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NOTE 6 - RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY
 9 Months Ended
Sep. 30, 2013
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]
NOTE 6 – RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY

The Company has restated its previously issued 2012 financial statements for the correction of an error in the method of revenue recognition.   Subsequent to the issuance of the financial statements of the Company as of December 31, 2012 and 2011, and for the years then ended, we reevaluated our policy regarding the recognition of pre-drilling and drilling service revenue.  Beginning with the fiscal year ending December 31, 2010 we have changed our revenue recognition policy to recognize all pre-drilling and drilling service revenue, provided under turnkey drilling agreements, at the time drilling of the well is completed.  Accordingly, the financial statements as of September 30, 2012, and for the periods then ended have been restated to correct an error in our method of revenue recognition to reflect changes in Deferred Revenue, Accumulated Deficit, Deferred Income Tax Asset, and Turnkey Drilling Revenue  relating to the Company’s revenue recognition method.  The effect on the Company’s issued September 30, 2012 financial statements is summarized below:

   
As Previously
       
   
Reported
   
As Restated
 
             
Statement of Comprehensive Loss for the Three Month Period Ended September 30, 2012
           
Turnkey Drilling
 
$
 83,591
   
$
 0
 
Total  Revenue
   
 637,238
     
 553,647
 
Loss from Operations
   
 (1,052,861
)     
 (1,136,452
) 
Loss Before Income Tax Benefit
   
 (1,071,900
)     
 (1,155,491
) 
Income Tax Benefit
   
 (306,826
)     
 (330,306
) 
Net Loss
   
 (765,074
)     
 (825,185
) 
Comprehensive Loss
   
 (764,009
)     
 (824,120
) 
                 
Statement of Comprehensive Loss for the Nine Month Period Ended September 30, 2012:
               
Turnkey Drilling
   
676,149
     
0
 
Total Revenues
   
2,467,187
     
1,791,038
 
Loss From Operations
   
(4,179,303
) 
   
(4,855,452
) 
Loss Before Income Tax Benefit
   
(4,266,704
) 
   
(4,942,853
) 
Income Tax Benefit
   
(1,237,915
) 
   
(1,434,089
) 
Net Loss
   
(3,028,789
) 
   
(3,508,764
) 
Comprehensive Loss
   
 (3,027,481
) 
   
 (3,507,456
)