Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

9. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Subsequent to June 30, 2011, the Company amended the 2010 convertible debenture agreement to increase the credit line from $1,800,000 to $2,000,000, for a 3% royalty interest from the proceeds of the Company’s oil, gas and mineral sales.

Subsequent to June 30, 2011, the Company amended the 2010 convertible debenture agreement to extend the repayment date for all advances before September 30, 2010 to November 17, 2012; and all other advances after September 30, 2010 due one year from date of advance.  Additionally the credit line increased from $2,000,000 to $3,000,000 for an additional 3% royalty interest to a total of 6%.