Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash $ 105,136 $ 14,058
Accounts receivable 229,633 5,942
Other current assets 6,397 5,641
Total current assets 341,166 25,641
Oil and gas, on the basis of full cost accounting    
Evaluated properties 6,833,326 6,797,025
Furniture, equipment & software 155,293 155,293
Less accumulated depreciation and depletion (661,976) (603,135)
Net property and equipment 6,326,643 6,349,183
Other assets    
Operating lease right-of-use asset 10,156 12,821
Other assets 1,460,553 1,450,841
Total Assets 8,138,518 7,838,486
Current liabilities    
Accounts payable 250,797 320,088
Accounts payable – related parties 59,694 57,363
Operating lease liability – current 10,972 13,909
Accrued liabilities 1,189,817 1,149,012
Accrued liabilities – related parties 924,135 862,158
Notes payable, current portion 3,438,542 3,438,162
Notes payable – related parties, current portion 779,373 779,373
Total current liabilities 6,653,330 6,620,065
Asset retirement obligations 2,317,254 2,257,027
Derivative liability 5,069 22,554
Total Liabilities 8,975,653 8,899,646
Stockholders’ Deficit    
Common stock, $0.001 par value; 400,000,000 shares authorized; 176,988,322 and 176,988,322 shares issued and outstanding 176,988 176,988
Additional paid in capital 60,242,189 60,216,722
Accumulated other comprehensive income (239,298) (269,155)
Accumulated deficit (61,170,710) (61,339,161)
Total Stockholders’ Deficit (837,135) (1,061,160)
Total Liabilities and Stockholders’ Deficit 8,138,518 7,838,486
Series A Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred Series C stock, $0.10 par value, 11,000 shares authorized, 11,000 and 8,500 shares issued and outstanding 199 199
Series B Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred Series C stock, $0.10 par value, 11,000 shares authorized, 11,000 and 8,500 shares issued and outstanding 152,397 152,397
Series C Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred Series C stock, $0.10 par value, 11,000 shares authorized, 11,000 and 8,500 shares issued and outstanding $ 1,100 $ 850