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5. EQUIPMENT | 6 Months Ended
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Jun. 30, 2013
Property, Plant and Equipment [Abstract] |
EQUIPMENT | NOTE 5 – EQUIPMENT Equipment as of June 30, 2013 and December 31, 2012 consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Computer equipment |  | $ | 6,714 |  |  | $ | 6,714 |
AFJ Rig |  |  | 112,089 |  |  |  | 112,089 |
Subtotal |  |  | 118,803 |  |  |  | 118,803 |
Less: |  |  |  |  |  |  |  |
Accumulated depreciation |  |  | (57,278 | ) |  |  | (30,920 | )
Equipment, net |  | $ | 61,525 |  |  | $ | 87,883 |
Depreciation expense for the six months ended June 30, 2013 and 2012 was $26,358 and $1,065, respectively, and is included in operating expenses in the accompanying consolidated statements of operations.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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