Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

v3.5.0.1
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities    
Net Loss $ (1,856,614) $ (1,674,533)
Adjustment to reconcile net loss to net cash Used in operating activities:    
Depreciation and amortization 94,964 165,943
Accretion of debt discount 152,980 86,124
Finance fee for extension on note payable 37,500  
Impairment of oil & gas properties 668,073  
Loss on conversion of debt 109,879  
Loss on disposal of assets 497 10,945
Asset retirement obligation accretion 11,856 1,872
Stock-based compensation expense-employees 185,395 700,303
Stock-based compensation expense-consultants and directors   447,000
Changes in operating assets and liabilities    
Accounts receivable (22,457) 32,300
Other assets 9,752 12,879
Accounts payable 70,139 48,485
Accrued liabilities 81,707 (1,041)
Deferred rent   (4,172)
Deferred salaries 40,000  
Net cash flows used in operating activities (416,329) (173,895)
Cash Flows from Investing Activities    
Purchase property and equipment (19,854) (15,803)
Proceeds from sale of property and equipment 4,029  
Capital expenditures on oil and gas properties   (675,426)
Cash flows used in investing activities (15,825) (691,229)
Cash Flows from Financing Activities    
Proceeds from shareholder advances 134,000  
Proceeds from issuance of common stock 302,000 780,024
Payments of shareholder advances (8,000)  
Payments on notes payable (17,443) (69,987)
Note payable for purchase of equipment   57,613
Cash flows provided by financing activities 410,557 767,650
Net change in cash and cash equivalents (21,597) (97,474)
Cash and cash equivalents    
Beginning of period 24,688 122,162
End of period 3,091 24,688
SUPPLEMENTAL DISCLOSURES    
Interest paid 5,660  
NON-CASH INVESTING AND FINANCIAL DISCLOSURES    
Truck transferred to former CEO   41,636
Initial recognition of asset retirement obligations 26,201 19,418
Change in estimated cash flows from asset retirement obligation 75,096 66,081
Fair value of stock issued for oil properties (TLSAU) 196,875  
Fair value of stock issued for oil properties (SUDS) 719,903  
Fair value of stock issued for note receivable (TLSAU) 316,800  
Shares issued in payment of shareholder advance $ 130,000  
Note payable for equipment   $ 57,613