RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2014

3.	Related Party Transactions

The Company leased office space from the estate of its former president through January 2014 for $2,500 a month. Beginning February 1, 2014, the Company no longer rents office space from the estate. Rent expense for this month-to-month lease was $30,000 for the year ended December 31, 2013.

During the year ended December 31, 2014, the Company paid a relative of a Board member $89,780 for petroleum engineering services. There were no comparable payments during the year ended December 31, 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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