Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash $ 296,803 $ 18,605
Accounts receivable 45,042 66,176
Other receivable - joint venture 76,939 76,939
Prepaid expenses 96,717 87,532
Total current assets 515,501 249,252
Oil and gas properties, full cost method    
Proved developed producing oil and gas properties, net 1,741,265 1,765,373
Undeveloped and non-producing oil and gas properties, net 1,210,315 1,237,489
Total Oil and gas properties, net 2,951,580 3,002,862
Long term investment 106,930
Derivative asset 5,843
TOTAL ASSETS 3,472,924 3,359,044
CURRENT LIABILITIES    
Accrued expenses and other current liabilities 183,949 179,421
Accounts payable 127,397 121,365
Derivative liability 771,493 1,136,894
Amount due to directors 1,176,792 1,072,576
Current portion of long term debt - net of debt discount 1,416,136 1,302,476
Total current liabilities 3,675,767 3,812,732
Long term debt - net of current portion and debt discount 1,537,879 1,579,469
Asset retirement obligation 841,854 833,017
TOTAL LIABILITIES 6,055,500 6,225,218
Commitments and contingencies (Note 7)
STOCKHOLDERS' DEFICIT    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2017 and December 31, 2016 28 28
Common stock, $0.001 par value, 100,000,000 shares authorized, 59,455,134 and 53,093,192 shares issued, issuable and outstanding as of March 31,2017 and December 31,2016 respectively. 59,455 53,093
Additional Paid-In Capital 12,731,294 11,526,847
Prepaid equity-based compensation (404,324) (35,068)
Accumulated other comprehensive income (loss) (1,446)
Accumulated deficit (14,969,029) (14,409,628)
TOTAL STOCKHOLDERS' DEFICIENCY (2,582,576) (2,866,174)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 3,472,924 $ 3,359,044