Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets    
Cash $ 72,372 $ 13,779
Accounts receivable 13,399
Other current assets 220,572 255,180
Total current assets 306,343 268,959
Oil and gas, on the basis of full cost accounting    
Evaluated properties 12,868,298 12,794,285
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (1,329,357) (586,488)
Net property and equipment 11,740,051 12,408,907
Other assets 771,902
Total Assets 12,818,296 12,677,866
Current liabilities    
Accounts payable 372,674 264,654
Accounts payable - related parties 25,587 42,494
Accrued liabilities 716,273 608,357
Accrued liabilities - related parties 921,600 649,633
Notes payable 390,591 335,877
Notes payable - related parties 826,974 610,748
Total current liabilities 3,253,699 2,511,763
Asset retirement obligations 1,649,451 1,509,622
Notes payable 1,536,117 725,999
Derivative liability 20,663 37,013
Total Liabilities 6,459,930 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; 164,548,726 and 162,673,726 shares issued and outstanding 164,549 162,674
Additional paid in capital 57,848,982 57,253,595
Shares to be issued 28,500
Accumulated other comprehensive income (194,355) 8,273
Accumulated deficit (51,489,509) (49,531,272)
Total Stockholders' Equity 6,358,366 7,893,469
Total Liabilities and Stockholders' Equity $ 12,818,296 $ 12,677,866