obligations 1,617,563 1,509,622
Notes payable 1,531,336 725,999
Derivative liability 19,249 37,013
Total Liabilities 6,044,477 4,784,397
Stockholders' Equity    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; 199,100 shares issued and outstanding 199 199
Common stock, $0.001 par value; 400,000,000 shares authorized; 162,673,726 and 162,673,726 shares issued and outstanding 162,674 162,674
Additional paid in capital 57,563,416 57,253,595
Shares to be issued 150,000
Accumulated other comprehensive income (201,493) 8,273
Accumulated deficit (50,573,673) (49,531,272)
Total Stockholders' Equity 7,101,123 7,893,469
Total Liabilities and Stockholders' Equity $ 13,145,600 $ 12,677,866