Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 4,312,868 $ 536,156
Restricted cash 3,500,000 5,199,103
Accounts receivable - oil and gas 761,472 573,296
Other receivable 232,545 548,714
Prepaid expenses 333,194
Total current assets 9,140,079 6,857,269
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 11,877,554 12,301,141
Undeveloped and non-producing oil and gas properties, net 28,334,328 26,859,634
Total Oil and gas properties, net 40,211,882 39,160,775
Fixed assets, net 213,118 166,741
Other assets 110,194 9,396
TOTAL ASSETS 49,675,273 46,194,181
Current liabilities:    
Accounts payable 1,357,314 2,555,869
Accrued expenses and other current liabilities 749,044 397,070
Undistributed revenues and royalties 1,252,367 1,175,200
Derivative liability 1,575,128 1,052,788
Amount due to directors 503,055 1,192,970
Current portion of long term debt - net of debt discount 9,785,432 3,562,051
Total current liabilities 15,222,340 9,935,948
Long term debt - net of current portion and debt discount 10,948,762 9,742,830
Deferred tax liability 910,827
Asset retirement obligation 2,795,334 3,096,263
TOTAL LIABILITIES 28,966,436 23,685,868
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of September 30, 2018 and December 31, 2017 28 28
Common stock, $0.001 par value, 500,000,000 shares authorized, 88,398,380 and 72,347,990 shares issued and outstanding as of September 30, 2018 and December 31, 2017 88,398 72,348
Additional paid-in capital 24,847,640 19,029,892
Prepaid equity-based compensation (11,827)
Retained earnings (accumulated deficit) (4,227,229) 3,417,872
TOTAL STOCKHOLDERS' EQUITY 20,708,837 22,508,313
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 49,675,273 $ 46,194,181