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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012
Revenue: |  |  |  |
Oil and gas sales | $ 156,146 | $ 157,665 | $ 425,213 | $ 157,665
Operating expenses: |  |  |  |
Lease operating costs | 269,368 | 47,835 | 389,044 | 47,835
Selling, general and administrative expense | 1,288,253 | 457,151 | 2,548,342 | 1,091,413
Impairment of oil and gas properties | 53,862 |  | 88,503 |
Loss on oil and gas property acquisition deposit | 200,000 |  | 200,000 |
Depreciation, depletion, amortization and accretion | 116,570 | 13,469 | 255,021 | 13,959
Total operating expenses | 1,928,053 | 518,455 | 3,480,910 | 1,153,207
Gain on sale of equity method investments |  | 64,168 |  | 64,168
Loss from equity method investments | (282,303) | (28,083) | (367,602) | (55,654)
Operating Loss | (2,054,208) | (324,705) | (3,423,299) | (987,028)
Other income (expense): |  |  |  |
Interest expense | (432,126) |  | (606,682) |
Interest income | 41,944 | 1,496 | 86,428 | 1,782
Gain on change in derivative fair value | 11,460 |  | 14,005 |
Other income |  |  | 15,294 |
Total other expense | (378,722) | 1,496 | (490,955) | 1,782
Net loss | $ (2,432,931) | $ (323,209) | $ (3,914,254) | $ (985,246)
Net loss per common share: |  |  |  |
Basic and diluted | $ (0.17) | $ (0.05) | $ (0.30) | $ (0.17)
Weighted average common shares outstanding- |  |  |  |
Basic and diluted | 13,913,815 | 5,953,534 | 12,966,415 | 5,862,105

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