ESCROW RECEIVABLE

9 Months Ended

Sep. 30, 2014

ESCROW RECEIVABLE [Abstract]

ESCROW RECEIVABLE

NOTE 2 – ESCROW RECEIVABLE

At September 30, 2014 and December 31, 2013, the Company’s balance sheets reflected the following current escrow receivables relating to various oil and gas properties previously held by the Company:

	September 30, 2014		December 31, 2013
Tambaqui Escrow	$	4,331	$	22,029
HDC LLC & HL LLC 15% Escrow		308,133		1,827,929
HDC LLC & HL LLC 5% Contingency		11,256		57,321
HC LLC 5% Contingency		11,458		13,938
TOTAL	$	335,178	$	1,921,217

Pursuant to the terms of the sales of HDC, LLC and HL, LLC, on the closing date of the sale, a portion of the purchase price was deposited in escrow to settle post-closing adjustments under the purchase and sale agreement. The Company’s proportionate interest in the escrow deposit totaled $7,069,810, and was recorded as escrow receivable.

During the nine months ended September 30, 2014, the Company collected $1,586,039 of the escrow receivable.