Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 34,513 $ 13,779
Accounts receivable 5,000
Other current assets 135,195 255,180
Total current assets 174,708 268,959
Oil and gas, on the basis of full cost accounting    
Evaluated properties 12,913,972 12,794,285
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation, depletion and impairment (1,663,994) (586,488)
Net property and equipment 11,451,088 12,408,907
Other assets    
Other Asset 944,055
Total assets 12,569,851 12,677,866
Current liabilities    
Accounts payable 598,028 264,654
Accounts payable - related parties 25,587 42,494
Accrued liabilities 677,891 608,357
Accrued liabilities - related parties 1,053,564 649,633
Notes payable 653,540 335,877
Notes payable - related parties 983,291 610,748
Total current liabilities 3,991,901 2,511,763
Asset retirement obligations 1,723,364 1,509,622
Notes payable 1,443,538 725,999
Derivative liability 24,509 37,013
Total liabilities 7,183,312 4,784,397
Stockholders' equity    
Preferred stock, $0.001 par value; 1,000,000 shares authorized; 199,100 and 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 57,985,359 57,253,595
Shares to be issued 55,375
Accumulated other comprehensive income (218,565) 8,273
Accumulated deficit (52,600,378) (49,531,272)
Total stockholders' equity 5,386,539 7,893,469
Total liabilities and stockholders' equity $ 12,569,851 $ 12,677,866