Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2015
Summary Of Significant Accounting Policies Tables  
Financial Assets and Liabilities at carrying value and estimated fair value

Assets and liabilities measured at fair value as of June 30, 2015 are classified below based on the three fair value hierarchy described above:

 

    Quoted Prices in Active Markets for Identical Assets     Significant Other Observable Inputs     Significant Unobservable Inputs     Total Gains  
Description   (Level 1)     (Level 2)     (Level 3)     (Losses)  
                         
Financial Assets                        
Long term investment   $ 55,906     $ -     $ -     $ (12,222 )
Petroleum and natural gas rights                     432,326       -  
    $ 55,906     $ -     $ 432,326     $ (12,222 )
                                 
Financial liabilities                                
Derivative liability   $ -     $ 141,566     $ -     $ (5,542 )
    $ -     $ 141,566     $ -     $ (5,542 )