Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 71,072 $ 801,377
Prepaid expenses 236,510 49,140
Total Current Assets 307,582 850,517
Other Assets:    
Fixed assets, net 308,913 353,363
Restricted cash 240,000 240,000
Surety and performance bonds 295,000 295,000
Oil and gas property, net 11,619,589 11,198,411
Total Assets 12,771,084 12,937,291
Current Liabilities:    
Accounts payable and accrued liabilities 1,564,762 1,710,328
Related party payable 189,600 10,600
Accrued interest 22,398
Accrued interest - related party 123,904
Notes payable - related party 1,250,000
Notes payable (unamortized debt discount of $277,806 and $0, respectively) 7,022,194
Convertible note payable 50,000
Deferred rent 15,497
Contingent liabilities 159,965 213,372
Total Current Liabilities 10,398,320 1,934,300
Long-Term Liabilities:    
Long-term debt, net (unamortized debt discount of $0 and $0, respectively) 6,000,000
Asset retirement obligation 300,410
Total Liabilities 10,698,730 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; 14,620,627 and 13,779,612 shares issued and outstanding, respectively 1,462 1,378
Stock payable 80,400 51,397
Additional paid in capital 8,439,529 6,924,810
Accumulated deficit (6,449,037) (1,974,594)
Total stockholders' equity 2,072,354 5,002,991
Total Liabilities and Stockholders' Equity $ 12,771,084 $ 12,937,291