Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.1.9
BALANCE SHEETS (USD $)
Dec. 31, 2014
Dec. 31, 2013
Current assets    
Cash $ 24,688us-gaap_Cash $ 122,162us-gaap_Cash
Accounts receivable 26,176us-gaap_AccountsReceivableNetCurrent 58,472us-gaap_AccountsReceivableNetCurrent
Other current assets 40,801us-gaap_OtherAssetsCurrent 53,680us-gaap_OtherAssetsCurrent
Total current assets 91,665us-gaap_AssetsCurrent 234,314us-gaap_AssetsCurrent
Oil and gas, on the basis of full cost accounting    
Evaluated properties 3,715,779us-gaap_CapitalizedCostsProvedProperties 2,954,854us-gaap_CapitalizedCostsProvedProperties
Furniture, equipment & software 94,283us-gaap_PropertyPlantAndEquipmentGross 82,051us-gaap_PropertyPlantAndEquipmentGross
Less accumulated depreciation (283,984)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (126,642)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Net property and equipment 3,526,078us-gaap_PropertyPlantAndEquipmentNet 2,910,263us-gaap_PropertyPlantAndEquipmentNet
Total Assets 3,617,743us-gaap_Assets 3,144,577us-gaap_Assets
Current liabilities    
Accounts payable 99,425us-gaap_AccountsPayableCurrent 50,939us-gaap_AccountsPayableCurrent
Accrued liabilities 8,875us-gaap_AccruedLiabilitiesCurrent 9,916us-gaap_AccruedLiabilitiesCurrent
Current maturities of installment notes payable 18,877us-gaap_NotesPayableCurrent 7,625us-gaap_NotesPayableCurrent
Deferred rent 2,816us-gaap_DeferredRentCreditCurrent 4,061us-gaap_DeferredRentCreditCurrent
Total current liabilities 129,993us-gaap_LiabilitiesCurrent 72,541us-gaap_LiabilitiesCurrent
Deferred rent 0us-gaap_DeferredRentCreditNoncurrent 2,926us-gaap_DeferredRentCreditNoncurrent
Asset retirement obligations 100,175us-gaap_AssetRetirementObligationsNoncurrent 12,804us-gaap_AssetRetirementObligationsNoncurrent
Convertible debt - related party, net of discount of 324,553 and $410,667 225,447us-gaap_ConvertibleDebtNoncurrent 139,323us-gaap_ConvertibleDebtNoncurrent
Installment note payable 26,362us-gaap_LongTermNotesPayable 34,011us-gaap_LongTermNotesPayable
Total Liabilities 481,977us-gaap_Liabilities 261,605us-gaap_Liabilities
Stockholders' Equity    
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common stock, $.001 par value; 50,000,000 shares authorized; 19,353,152 and 14,178,041 shares issued and outstanding 19,353us-gaap_CommonStockValue 14,178us-gaap_CommonStockValue
Additional paid in capital 7,351,640us-gaap_AdditionalPaidInCapital 5,429,488us-gaap_AdditionalPaidInCapital
Accumulated deficit (4,235,227)us-gaap_RetainedEarningsAccumulatedDeficit (2,560,694)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Equity 3,135,766us-gaap_StockholdersEquity 2,882,972us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Equity $ 3,617,743us-gaap_LiabilitiesAndStockholdersEquity $ 3,144,577us-gaap_LiabilitiesAndStockholdersEquity