XML 27 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 3,555 $ 31,177
Accounts receivable - joint interest billing 11,158 30,315
Accounts receivable - oil and gas sales 232,318 173,006
Prepaid expenses and other 63,184 81,630
Oil inventory 20,833 25,509
Deferred financing costs 75,000 95,661
Total current assets 406,048 437,298
Proved oil and natural gas properties, full cost method of accounting, net of accumulated depletion, depreciation, amortization and impairment of $22,734,228 and $22,084,028 18,871,051 19,342,785
Unproved oil and natural gas properties 709,066 661,641
Equipment and other fixed assets, net of accumulated depreciation of $1,169,243 and $1,154,600 8,988 23,631
Total assets 19,995,153 20,465,355
Current liabilities:    
Accounts payable and accrued liabilities 4,032,129 3,648,736
Revenue payable 3,522,264 3,521,805
Accounts payable - related parties 71,491 40,135
Accrued interest 409,371 136,690
Insurance note payable 46,384 39,275
Notes payable - related parties net of discounts of $513,156 and $0 respectively 2,297,755 630,355
Note payable, net of discounts of $417,924 and $186,791 respectively 1,862,775 2,024,670
Taxes due on dissolution of subsidiary 32,752 40,252
Total current liabilities 12,274,921 10,081,918
Debenture payable-related parties, net of discounts of $250,897 and $1,195,561 respectively 749,103 1,554,439
Asset retirement obligation 2,443,584 2,392,369
Total liabilities 15,467,608 14,028,726
Commitments and contingencies 0 0
Stockholders' equity :    
Common stock Authorized - 250,000,000 shares with par value of $0.001 - 26,405,085 and 26,405,085 shares issued and outstanding respectively 26,405 26,405
Additional paid-in capital 25,874,430 25,874,430
Accumulated deficit, since January 1, 2002 (in conjunction with the quasi- Reorganization stated capital was reduced by an accumulated deficit of $2,015,495) (25,011,410) (23,546,843)
Accumulated other comprehensive income 3,638,120 4,082,637
Total stockholders' equity 4,527,545 6,436,629
Total liabilities and stockholders' equity $ 19,995,153 $ 20,465,355