NOTE 3 - OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES

9 Months Ended

Sep. 30, 2013

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Oil and Gas Exploration and Production Industries Disclosures [Text Block]

NOTE 3 – OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES

Oil and gas properties, equipment and fixtures consist of the following:

	September 30, 2013 (Unaudited)			December 31, 2012 (Audited)
Oil and Gas
Producing properties, including drilling costs	$	25,170,304		$	24,327,806
Undeveloped properties		2,877,378			4,034,292
Lease and well equipment		9,838,582			9,724,602
		37,886,264			38,086,700
Accumulated depletion, depreciation & amortization		(28,525,710	)		(27,756,493	)
		9,360,554			10,330,207
Commercial and Other
Real estate, including furniture and fixtures	$	502,344		$	502,344
Vehicles		120,314			151,669
Furniture and equipment		1,300,803			1,299,300
		1,923,461			1,953,313
Accumulated depreciation		(1,329,156	)		(1,327,723	)
		594,305			625,590
	$	9,954,859		$	10,955,797

The guidance set forth in the Continued Capitalization of Exploratory Well Costs paragraph of the Extractive Activities Topic of the FASB Accounting Standards Codification requires that we evaluate all existing capitalized exploratory well costs and disclose the extent to which any such capitalized costs have become impaired and are expensed or reclassified during a fiscal period. We did not make any additions to capitalized exploratory well costs pending a determination of proved reserves during the periods in 2013 or 2012.