Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 555
Restricted cash 240,000 240,000
Accounts receivable - trade 244 747
Accounts receivable - oil and gas 396,384 31,924
Prepaid expenses 28,619 14,721
Total current assets 665,247 287,947
Oil and gas properties, full cost accounting    
Properties not subject to amortization 3,951,665 2,457,218
Properties subject to amortization, net 10,565,491 10,674,918
Support facilities and equipment, net 237,262 121,502
Net oil and gas properties 14,754,418 13,253,638
Property and equipment, net 11,976 13,821
Other assets:    
Surety and performance bonds 295,000 295,000
Total assets 15,726,641 13,850,406
Current liabilities:    
Accounts payable and accrued liabilities 4,883,191 3,053,050
Accounts payable - related party 711,798 362,714
Deferred rent 14,610 14,487
Accrued interest 109,411 64,380
Accrued interest - related party 208,048 166,438
Notes payable 1,420,629 1,418,365
Notes payable - related party 7,192,866 7,135,732
Convertible note payable, net 181,783 93,272
Derivative Liabilities 413,362 458,387
Other liabilities 327,891 305,935
Total Current Liabilities 15,463,589 13,072,760
Long-Term Liabilities:    
Asset retirement obligation 306,244 303,327
Total Liabilities 15,769,833 13,376,087
Commitment and Contingencies
Stockholders' (Deficit) 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; 14,900,627 and 14,900,627 shares issued and outstanding, respectively 1,490 1,490
Stock payable 198,975 93,900
Additional paid in capital 9,086,653 8,847,394
Accumulated deficit (9,330,310) (8,468,465)
Total stockholders' (deficit) equity (43,192) 474,319
Total Liabilities and Stockholders' (Deficit) Equity $ 15,726,641 $ 13,850,406