CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012		Dec. 31, 2011
CURRENT ASSETS:
Cash in bank	$ 27,217		$ 9,300
Accounts receivable	4,050		2,085
Investments (Note 5)	145,536		0
Total current assets	176,803		11,385
Oil and natural gas properties, accounted for using full cost method of accounting
Evaluated property	192,905	[1],[2],[3]	114,634	[1],[2],[3]
Unevaluated property	3,080	[1]	3,080	[1]
Net profits production interest	4,583		4,940
Equipment and other fixed assets	867		1,041
Total property and equipment, net	201,435		123,695
Investments (Note 5)	248,751		497,992
TOTAL ASSETS	626,989		633,072
Current liabilities
Accounts payable	531		2,637
Notes payable - related parties	25,400		45,800
Accrued interest payable	479		352
Accrued liabilities - related parties	44,713		9,444
Total current liabilities	71,123		58,233
Note payable - related parties, less current portion	3,550		3,550
Asset retirement obligation	10,400		5,200
TOTAL LIABILITIES	85,073		66,983
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' EQUITY
Convertible preferred stock, $.10 par value, 1,000,000 shares authorized, 99,500 shares issued and outstanding, Regent Natural Resources Co.	9,950		9,950
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued and outstanding, Registrant	0		0
Common stock, $.01 par value, 100,000,000 shares authorized, 22,360,233 shares issued and outstanding	223,602		223,602
Paid-in capital in excess of par	3,629,141		3,629,141
Accumulated deficit (including $50,643 and $51,502, respectively, of earnings accumulated since re-entering the development stage)	(3,320,777)		(3,296,604)
TOTAL STOCKHOLDERS' EQUITY	541,916		566,089
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 626,989		$ 633,072

[1] Because the oil and gas assets and the net profits interest were acquired from related parties (see Note 8), the properties were recorded at the basis of the related parties in the amount of $85,595 as the capitalized costs.

[2] The full cost capitalized costs for 2012 and 2011 were increased by $78,271 and $32,614, respectively, for the construction of oil and gas flow line and the acquisition and installation of oil production equipment related to the oil interests acquired in 2010. In the current period, the increase includes $31,153 for the acquisition of a disposal well and related pump equipment (see Note 8).

[3] The capitalized costs include $10,400 for asset retirement obligation.