RELATED PARTIES

12 Months Ended

Dec. 31, 2012

RELATED PARTIES [Abstract]

RELATED PARTIES

NOTE 10—RELATED PARTIES

In conjunction with the Company's efforts to secure oil and gas prospects, financing and services, in lieu of salary or other forms of compensation, during 2005, the Company granted to John F. Terwilliger, Chief Executive Officer, and Orrie L. Tawes, a principal shareholder and Director, overriding royalty interests (ORRI) in select mineral properties of the Company, including all current and future properties in Colombia in which Messrs. Terwilliger and Tawes each hold a 1.5% ORRI. During 2012 and 2011, Mr. Terwilliger received royalty payments relating to those properties totaling $16,594 and $26,776, respectively, and Mr. Tawes received royalty payments relating to those properties totaling $16,594 and $26,776, respectively.