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Deferred Costs, Capitalized, Prepaid, and Other Assets
3 Months Ended
Dec. 31, 2011
Deferred Costs, Capitalized, Prepaid, and Other Assets  
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

 

NOTE 6 – PREPAID DRILLING SERVICES:

 

The Company has $1,100,000 in prepaid drilling services obtained as a portion of the consideration received from the sale of Timberline Drilling in November 2011 (see Note 13).  The prepayment amount represents discounts on future drilling services, or cash if the Company does not use the prepaid drilling services, to be provided by Timberline Drilling to the Company between the closing of the sale of Timberline Drilling and November 2016.