Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.6.0.2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating expenses    
Accretion - ARO $ 5,108  
Other income (expense)    
Change in fair value of derivative liability 1,216,303  
Net loss (2,398,729)  
Other comprehensive income (loss)    
Unrealized gain (loss) on securities available-for-sale (7,265) $ 19,028
Net Comprehensive Loss (7,265) 54,768
Restated    
Revenue    
Oil and gas sales 40,722
Operating expenses    
Lease operating costs 40,984
General and administrative 120,195 145,188
Stock based compensation 165,555
Accretion - ARO 5,108
Depreciation, depletion and amortization 20,366
Total operating expenses 352,208 145,188
Loss from operations (311,486) (145,188)
Other income (expense)    
Interest expense (431,707) (19,036)
Change in fair value of derivative liability (1,655,536) 57,442
Derivative expense (248,922)
Gain on settlement of debt
Total other income (expense) (2,087,243) (210,516)
Net loss before income taxes (2,398,729) (355,704)
Income tax expense
Net loss (2,398,729) (355,704)
Other comprehensive income (loss)    
Unrealized gain (loss) on securities available-for-sale (7,265) 54,768
Net Comprehensive Loss $ (2,405,994) $ (300,936)
Loss per common share - Basic and diluted $ (0.06) $ (0.01)
Weighted average number of common shares outstanding basic 37,741,400 24,769,551