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Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash $ 30,585 $ 1,345
Other receivable - joint venture 76,719
Prepaid expenses 145,561
Total current assets 252,865 $ 1,345
Long term investment 87,156 68,128
Petroleum and natural gas rights - net 818,230 $ 355,168
Loan costs 11,458
TOTAL ASSETS 1,169,709 $ 424,641
CURRENT LIABILITIES    
Other payable 81,700 116,149
Accounts payable 118,649 $ 39,314
Derivative liability 154,297
Amount due to directors 614,991 $ 326,439
Convertible notes - current 20,282
Total current liabilities 989,919 $ 481,902
Convertible notes - net of current 6,778
Asset retirement obligation 416,246
TOTAL LIABILITIES $ 1,412,943 $ 481,902
STOCKHOLDERS' EQUITY (DEFICIENCY)    
Capital Stock
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of December 31, 2015 and 2014 $ 28 $ 28
Common stock, $0.001 par value, 100,000,000 shares Authorized, 30,333,993 shares issued and outstanding as of December 31, 2015, 24,094,551 shares issued and outstanding as of December 31, 2014 $ 30,334 24,095
Shares to be issued 675
Additional Paid-In Capital $ 7,864,085 7,162,660
Deficit (7,979,257) (7,067,267)
Accumulated other comprehensive income (loss) (158,424) (177,452)
TOTAL STOCKHOLDERS' DEFICIENCY (243,234) (57,261)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 1,169,709 $ 424,641