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DISCONTINUED OPERATIONS
9 Months Ended
Sep. 30, 2013
DISCONTINUED OPERATIONS [Abstract]  
DISCONTINUED OPERATIONS

NOTE 6 - DISCONTINUED OPERATIONS

--------------------------------

 

In January  2013,  the  Company  sold all of its  proved oil and gas  properties

located in Weld County CO for  $1,600,000  in cash and for the nine months ended

September 30, 2013,  the Company  recorded a gain of $127,478 on the sale of the

disposal group held for sale less the basis in the properties of $1,472,522 (net

of $5,469 of depreciation, depletion and amortization). The properties consisted

solely of oil and gas properties that were acquired in 2012.

 

The financial  results of the disposal group held for sale have been  classified

as  discontinued  operations  in our  statements  of  operations  for all period

presented. There were no operations for the period of March 28, 2012 (inception)

through September 30, 2012.

 

The  assets and  liabilities  related to the  Company  discontinued  oil and gas

operations are reflected as assets and liabilities of discontinued operations in

the accompany  balance sheets.  There are no assets and liabilities at September

30,  2013.  The  following   summarizes  the  components  of  these  assets  and

liabilities at December 31, 2012:

 

                    Assets

 Current Assets

Disposal group held for sale:

   Accounts receivable                               $             8,550

   Oil and gas properties, net                                 1,472,521

                                                     --------------------

            Total current assets of

            discontinued operations                  $         1,481,071

                                                     ====================

 

                  Liabilities

 Current Liabilities

         Disposal group held for sale:

   Accounts payable                                  $             7,745

                                                     --------------------

         Total current liabilities of

            discontinued operations                  $             7,745

                                                     ====================