ACCOUNTS PAYABLE DUE TO DRILLING OPERATOR

9 Months Ended

Sep. 30, 2013

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ACCOUNTS PAYABLE DUE TO DRILLING OPERATOR

NOTE 4 — ACCOUNTS PAYABLE DUE TO DRILLING OPERATOR

We have historically been the drilling operator for wells drilled on our behalf and other third parties in which we own a working interest. In 2012, another working interest owner became the drilling operator for wells in which we own a working interest. We owed the drilling operator $111,788 and $839,456 for charges incurred, but not paid, as of September 30, 2013 and December 31, 2012, respectively. The September 30, 2013 amount due to the operator is net of a $2,098,899 credit related to a refund of prior drilling costs previously invoiced to American Shale.