NOTE 4 - RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY

9 Months Ended

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

	As Previously
	Reported		As Restated
Statement of  Operations for the period ended September 30, 2013:
Revenues:
Turnkey Drilling	$	3,363,989	$	0
Total Revenues		5,136,357		1,772,368
Costs and Expenses:
Turnkey Drilling and Development Expense		1,762,379		0
Lease Operating Expense		860,465		808,772
Delay Rentals		0		51,693
Depreciation, Depletion and Amortization Expense		807,357		204,002
Total Costs and Expenses		6,333,673		3,967,939
Net Income	$	1,143,365	$	1,126,858