XML 33 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) $ (323,398) $ 1,126,858
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:    
Depreciation, Depletion and Amortization 241,015 204,002
Lease Impairment 37,494 46,311
(Gain) Loss on Sale of Assets (335,376) (2,645,153)
(Gain) on Turnkey Drilling Programs (959,339) (981,748)
Inventory Write Down 0 39,185
Debt Discount Amortization, net of adjustments 0 280,583
Decrease (Increase) in:    
Accounts Receivable (1,000,194) 268,875
Prepaid Expenses and Other Assets 31,198 (215,286)
Increase (Decrease) in:    
Accounts Payable and Accrued expenses (492,176) (662,053)
Deferred Drilling Obligations (594,709) (1,446,672)
Net Cash Used in Operating Activities (3,395,485) (3,985,098)
CASH FLOWS FROM INVESTING ACTIVITIES    
Expenditures for Oil and Gas Properties and Other Capital Expenditures (2,696,088) (2,909,030)
Proceeds from Turnkey Drilling Programs 3,889,058 3,363,989
Proceeds from Sale of Assets 0 4,020,755
Net Cash Provided by Investing Activities 1,192,970 4,475,714
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal Payments on Long-Term Debt (17,061) (1,183,333)
Proceeds from Stock Option and Warrant Exercises 0 643,630
Proceeds from Sale of Common Stock 0 1,021,668
Net Cash Provided (Used) by Financing Activities (17,061) 481,965
Net Increase (Decrease) in Cash and Cash Equivalents (2,219,576) 972,581
Cash at Beginning of Year 4,878,233 1,489,930
Other Comprehensive Income Items    
Unrealized Gain (Loss) on Equity Securities (9,741) 9,945
Income Tax Expense (Benefit) Relating to Items of Other Comprehensive Income 0 0
Other Comprehensive Income, net of tax (9,741) 9,945
Cash at End of Period 2,658,657 2,462,511
Cash Paid for Interest 60,085 23,890
Cash Paid for Taxes $ 2,000 $ 800