Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (3,417,277) $ (888,138)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 36,797
Impairment of assets 1,283,218
Amortization of debt discount 114,268
Accretion of asset retirement obligation 5,834
Common stock issued and stock payable for services 587,954 9,250
Deferred rent 10,780
Changes in operating assets and liabilities:    
Prepaid expenses (126,112) 165,833
Accounts receivable (12,624)  
Accounts payable and accrued liabilities (216,527) 29,647
Accounts payable - related party (10,600)
Accrued interest 48,224 28,801
Accrued interest – related party 81,370  
Net cash used in operating activities (1,614,695) (654,607)
Cash Flows from Investing Activities    
Payments for acquisition of oil and gas property (1,696,045) (33,243)
Net cash used in investing activities (1,696,045) (33,243)
Cash Flows from Financing Activities    
Proceeds from notes payable - related party 1,250,000
Proceeds from notes payable 1,000,000 400,000
Proceeds from convertible note payable 50,000
Proceeds from sales of common stock 210,000
Net cash provided by financing activities 2,510,000 400,000
Net decrease in cash and cash equivalents (800,740) (287,850)
Cash and Cash Equivalents, beginning of period 801,377 375,000
Cash and Cash Equivalents, end of period 637 87,150
Supplemental disclosures of cash flow information:    
Interest paid
Income tax paid
Non-cash investing and financing activities:    
Prepaid expenses in shares 260,322 2,144
Asset Retirement Obligation 291,659
Debt discount 342,804
Stock issued for conversion of notes payable 1,000,000
Accrued interest forgiven by related party 28,801
Accounts payable settled with restricted cash $ 25,000