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Note 3 - Oil and Gas Properties
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Oil and Gas Properties [Text Block]

NOTE 3 OIL AND GAS PROPERTIES

 

On  September 8, 2020, the Company entered into an Option Agreement with Kadence Petroleum, LLC. (“Kadence”) to acquire oil and gas assets in Logan County in Central Oklahoma, called the “Logan 2 Project” in the Agreement. In the course of performing its due diligence procedures, the Company discovered that Kadence did not have title to the properties in the agreement. The Company had advanced $85,500 in option payments through  September 30, 2021. The agreement is cancelled, and the Company wrote off the $85,500 as of  September 30, 2021.

 

During the nine months ended September 30, 2021, the Company paid $60,000 in Option Payments to Progressive Well Services in connection with its Option Agreement dated June 30, 2020 to acquire oil and gas assets in Logan County, Oklahoma. The Option Agreement has been extended to October 31, 2021.