XML 100 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:    
Net income $ (4,747,053) $ 62,369
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 790,896 745,836
Accretion of discount on asset retirement obligations 70,375 66,810
Gain on sale of oil and gas properties (27,120) $ (391,585)
Additional cost for settlement of asset retirement obligations (28,684)
Impairment expense 3,287,648
Additional acquisition expense realized on settlement with a related party 141,099
Common stock issued in exchange for services 85,048
Changes in operating assets and liabilities:    
Accounts receivable 132,041 $ 101,740
Prepaid expenses and other 1,668 3,955
Accounts payable 21,531 $ 25,559
Directors and officers services payable 141,952
Accrued costs and expenses 33,709 $ 44,235
Net cash provided by operating activities (96,890) 658,919
Cash Flows from Investing Activities:    
Capital expenditures for property and equipment (68,631) $ (639,259)
Capital expenditures for oil and gas properties (1,100,000)
Proceeds from sale of oil and gas properties 50,000 $ 312,789
Net cash provided by (used in)investing activities (1,118,631) (326,470)
Cash Flows from Financing Activities:    
Proceeds from notes and advance payable 67,000 622,638
Principal payments on notes payable (25,568) $ (1,157,155)
Net proceeds received from issuance of Series A Two Preferred Stock $ 1,665,000
Redemption of preferred stock $ (15,500)
Redemption of common stock (228,000)
Net cash (used in) financing activities $ 1,706,432 (778,017)
Net increase (decrease) in cash and equivalents 490,911 (445,568)
Cash and equivalents, beginning of year 30,755 476,323
Cash and equivalents, end of year 521,666 30,755
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest $ 83,136 $ 123,669
Cash paid for income taxes
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Issuance of common stock for asset purchase $ 100,000 $ 34,500
Conversation of Series A One preferred stock to note payable $ 62,000
Series A Two preferred stock issued for debt settlement - related party $ 900,000
Common Stock Issued for services 3,950
Common Stock issued for directors fees payable $ 20,900