XML 43 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (3,963,918) $ 192,087
Adjustments to reconcile net income (loss) from operations to net cash used in operating activities    
Amortization of debt financing costs 30,617 24,380
Accretion of asset retirement obligation 4,593 2,686
Gain from sale of oil and gas properties 0 (2,160,099)
Depletion, depreciation, and amortization 335,437 252,024
Impairment of assets 309,539 0
Gain on asset retirement settlement (3,721) 0
Stock based compensation 411,527 461,237
Restricted stock in exchange for services 169,210 51,042
Change in operating assets and liabilities    
Accounts receivable 17,014 60,001
Accounts receivable - affiliates (4,917) (100,570)
Prepaid expense 17,892 16,707
Accounts payable 300,207 1,010,123
Accrued liabilities 274,342 2,618
Accrued liabilities – affiliates 201,177 14,781
Net cash used in operating activities (1,901,001) (172,983)
CASH FLOWS FROM INVESTING ACTIVITIES    
Drilling and completion costs (529,974) (1,569,514)
Acquisition of oil and gas properties 0 (3,397,122)
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 provided by investing activities (529,974) (971,923)
CASH FLOWS FROM FINANCING ACTIVITIES    
Non-controlling interest contributions 2,611,000 1,140,000
Non-controlling interest distributions 0 (647,421)
Debt financing costs 0 (122,469)
Proceeds from issuance of note payable 0 1,233,000
Principal payments of debt financing (70,000) (433,000)
Net cash provided by financing activities 2,541,000 1,170,110
Net change in cash 110,025 25,204
Beginning cash 2,941 20,858
Ending cash 112,966 46,062
Cash paid:    
Interest 32,730 18,978
Non-cash investing and financing activities:    
Asset retirement obligation incurred 2,505 3,721
Accrued capital expenditures $ 398,052 $ 0