XML 35 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 3,088 $ 1,026
Other receivables 100,000   
Prepaid expenses 21,500   
Deposits 1,400 1,400
Total Current Assets 125,988 2,426
PROPERTY AND EQUIPMENT    
Oil and gas properties (full cost method) 1,308,851 1,327,645
Support equipment 224,307 256,254
Total property, plant and equipment 1,533,158 1,583,899
Accumulated depletion, depreciation, and amortization 645,415 574,618
Total Property, Plant and Equipment, net 887,743 1,009,281
TOTAL ASSETS 1,013,731 1,011,707
CURRENT LIABILITIES    
Accounts payable and accrued expenses 208,760 160,470
Notes Payable 123 18,123
Convertible notes payable    100,000
Derivative liability    11,136
Total Current Liabilities 208,883 289,729
LONG TERM LIABILITIES    
Asset retirement obligations, net 143,133 158,976
TOTAL LIABILITIES 352,016 448,705
STOCKHOLDERS' EQUITY    
Preferred stock, 2,000,000 shares authorized at par value of $0.10; 809,400 shares issued and outstanding 80,940 80,940
Common stock, 198,000,000 shares authorized at par value of $0.001; 63,140,670 and 62,229,100 shares issued and outstanding, respectively 63,141 62,229
Additional paid-in capital 2,387,813 1,864,081
Stock subscriptions receivable 15,000   
Accumulated deficit (1,855,179) (1,444,248)
Total Stockholders' Equity 661,715 563,002
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,013,731 $ 1,011,707