Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.2.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash $ 14,058 $ 155,045
Accounts receivable 5,942 5,000
Other current assets 5,641 39,443
Total current assets 25,641 199,488
Oil and gas, on the basis of full cost accounting:    
Evaluated Properties 6,797,025 8,619,427
Furniture, equipment & software 155,293 201,110
Less accumulated depreciation & depletion (603,135) (2,868,453)
Net property and equipment 6,349,183 5,952,084
Other assets    
Operating Lease Right-of-Use Asset 12,821 23,145
Other assets 1,450,841 985,187
Total Assets 7,838,486 7,159,904
Current liabilities    
Accounts payable 320,088 1,067,841
Accounts payable - related parties 57,363 587
Operating Lease Liability 13,909 13,107
Accrued liabilities 1,149,012 1,572,055
Accrued liabilities - related parties 862,158 751,949
Notes payable - short term 3,438,162 3,037,737
Notes payable - related party 779,373 1,035,329
Total current liabilities 6,620,065 7,478,605
Asset retirement obligations 2,257,027 3,624,133
Operating Lease Liability 13,909
Notes payable 573
Derivative liability 22,554 183,798
Total Liabilities 8,899,646 11,301,018
Stockholders’ Equity (Deficit)    
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 168,696,226 shares issued and outstanding 176,988 168,696
Additional paid in capital 60,216,722 59,044,519
Accumulated other comprehensive income (loss) (269,155) (266,432)
Accumulated deficit (61,339,161) (63,088,096)
Total Stockholders’ Equity (Deficit) (1,061,160) (4,141,114)
Total Liabilities and Stockholders’ Equity (Deficit) 7,838,486 7,159,904
Series A Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock value 199 199
Series B Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock value 152,397
Series C Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock value $ 850