Related Party Transactions

9 Months Ended

Sep. 30, 2014

5.	Related Party Transactions

The Company leased office space from the estate of its former president through January 2014 for $2,500 a month. Rent expense for this month-to-month lease was $22,500 for the nine month period ended September 30, 2013 and $7,500 for the three month period ended September 30, 2013. Beginning February 1, 2014, the Company no longer rents office space from the estate.

During the three and nine month periods ended September 30, 2014, the Company paid a relative of a Board member $41,000 and $72,500 for petroleum engineering services. There were no comparable payments during the three and nine month periods ended September 30, 2013.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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