XML 15 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONDENSED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Oil and gas sales $ 250,590 $ 0 $ 347,530 $ 0
Operating expenses:        
Production expenses 11,352 0 16,975 0
Production taxes 27,573 0 37,003 0
General and administrative 489,109 339,530 857,986 339,530
Depletion of oil and gas properties 68,382 0 104,530 0
Accretion of discount on asset retirement obligations 146 0 266 0
Depreciation and amortization 2,960 619 6,082 619
Total operating expenses 599,522 340,149 1,022,842 340,149
Net operating loss (348,932) (340,149) (675,312) (340,149)
Other income (expense):        
Interest income 256 2,056 1,412 2,056
Interest (expense) (25,490) (8,540) (25,490) (8,540)
Loss on disposal of equipment (1,061) 0 (1,061) 0
Indemnification expenses (97,986) 0 (97,986) 0
Total other income (expense) (124,281) (6,484) (123,125) (6,484)
Loss before provision for income taxes (473,213) (346,633) (798,437) (346,633)
Provision for income taxes 57,900 0 332,200 0
Net (loss) $ (415,313) $ (346,633) $ (466,237) $ (346,633)
Weighted average number of common shares outstanding - basic and fully diluted (in Shares) 40,505,760 21,292,333 39,180,194 21,292,333
Net (loss) per share - basic and fully diluted (in Dollars per share) $ (0.01) $ (0.02) $ (0.01) $ (0.02)