NOTE 4 - RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY

6 Months Ended

Jun. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

NOTE 4 – RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY

The Company has restated its previously issued 2013 financial statements for the correction of an error in the method of revenue recognition.  The effect on the Company’s issued June 30, 2013 financial statements is summarized below:

	As Previously
	Reported		As Restated
Statement of  Operations for the period ended June 30, 2013:
Revenues:
Turnkey Drilling		893,667		0
Total Revenues		2,006,701		1,113,034
Costs and Expenses:
Turnkey Drilling and Development Expense		541,843		0
Lease Operating Expense		533,950		507,137
Delay Rentals Expense		0		26,813
Depreciation, Depletion and Amortization Expense		461,264		126,311
Total Costs and Expenses		3,448,456		2,571,660
Net Income		549,798		774,859