6. NOTES RECEIVABLE	6 Months Ended
Jun. 30, 2013
Receivables [Abstract]
6. NOTES RECEIVABLE	NOTE 6 – NOTES RECEIVABLE The Company loaned Condor funds for operations which were documented in a promissory note entered into on February 14, 2013, with an effective date of November 1, 2012, which note permits multiple loans to be made thereunder up to $8,000,000 as separate “advances”. The note receivable bears interest at a rate per annum equal to the one (1) month LIBOR rate for U.S. dollar deposits plus four (4.0) percentage points. Principal and interest are due thirty-six (36) months from the date each advance is made under the note, with the first repayment being due September 24, 2015. As of June 30, 2013, the balance of the note receivable is $3,862,021 plus accrued interest of $95,258 due from Condor. The balance of the note receivable was also reduced by $203,088 as the losses for the six months ended June 30, 2013 of $363,441 were more than the residual of $160,353 in the investment account and therefore the balance of $203,088 was used to reduce the notes receivable balance. The Company loaned White Hawk funds for operating expenses and drilling and completion costs for a third Eagle Ford well, pursuant to a promissory note entered into on June 4, 2012, which note permits multiple loans to be made thereunder as separate “advances”, with no stated maximum limit of loan principal. The note receivable bears interest at a rate per annum equal to the one (1) month LIBOR rate for U.S. dollar deposits plus four (4.0) percentage points. Principal and interest of each loan is due thirty-six (36) months from the date each advance is made under the note, with the first repayment being due June 4, 2015. As of June 30, 2013, the balance of the note receivable is $332,974 including accrued interest of $7,395.

6. NOTES RECEIVABLE

6 Months Ended

Jun. 30, 2013

NOTE 6 – NOTES RECEIVABLE

The Company loaned Condor funds for operations which were documented in a promissory note entered into on February 14, 2013, with an effective date of November 1, 2012, which note permits multiple loans to be made thereunder up to $8,000,000 as separate “advances”. The note receivable bears interest at a rate per annum equal to the one (1) month LIBOR rate for U.S. dollar deposits plus four (4.0) percentage points. Principal and interest are due thirty-six (36) months from the date each advance is made under the note, with the first repayment being due September 24, 2015. As of June 30, 2013, the balance of the note receivable is $3,862,021 plus accrued interest of $95,258 due from Condor. The balance of the note receivable was also reduced by $203,088 as the losses for the six months ended June 30, 2013 of $363,441 were more than the residual of $160,353 in the investment account and therefore the balance of $203,088 was used to reduce the notes receivable balance.

The Company loaned White Hawk funds for operating expenses and drilling and completion costs for a third Eagle Ford well, pursuant to a promissory note entered into on June 4, 2012, which note permits multiple loans to be made thereunder as separate “advances”, with no stated maximum limit of loan principal. The note receivable bears interest at a rate per annum equal to the one (1) month LIBOR rate for U.S. dollar deposits plus four (4.0) percentage points. Principal and interest of each loan is due thirty-six (36) months from the date each advance is made under the note, with the first repayment being due June 4, 2015. As of June 30, 2013, the balance of the note receivable is $332,974 including accrued interest of $7,395.