RELATED PARTY TRANSACTIONS	12 Months Ended
Dec. 31, 2016
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	Note 14 – Related Party Transactions In December 2014, the Company entered into an agreement with Jim Walesa and Cibolo Creek Partners to fund $300,000 towards the Yowlumne #2-26 recompletion. In this agreement Mr. Walesa and Cibolo Creek will receive 75% of the net revenue after expenses, until they have received $300,000 in payment. Upon full repayment, Mr. Walesa and Cibolo Creek will receive a 3% royalty on the well. Mr. Walesa is currently on the Board of Directors of Citadel and a member of Cibolo Creek Partners. In July of 2015, the Company entered into a $3,500,000 one year term loan with Cibolo Creek Partners for the purchase and development of the Kern Bluff Oil Field. Mr. Walesa is currently on the Board of Directors of Citadel and a member of Cibolo Creek Partners. On September 1, 2015, the Company entered into a three year employment agreement with its CEO. The annual salary for the first year is $240,000, then in the second year it increases to $300,000, and in the third year it increases to $360,000. Additionally, the officer received 1,500,000 stock options recorded at a fair value of $120,156. During the year ended December 31, 2015, the Company recorded executive compensation totaling $240,000. On September 1, 2015, the Company entered into a three year employment agreement with its CFO. The annual salary for the first year is $240,000, then in the second year it increases to $300,000, and in the third year it increases to $360,000. Additionally, the officer received 1,500,000 stock options recorded at a fair value of $120,156. During the year ended December 31, 2015, the Company recorded executive compensation totaling $240,000. During the year ended December 31, 2015 and December 31, 2016, the Company made the following purchases in the amount of $227,903 and 364,253, respectively, from an entity considered a related party for oil field equipment and services from Grey Energy. Grey Energy is owned by James Borgna, who is a member of our Board of Directors.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2016

Note 14 – Related Party Transactions

In December 2014, the Company entered into an agreement with Jim Walesa and Cibolo Creek Partners to fund $300,000 towards the Yowlumne #2-26 recompletion. In this agreement Mr. Walesa and Cibolo Creek will receive 75% of the net revenue after expenses, until they have received $300,000 in payment. Upon full repayment, Mr. Walesa and Cibolo Creek will receive a 3% royalty on the well. Mr. Walesa is currently on the Board of Directors of Citadel and a member of Cibolo Creek Partners.

In July of 2015, the Company entered into a $3,500,000 one year term loan with Cibolo Creek Partners for the purchase and development of the Kern Bluff Oil Field. Mr. Walesa is currently on the Board of Directors of Citadel and a member of Cibolo Creek Partners.

On September 1, 2015, the Company entered into a three year employment agreement with its CEO. The annual salary for the first year is $240,000, then in the second year it increases to $300,000, and in the third year it increases to $360,000.

Additionally, the officer received 1,500,000 stock options recorded at a fair value of $120,156. During the year ended December 31, 2015, the Company recorded executive compensation totaling $240,000.

On September 1, 2015, the Company entered into a three year employment agreement with its CFO. The annual salary for the first year is $240,000, then in the second year it increases to $300,000, and in the third year it increases to $360,000.

During the year ended December 31, 2015 and December 31, 2016, the Company made the following purchases in the amount of $227,903 and 364,253, respectively, from an entity considered a related party for oil field equipment and services from Grey Energy. Grey Energy is owned by James Borgna, who is a member of our Board of Directors.