Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.6.0.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2016
Summary Of Significant Accounting Policies Tables  
Financial Assets and liabilities measured at fair value

Assets and liabilities measured at fair value as of September 30, 2016 are classified below based on the three fair value hierarchy described above:

 

Description  

Quoted

Prices in

Active

Markets for Identical Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant Unobservable

Inputs

(Level 3)

   

Total Gains

(Losses)

 
                         
Financial Assets                        
Long term investment   $ 235,819     $ -     $ -     $ 148,663  
    $ 235,819     $ -     $ -     $ 148,663  
                                 
Financial liabilities                                
Derivative liabilities   $ -     $ -     $ 547,894     $ 833,418  
    $ -     $ -     $ 547,894     $ 833,418  

 

Assets and liabilities measured at fair value as of December 31, 2015 are classified below based on the three fair value hierarchy described above:

 

Description  

Quoted

Prices in

Active

Markets for Identical Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant Unobservable

Inputs

(Level 3)

   

Total Gains

(Losses)

 
                         
Financial Assets                        
Long term investment   $ 87,156     $ -     $ -     $ 19,028  
    $ 87,156     $ -     $ -     $ 19,028  
                                 
Financial liabilities                                
Derivative liabilities   $ -     $ -     $ 810,647     $ 266,378  
    $ -     $ -     $ 810,647     $ 266,378  
Schedule of Prepaid expenses
   

September 30,

2016

   

December 31,

2015

 
     
In November, 2015, a 1 year consulting agreement with an unrelated party for services related to the petroleum industry in the amount of $165,000.   $ 21,699     $ 145,562  
                 
In March, 2016, 3 one year consulting agreements with 3 unrelated parties for services related to the petroleum industry for a combined total amount of $800,000.     75,397       -  
    $ 97,096     $ 145,562  
Oil and Gas Properties by Geographical Cost Center
Oil and Gas Properties by Geographical Cost Center
    Three months ended     Nine months ended,  
    September 30,     September 30,  
Cost Center   2016     2015     2016     2015  
                         
Canada   $ 6,860     $ 10,155     $ 12,272     $ 10,155  
United States     22,149       -       65,353       -  
                                 
    $ 29,009     $ 10,155     $ 77,625     $ 10,155  
Earnings (Loss) per Share
Dilutive earnings per share for the three months ended September 30, 2016 is calculated as follows:  
       
Net income (loss) for the three months ended September 30, 2016   $ 1,868,907  
Interest expense and debt discount amortization on debt deemed converted     275,038  
         
Adjusted net income for dilutive earnings per share calculation   $ 2,143,945  
         
Calculation of diluted weighted average number of shares        
Weighted average number of common shares - basic     45,837,636  
Dilutive common stock equivalents     8,166,667  
         
Weighted average number of common shares outstanding - diluted     54,004,303  
Diluted earnings per share for the three months ended September 30, 2016   $ 0.04  
Schedule of Stock warrant activity
    Number
of Shares
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual Life
    Aggregate
Intrinsic
Value
 
Warrants Outstanding – December 31, 2015     -       -.       -       -  
Granted     4,062,500       0.20     5.0 years       -  
Exercised     -       -       -       -  
Forfeited/expired/cancelled     -               -       -  
                                 
Warrants Outstanding – September 30, 2016     4,062,500     $ 0.20     5.0 years     $ -  
                                 
Outstanding Exercisable – December 31, 2015     -     $ -       -     $ -  
Outstanding Exercisable – September 30, 2016     4,062,500     $ 0.20     5.0 years     $ -  
Summury of changes in the Company's asset retirement obligations
Asset retirement obligation at December 31, 2015   $ 416,246  
Accretion expense     15,513  
         
Asset retirement obligation at September 30, 2016   $ 431,759