General Organization and Business (Tables)

9 Months Ended

Jun. 30, 2014

General Organization and Business [Abstract]

Schedule of Restated Consolidated Statements of Operations and Comprehensive Loss

The Company restated the consolidated statements of operations and comprehensive loss for the three months ended December 31, 2013 and for the six months and three months ended March 31, 2014 as follows:

	Three months ended December 31, 2013
	As originally reported			Adjustments		As Restated
OIL AND GAS SALES, net	$	32,210				$	32,210
OPERATING EXPENSES
Lease operating expense		3,817					3,817
Depletion, depreciation and amortization		22,900					22,900
Accretion expense		348					348
Impairment of investments		25,000		(25,000	) (1)		-
General and administrative expense		165,068					165,068
LOSS FROM OPERATIONS		(184,923	)				(159,923	)
OTHER EXPENSE:
Interest expense		(195,598	)				(195,598	)
Net loss	$	(380,521	)			$	(355,521	)
Change in fair value of available for sale securities		-		4,640	(2)		4,640
Comprehensive loss	$	(380,521	)			$	(350,881	)
Net loss per common share - basic and diluted	$	(0.03	)			$	(0.03	)
Weighted average number of common shares outstanding- basic and diluted		11,741,447					11,741,447

	Six months ended March 31, 2014
	As originally reported			Adjustments		As Restated
OIL AND GAS SALES, net	$	54,069				$	54,069
OPERATING EXPENSES
Lease operating expense		11,324					11,324
Depletion, depreciation and amortization		30,630					30,630
Accretion expense		526					526
Impairment of investments		35,000		(35,000	) (1)		-
General and administrative expense		276,313					276,313
LOSS FROM OPERATIONS		(299,724	)				(264,724	)
OTHER EXPENSE:
Interest expense		(262,359	)				(262,359	)
Net loss	$	(562,083	)			$	(527,083	)
Change in fair value of available for sale securities		-		23,220	(2)		23,220
Comprehensive loss	$	(562,083	)			$	(503,863	)
Net loss per common share - basic and diluted	$	(0.04	)			$	(0.04	)
Weighted average number of common shares outstanding- basic and diluted		12,744,225					12,744,225

	Three months ended March 31, 2014
	As originally reported			Adjustments		As Restated
OIL AND GAS SALES, net	$	21,859				$	21,859
OPERATING EXPENSES
Lease operating expense		7,507					7,507
Depletion, depreciation and amortization		7,730					7,730
Accretion expense		178					178
Impairment of investments		10,000		(10,000	) (1)		-
General and administrative expense		111,245					111,245
LOSS FROM OPERATIONS		(114,801	)				(104,801	)
OTHER EXPENSE:
Interest expense		(66,761	)				(66,761	)
Net loss	$	(181,562	)			$	(171,562	)
Change in fair value of available for sale securities		-		18,580	(2)		18,580
Comprehensive loss	$	(181,562	)			$	(152,982	)
Net loss per common share - basic and diluted	$	(0.01	)			$	(0.01	)
Weighted average number of common shares outstanding- basic and diluted		13,769,286					13,769,286

Adjustments to consolidated financial statements:

(1)  Reverse impairment of investment.

(2)  Recognize change in fair value of available for sale securities.