ACQUISITION

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 7. ACQUISITION

On January 9, 2015, we purchased the exclusive manufacturing, marketing and sales rights and the current inventory of the OrBIT completion drill bit product line from Tenax Energy Solutions (“Tenax”). Consideration for the acquisition was approximately $300,000 in cash plus term payments of up to $2 million subject to future OrBIT sales revenue over a 2-year period. A monthly payment is required to be paid to Tenax equal to the amount of sales each month, but not to exceed $83,333. The agreement also provided us the right of first refusal on any new or additional intellectual property of Tenax Energy Solutions. On January 1, 2016, the Company has the option to purchase the OrBIT patents for $1,000,000.