Annual report pursuant to Section 13 and 15(d)

NOTE 13. BUSINESS SEGMENTS

v3.7.0.1
NOTE 13. BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 13. BUSINESS SEGMENTS

We are a diversified oil and gas company with operations in two segments:

Oil and Gas Exploration and Production – which includes exploration, development, and production of current and potential oil and gas properties.

Oil field services – which includes selling oil field related equipment and providing various oil field related services to the oil and gas industry.

   
December 31, 2016
    
December 31, 2015
  
Revenues
            
Oil & Gas
  
$
123,246
    
$
187,976
  
Oil field services
    
198,000
      
---
  
  Total Revenues
    
321,246
      
187,976
  
                 
Net Income
                
Oil & Gas
    
(2,052,004
)
    
(1,856,614
)
Oil field services
    
176,225
      
---
  
  Total Net Income
    
(1,875,779
)
    
(1,856,614
)
                 
Assets
                
Oil & Gas
    
13,026,082
      
4,196,016
  
Oil field services
    
185,542
      
---
  
  Total Assets
    
13,211,624
      
4,196,016
  
Accounts Receivable
                
Oil & Gas
    
199,003
      
48,633
  
Oil field services
    
---
      
---
  
  Total Accounts Receivable
  
$
199,003
    
$
48,633
  

All segment expenses incurred by the oil and gas segment except the cost of equipment sold of $33,330 which was incurred in the nine months ended September 30, 2016 by the oil field services segment.