Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 385,768 $ 801,377
Accounts receivable 21,988
Prepaid expenses 426,946 49,140
Total Current Assets 834,702 850,517
Fixed assets, net 338,640 353,363
Restricted cash 240,000 240,000
Surety and performance bonds 295,000 295,000
Oil and gas property, net 11,345,451 11,198,411
Total Assets 13,053,793 12,937,291
Current Liabilities    
Accounts payable and accrued liabilities 1,225,148 1,710,328
Related party payable 10,600
Accrued interest 50,486
Note payable - related party 1,250,000
Note payable 1,000,000
Contingent liabilities 213,372 213,372
Total Current Liabilities 3,739,006 1,934,300
Long-Term Liabilities:    
Long-term debt, net (unamortized debt discount of $285,670 and $0, respectively) 5,714,330 6,000,000
Asset retirement obligation 294,576
Total Liabilities 9,747,912 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; 14,074,612 and 13,779,612 shares issued and outstanding, respectively 1,407 1,378
Stock payable 57,639 51,397
Additional paid in capital 7,380,928 6,924,810
Accumulated deficit (4,134,093) (1,974,594)
Total stockholders' equity 3,305,881 5,002,991
Total Liabilities and Stockholders' Equity $ 13,053,793 $ 12,937,291