XML 96 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and equivalents $ 521,666 $ 30,755
Receivable from DNR Oil & Gas, Inc.:    
Oil and gas sales, net of production costs 103,668
Other $ 78,273
Accounts receivable - oil and gas sales $ 2,539
Subscription receivable 105,000
Prepaid expenses and other 32,554 $ 34,222
Total Current Assets 661,759 246,918
Oil and gas properties, at cost, successful efforts method:    
Proved properties 8,683,273 10,222,668
Unevaluated properties $ 154,836 348,836
Natural gas gathering system 442,195
Furniture and equipment $ 22,522 22,522
Total property and equipment 8,860,631 11,036,221
Less accumulated depreciation, depletion and amortization (3,245,522) (2,840,173)
Net Property and Equipment 5,615,109 8,196,048
TOTAL ASSETS 6,276,868 8,442,966
Payable to DNR Oil & Gas, Inc.:    
Operator fees and other 501,281 36,000
Unrelated parties 64,896 43,365
Notes and advances payable - current portion:    
Directors and affiliates 18,900 288,258
Unrelated parties 970,953 872,239
Accrued interest expense $ 11,974 3,279
Accrued consulting - related party 21,800
Director fees payable in common stock 20,900
Current portion of asset retirement obligations $ 409,621 191,843
Other accrued costs and expenses 68,577 63,642
Total Current Liabilities $ 2,046,202 1,541,326
Long-Term Liabilities:    
Contingent acquisition costs payable to DNR Oil & Gas, Inc. 250,000
Notes and advances payable, net of current portion:    
DNR Oil & Gas, Inc.: 792,151
Directors and affiliates $ 315,292 62,440
Unrelated parties 22,758 63,534
Asset retirement obligations, net of current portion 585,576 557,170
Total Long-Term Liabilities 923,626 1,725,295
Total Liabilities 2,969,828 3,266,621
Stockholders' Equity:    
Common stock, no par value; authorized 499,000,000 shares, 14,295,413 and 12,558,459 issued and outstanding in 2015 and 2014, respectively 21,502,635 21,294,887
Accumulated deficit (20,865,595) (16,118,542)
Total Stockholders' Equity 3,307,040 5,176,345
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,276,868 $ 8,442,966
Series A1 Preferred Stock [Member]    
Stockholders' Equity:    
Convertible Class A preferred stock; $10,000 face value per share, authorized 1,000,000 shares: Series 1; authorized 30,000 shares, issued and outstanding no shares in 2014 and no shares in 2015, liquidation preference of $0 in 2014 and 2015 Series 2; authorized 2,500 shares, 267 shares issued and outstanding in 2015, liquidation preference of $2,670,000 at December 31, 2015
Series A2 Preferred Stock [Member]    
Stockholders' Equity:    
Convertible Class A preferred stock; $10,000 face value per share, authorized 1,000,000 shares: Series 1; authorized 30,000 shares, issued and outstanding no shares in 2014 and no shares in 2015, liquidation preference of $0 in 2014 and 2015 Series 2; authorized 2,500 shares, 267 shares issued and outstanding in 2015, liquidation preference of $2,670,000 at December 31, 2015 $ 2,670,000