Annual report pursuant to section 13 and 15(d)

BALANCE SHEETS

v2.4.0.8
BALANCE SHEETS (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current assets    
Cash $ 122,162 $ 731,043
Accounts receivable-related party, net 0 4,805
Accounts receivable 58,472 0
Other current assets 53,680 28,225
Total current assets 234,314 764,073
Property & equipment    
Evaluated properties 2,954,854 2,125,685
Unevaluated properties not subject to amortization 0 72,950
Furniture, equipment & software 82,051 47,876
Less accumulated depreciation (126,642) (36,057)
Net property and equipment 2,910,263 2,210,454
Other Assets 0 20,000
Total Assets 3,144,577 2,994,527
Current liabilities    
Accounts payable 50,939 43,892
Accrued liabilities 9,916 22,279
Current maturities of installment notes payable 7,625 0
Deferred rent 4,061 2,788
Total current liabilities 72,541 68,959
Deferred rent 2,926 7,096
Asset retirement obligations 12,804 52,644
Convertible debt - related party, net of discount of 410,677 and $0 139,323 0
Installment note payable 34,011 0
Total Liabilities 261,605 128,699
Stockholders' Equity    
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding 0 0
Common stock, $.001 par value; 50,000,000 shares authorized; 14,178,041 and 17,159,748 shares issued and outstanding 14,178 17,160
Additional paid in capital 5,429,488 4,519,856
Treasury stock: 0 and 20,000 shares respectively 0 (5,000)
Accumulated deficit (2,560,694) (1,666,188)
Total Stockholders' Equity 2,882,972 2,865,828
Total Liabilities and Stockholders' Equity $ 3,144,577 $ 2,994,527