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7. SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2013
Subsequent Events [Abstract]  
7. SUBSEQUENT EVENTS

 

Management has evaluated subsequent events through the date the financial statements were issued and has determined the following subsequent events require disclosure:

 

Subsequent to March 31, 2013 the Company paid the final $45,000 towards the Wallach Option exploration to complete the commitment of $100,000 due by April 28, 2013. The Company received a waiver from the optionor to make the required $50,000 option payment on or before May 8, 2013, the payment was made on May 3, 2013.

Effective May 3, 2013, the Company received $48,000 pursuant to a subscription by Pacific Oil for the purchase of 60,760 Units, at $0.79 per Unit. Each Unit consists of 1 share of common stock and one common stock purchase warrant exercisable at $1.30 for a term of 3 years from the date of issuance.