XML 21 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenue $ 107,071 $ 118,327
Operating expenses:    
Lease operating expense 221,160 199,908
General and administrative 9,985
Geological and geophysical expense 530,986 306,471
Depreciation, depletion and amortization 23,284 20,226
Professional fees 209,910 67,410
Executive compensation 550,879 809,323
Dry hole, abandonment, impairment, and exploration 140,606
Total operating expenses 1,676,826 1,413,323
Other expenses:    
Loss - contingency (87,000)
Loss - note payable settlement (26,080)
Interest expense (572,025) (220,413)
Total other expenses (572,025) (333,413)
Loss before provision for income taxes (2,141,780) (1,628,409)
Provision for income taxes (8,279)
Net loss $ (2,150,059) $ (1,628,409)
Weighted average number of common shares - outstanding - basic and diluted 39,042,142 34,937,077
Net loss per share - basic and diluted $ (0.05) $ (0.05)