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 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
Oil and gas sales $ 160,430 $ 85,864 $ 367,293 $ 126,586
Operating expenses        
Lease operating costs 104,066 58,333 264,584 99,317
General and administrative 215,582 132,901 485,923 253,096
Stock based compensation 803,616 240,589 1,151,020 406,144
Accretion - ARO 9,804 5,171 18,641 10,279
Depreciation, depletion & amortization 35,609 28,250 86,891 48,616
Total operating expenses 1,168,677 465,244 2,007,059 817,452
Loss from operations (1,008,247) (379,380) (1,639,766) (690,866)
Other income (expenses)        
Interest expense (433,551) (992,200) (690,261) (1,423,907)
Change in fair value of derivatives 119,085 (276,059) 455,098 (1,931,595)
Loss on sale of investments (7,185)
Gain on settlement of debt 75,000 75,000
Total other income (expenses) (314,466) (1,193,259) (242,348) (3,280,502)
Net loss before income taxes (1,322,713) (1,572,639) (1,882,114) (3,971,368)
Income tax expense
Net loss (1,322,713) (1,572,639) (1,882,114) (3,971,368)
Other comprehensive income (loss)        
Unrealized gain (loss) on securities available-for-sale 159,322 1,446 152,057
Net Comprehensive loss $ (1,322,713) $ (1,413,317) $ (1,880,668) $ (3,819,311)
Loss per common share - Basic $ (0.02) $ (0.03) $ (0.03) $ (0.09)
Weighted average number of common shares outstanding - basic 61,272,870 47,150,304 59,032,220 42,445,852