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RELATED PARTY TRANSACTIONS
9 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Oil and gas properties:

Our CEO, Ryan Corley, transferred to the Company 640 acres of unproven oil and gas properties at no cost during the nine months ended December 31, 2017.

 

Advances from Stockholder:

Advances from a stockholder at December 31, 2017 and March 31, 2017 was $31,000.

 

Advances from Officer:

Our CEO, Ryan Corley, has made advances to the Company in prior years. During the nine months ended December 31, 2017 and the year ended March 31, 2017, respectively, the CEO made additional unsecured advances totaling $500 and $21,000. During the nine months ended December 31, 2017 and the year ended March 31, 2017, the Company made payments on these advances of $500 and $-0-, respectively. At December 31, 2017 and March 31, 2017, respectively, advances from the CEO were $-0- and $6,000, respectively.

 

The Company has notes payable to the CEO in the aggregate amount of $749,455 and $719,455 as of December 31, 2017 and March 31, 2017, respectively. Accrued interest owed on these notes at December 31, 2017 and March 31, 2017 is $201,095 and $190,007, respectively. These notes and accrued interest are convertible into 41,220,302 and 38,901,957 shares of restricted common stock of the Company, as of December 31, 2017 and March 31, 2017 respectively.

 

At December 31, 2017 and March 31, 2017, advances from the entity controlled by the CEO was $10,500 and notes payable totaled $160,250. Accrued interest owed on these notes at December 31, 2017 and March 31, 2017 is $34,503 and $32,449, respectively. These notes and accrued interest are convertible into 3,143,818 and 3,104,417 shares of restricted common stock of the Company, as of December 31, 2017 and March 31, 2017, respectively.

 

The Company conducts its business from the office of its CEO, Ryan Corley, rent free.