XML 92 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash Flows From Operating Activities:    
Net loss for the years $ (1,211,462) $ (480,254)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion 3,373 1,988
Depreciation and depletion 457,004 166,370
Impairment of natural gas and oil properties 521,082   
Stock-based compensation expense 51,837 113,161
Shares issued for services 25,500 42,000
Changes in operating assets and liabilities:    
Accounts receivable 75,799 83,334
Accounts payable and accrued liabilities 42,246 (167,739)
Restricted cash (391,020) 10,609
Project cost advance received 230,004 (6,195)
Due to related party      
Prepaid expenses    7,376
Net Cash Used In Operating Activities (195,637) (229,350)
Cash Flows From Investing Activities:    
Sale proceeds of natural gas and oil working interests 165,000 305,793
Investment in natural gas and oil working interests (31,573) (315,994)
Net Cash (Used)/Generated In Investing Activities 133,427 (10,201)
Cash Flows From Financing Activities:    
Proceeds from issuance of common shares 16,000   
Promissory note payable (1,298) 20,057
Loans payable 155,000   
Net Cash Generated in Financing Activities 169,702 20,057
Net Increase/(Decrease) In Cash And Cash Equivalents 107,492 (219,494)
Effect of Foreign Currency Adjustments on Cash (352) (3,227)
Cash And Cash Equivalents at Beginning of the Years 35,507 258,228
Cash And Cash Equivalents at End of the Years $ 142,647 $ 35,507
Supplemental Disclosures of Non-Cash, Investing and Financing Activities    
300,000 shares issued to the President, CFO and CEO as part of their compensation package 25,500 42,000