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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Sep. 30, 2014
Current assets:    
Cash and cash equivalents $ 757,313 $ 2,182,406
Investment in Oando Energy Resources 211,699 671,402
Deferred debt origination cost - short term 47,377 147,079
Prepaid expenses and other 207,636 246,922
Total current assets 1,224,025 3,247,809
Oil and gas concession fees 6,016,014 6,006,235
Furniture and equipment, net of accumulated depreciation of $445,626 and $368,587 at September 30, 2015 and 2014, respectively 133,349 206,273
Deferred debt origination cost - long term 14,333 43,755
Prepaid expenses - long term 0 172,433
Total assets 7,387,721 9,676,505
Current liabilities:    
Accounts payable and accrued liabilities 989,083 379,639
Convertible note payable, net of discount - short term 253,250 625,533
Federal income tax payable 2,739,607 2,739,607
Derivative liability - short term 725,898 751,404
Total current liabilities 4,707,838 4,496,183
Convertible note payable, net of discount - long term 2,874 38,076
Derivative liability - long term 0 270,538
Total liabilities $ 4,710,712 $ 4,804,797
Commitments and contingencies:
Shareholders' equity:    
Preferred stock, par value $0.0001; authorized 10,000,000 shares; none issued and outstanding $ 0 $ 0
Common stock, par value $0.0001; authorized 3,000,000,000 shares; issued and outstanding 29,216,038 and 7,651,941 shares at September 30, 2015 and 2014, respectively 2,922 765
Additional paid-in capital 106,047,738 101,156,061
Accumulated other comprehensive loss (1,135,728) (678,598)
Accumulated deficits (102,237,923) (95,606,520)
Total shareholders' equity 2,677,009 4,871,708
Total liabilities and shareholders' equity $ 7,387,721 $ 9,676,505