Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 637 $ 801,377
Accounts receivable 12,624
Prepaid expenses 435,574 49,140
Total Current Assets 448,835 850,517
Other Assets:    
Fixed assets, net 323,858 353,363
Restricted cash 240,000 240,000
Surety and performance bonds 295,000 295,000
Oil and gas property, net 11,552,801 11,198,411
Total Assets 12,860,494 12,937,291
Current Liabilities:    
Accounts payable and accrued liabilities 1,493,801 1,710,328
Related party payable 10,600
Accrued interest 48,224
Accrued interest – related party 81,370  
Notes payable - related party 1,250,000
Notes payable 1,000,000
Convertible note payable 50,000
Deferred rent 10,780
Contingent Liabilities 213,372 213,372
Total Current Liabilities 4,147,547 1,934,300
Long-Term Liabilities:    
Long-term debt, net (unamortized debt discount of $228,536 and $0, respectively) 5,771,464 6,000,000
Asset retirement obligation 297,493
Total Liabilities 10,216,504 7,934,300
Stockholders’ Equity:    
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; no shares outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 14,459,612 and 13,779,612 shares issued and outstanding, respectively 1,446 1,378
Stock subscription receivable (35,000)
Stock payable 64,247 51,397
Additional paid in capital 8,005,168 6,924,810
Accumulated deficit (5,391,871) (1,974,594)
Total stockholders’ equity 2,643,990 5,002,991
Total Liabilities and Stockholders’ Equity $ 12,860,494 $ 12,937,291