Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.7.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Oil and gas sales $ 206,863 $ 40,722
Operating expenses    
Lease operating costs 160,518 40,984
General and administrative 270,341 120,195
Stock based compensation 347,404 165,555
Accretion - ARO 8,837 5,108
Depreciation, depletion & amortization 51,282 20,366
Total operating expenses 838,382 352,208
Loss from operations (631,519) (311,486)
Other income (expenses)    
Interest expense (256,710) (431,707)
Change in fair value of derivatives 336,013 (1,655,536)
Loss on sale of investments (7,185)
Total other income (expenses) 72,118 (2,087,243)
Net loss before income taxes (559,401) (2,398,729)
Income tax expense
Net loss (559,401) (2,398,729)
Other comprehensive income (loss)    
Unrealized gain on securities available-for-sale 1,446 (7,265)
Net Comprehensive loss $ (557,955) $ (2,405,994)
Loss per weighted average number of common shares outstanding - basic $ (0.01) $ (0.06)
Weighted average number of common shares outstanding - basic 56,766,673 37,741,400