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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,018,956) $ 851,671
Adjustments to reconcile net loss from operations to net cash used in operating activities    
Amortization of debt financing costs 20,412 14,174
Accretion of asset retirement obligation 3,828 1,395
Gain from sale of oil and gas properties 0 (2,159,592)
Depletion, depreciation, and amortization 251,014 170,071
Impairment of assets 306,387 0
Stock based compensation 47,239 370,700
Restricted stock in exchange for services 143,505 20,417
Change in operating assets and liabilities    
Accounts receivable 6,966 77,510
Accounts receivable - affiliates (1,865) (85,787)
Prepaid expense 14,585 15,552
Accounts payable 216,188 (154,732)
Accrued liabilities 267,320 201
Accrued liabilities – affiliates 96,226 42,390
Net cash used in operating activities (1,647,151) (836,030)
CASH FLOWS FROM INVESTING ACTIVITIES    
Drilling and completion costs (517,776) (772,801)
Acquisition of oil and gas properties 0 (2,491,888)
Proceeds from the sale of assets 0 4,021,000
Purchase of furniture and fixtures 0 (3,710)
Renewal of leaseholds 0 (22,577)
Net cash (used in) provided by investing activities (517,776) 730,024
CASH FLOWS FROM FINANCING ACTIVITIES    
Non-controlling interest contributions 2,175,000 890,000
Non-controlling interest distributions 0 (257,901)
Debt financing costs 0 (122,469)
Proceeds from issuance of note payable 0 1,233,000
Principal payments of debt financing (10,000) (433,000)
Net cash (used in) provided by financing activities 2,165,000 1,309,630
Net change in cash 73 1,203,624
Beginning cash 2,941 20,858
Ending cash 3,014 1,224,482
Cash paid:    
Interest 20,525 18,978
Non-cash investing and financing activities:    
Asset retirement obligation incurred 2,506 3,721
Accrued capital expenditures $ 663,896 $ 0