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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 192,087 $ (1,218,912)
Adjustments to reconcile net income (loss) from operations to net cash used in operating activities    
Amortization of debt financing costs 24,380  
Accretion of asset retirement obligation 2,686 2,994
Gain from sale of oil and gas properties (2,160,099) (20,765)
Depletion, depreciation, and amortization 252,024 168,861
Impairment of assets 0 11,160
Stock based compensation 461,237 52,106
Warrants for services 0 22,500
Restricted stock in exchange for services 51,042 0
Change in operating assets and liabilities    
Accounts receivable 60,001 96,912
Accounts receivable - affiliates (100,570) (34,917)
Prepaid expense 16,707 (15,428)
Accounts payable 1,010,123 341,851
Accrued liabilities 2,618 (28,519)
Accrued interest 0 (25,639)
Accrued liabilities – affiliates 14,781 71,871
Net cash used in operating activities (172,983) (575,925)
CASH FLOWS FROM INVESTING ACTIVITIES    
Drilling and completion costs (1,569,514) (1,926,816)
Acquisition of oil and gas properties (3,397,122) (81,550)
Proceeds from the sale of assets 4,021,000 375,000
Purchase of furniture and fixtures (3,710) 0
Renewal of leaseholds (22,577) 0
Sale-farm out of leaseholds 0 160,000
Net cash (used in) in investing activities (971,923) (1,473,366)
CASH FLOWS FROM FINANCING ACTIVITIES    
Non-controlling interest contributions 1,140,000 2,056,000
Non-controlling interest distributions (647,421) 0
Debt financing costs (122,469) 0
Proceeds from debt financing 1,233,000 0
Principal payments on debt financing (433,000) 0
Net cash provided by financing activities 1,170,110 2,056,000
Net change in cash 25,204 6,709
Beginning cash 20,858 158,165
Ending cash $ 46,062 $ 164,874