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5. EQUIPMENT

6 Months Ended

Jun. 30, 2013

Property, Plant and Equipment [Abstract]

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.

- 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.

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