Note 4 - Related Party Transactions

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 4 – RELATED PARTY TRANSACTIONS

The Company received advances from related parties totaling $400,460 and $1,014,959 during the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021 and 2020, these advances included payments of $17,760 and $3,959 for expenses paid on behalf of the Company and $65,500 and $1,010,000 for unpaid oil and gas assets acquired, respectively. The advances from related parties are not convertible, bear no interest and are due on demand. As of September 30, 2021, and December 31, 2020, there was $581,460 and $181,000 of short-term advances due to related parties, respectively.

As of September 30, 2021 there was $180,919 of accounts payable related parties which consisted of $170,984 due to Leaverite Exploration for Interim President Jay Leaver, $4,145 due to CFO John Lepin and $5,790 due to Staley Engineering LLC for consulting services.

As of December 31, 2021 there was $120,568 of accounts payable related parties which consisted of $110,894 due to Leaverite Exploration for Interim President Jay Leaver, $3,884 due to CFO John Lepin and $5,790 due to Staley Engineering LLC for consulting services.

The Chief Financial Officer allows the use of his residence as an office for the Company at no charge.