Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets    
Cash $ 13,294 $ 34,513
Accounts receivable 5,000 5,000
Other current assets 145,682 135,195
Total current assets 163,976 174,708
Oil and gas, on the basis of full cost accounting    
Evaluated properties 12,700,603 12,913,972
Furniture, equipment & software 201,110 201,110
Less accumulated depreciation and depletion (1,829,352) (1,663,994)
Net property and equipment 11,072,361 11,451,088
Other assets 2,167,077 944,055
Total Assets 13,403,414 12,569,851
Current liabilities    
Accounts payable 588,360 598,028
Accounts payable - related parties 25,587 25,587
Accrued liabilities 872,562 677,891
Accrued liabilities - related parties 1,079,249 1,053,564
Notes payable 453,540 653,540
Notes payable - related parties 1,142,443 983,291
Total current liabilities 4,161,741 3,991,901
Asset retirement obligations 1,649,728 1,723,364
Notes payable 2,768,915 1,443,538
Derivative liability 151,184 24,509
Total Liabilities 8,731,568 7,183,312
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; 165,296,226 and 164,548,726 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 165,296 164,549
Additional paid in capital 58,459,795 57,985,359
Shares to be issued 69,375 55,375
Accumulated other comprehensive income (346,113) (218,565)
Accumulated deficit (53,676,706) (52,600,378)
Total Stockholders' Equity 4,671,846 5,386,539
Total Liabilities and Stockholders' Equity $ 13,403,414 $ 12,569,851